“Government policies encouraging foreign investment also played a vital role in the market’s growth.” Porush Jhunjhunwala, CEO, Banke International Properties

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?

The real estate market in Dubai has been growing steadily in recent years due to a combination of factors such as growing population, significant inflows of high-net-worth individuals innovative and ambitious developments, tax-free investment opportunities and a high standard of living. The city’s reputation as a global business and tourist hub, along with its stable economy and strong infrastructure, has made it an attractive destination for real estate investment. Government policies encouraging foreign investment in the real estate sector have also played a vital role in the market’s growth.

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?

In 2024, the market for real estate in Dubai is anticipated to expand further, with a predicted realistic increase in prices. Several variables, such as the following, are fueling this growth: a robust economy in 2024, the UAE economy is projected to grow by 4.5%, which would increase employment and drive up demand for real estate. Increased investment: Foreign investment in Dubai’s real estate market is expected to remain strong in 2024, as investors are attracted by the city’s safe and stable investment environment. Rising population: Dubai’s population is expected to continue to grow in 2024, which will put upward pressure on demand for housing.

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

Banke already has presence in Dubai, Abu Dhabi, and RAK with 300 plus agents and will continue to focus on community demand by opening more boutique outlets to cater to the increasing demands within the communities. We are looking to hire fresh talents and further expand to handle the surging demand of the real estate sector in UAE.


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