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As the year comes to a close, Richard Waind, CEO of Betterhomes, reflects on his 2024 predictions while offering a fresh perspective on what 2025 holds for Dubai’s dynamic real estate market. Known for his keen insights, Waind’s predictions have become a staple for industry professionals, investors, and residents alike.
2024 in Review
Mr Waind’s predictions for 2024 were a mixed bag, with both hits and misses:
Population Growth: A solid win, with Dubai welcoming 120,000 newcomers this year, expected to reach 160,000 by year-end.
Interest Rates: While rates did decline, the pace was slower than anticipated.
Rental Prices: Contrary to predictions of a decline, rents for apartments rose by approximately 9%, with townhouses up by 4%, and villas holding steady.
Transactions: The biggest surprise—a predicted drop was instead met with a 30% surge, reaching an anticipated 170,000 transactions by year-end.
“2024 was a year of surprises,” Waind said. “While some predictions hit the mark, others reminded me how unpredictable Dubai’s real estate market can be.”
Looking Ahead: Predictions for 2025
With 2025 on the horizon, Waind shares his latest forecasts:
Continued Market Growth:
“With over 160,000 newcomers expected, I see strong transaction volumes and sustained pressure on property prices. Growth has become the new normal for Dubai.”
Slowdown in New Launches:
Following a record year of 170 developers launching projects—nearly one every 16 hours—Waind anticipates a natural cooling-off period in new developments.
Return to Hybrid Work:
Rising traffic congestion and escalating office rents will likely prompt a shift back to hybrid working models, a trend Waind predicts will shape workplace dynamics in 2025.
Tech-Branded Residences:
As branded residences gain traction, Waind envisions a surge in tech-branded properties. “Tesla Tower, Meta Mansions, Apple Apartments—Dubai is perfectly poised for this trend,” he noted.
Dubai’s Resilient Market
Waind remains optimistic about Dubai’s real estate prospects, emphasising the city’s ability to adapt and thrive amidst changing global and local dynamics. “Dubai’s appeal lies in its resilience and innovation. From population growth to cutting-edge developments, the city continues to set benchmarks in real estate.”
As Dubai enters 2025, Waind’s predictions offer a roadmap for navigating the market’s evolving landscape. With population growth, technological advancements, and shifting work models on the horizon, the year promises to be another transformative chapter for Dubai
