“Demand will continue into next year and keep driving growth.” : Mark Richards, Managing Director, LuxuryProperty.com

1. Dubai is all set to break all previous records in terms of the total value of transactions in a year. What are the major reasons for this exceptional growth, according to you?

There has just been consistent demand that has compounded as more people have moved to Dubai. There are a lot of global economies that have taken some poor decisions on how they are managing taxation, especially for high-net-worth individuals. On that front, Dubai has become a more attractive option. The city offers a relaxed tax regime, ease of setting up business with minimal bureaucratic processes, which is a major plus for business owners. Families are drawn to the fantastic educational opportunities, world-class healthcare, and the lifestyle that the city provides.

2. The year 2022 was great, and 2023 so far has been nothing but magical. What’s your prediction for 2024? How will the Dubai real estate market fare?

I believe we have a very positive outlook going into 2024, and I believe it will be hugely successful for the same reasons that 2023 was. There are certain areas of Dubai, such as Jumeirah Islands, which were off most people’s radar. Now they have become prime areas that are being highly sought after. With the handover of new projects such as Atlantis the Royal and the growth in property values across the city, new spaces are being created in the prime and super prime markets – super prime wasn’t even really a term in Dubai a few short years ago, and now it is very much the word of the hour. These new spaces are, in turn, generating a new kind of demand, and that demand will continue into next year and keep driving growth.

3. What are the next steps your company is planning to take in 2024 to propel growth?

We are always looking for ways to enhance the customer experience, which helps to bring in referrals and repeat business, and adds to our cachet as a reputed luxury brokerage. We are continually investing in training and professional development for our brokerage teams so they can keep raising the bar. Early in November, we unveiled a brand new website that creates a smoother journey for anyone who is seeking luxury property in Dubai from anywhere in the world. The website is effectively our digital storefront, and I believe we have one of the most eye-catching storefronts in the market. LuxuryProperty.com is one of the most highly visited real estate websites in the Middle East, outside of property portals, and our web traffic will continue to grow in 2024 due to the efforts we have made the past few months.

As I mentioned in my previous response, there are new niches that have opened up in the market and are attracting a different kind of demand – it’s imperative that we grow our team to effectively handle that demand and take on a sizeable market share. An area like Dubai Hills Estate, for example, is one that we operated in to some extent before, but our Dubai Hills team has grown significantly over the past 18 months in response to the kind of demand that we are seeing there. Similar decisions will need to be made as more high-quality properties hit the market soon, especially upgraded and renovated homes in established areas like Jumeirah Islands and Emirates Living.


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