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 exceptional growth, according to you?
The surge in Dubai’s real estate transactions is attributed to several key factors. Firstly, the government’s proactive measures and initiatives, such as the introduction of long-term visas; like the Golden Visa and the retirement visa programs, and the ease of doing business, have significantly enhanced investor confidence. Moreover, Dubai’s strategic geographical location, world-class infrastructure, and continuous innovation in urban development projects like Expo 2020 have attracted global attention.
Additionally, serious investors are moving away from traditional real estate hotspots for various reasons including tensions in Europe, economic situation in the United States, instability in other Arab countries, Ukraine-Russia conflict and other micro economic concerns in various parts of the world has encouraged serious investors to look at Dubai which is without a doubt one of the world’s greatest global cities, with its evolving digital landscape, streamlined processes and technological advancements in the real estate sector, making transactions more efficient and accessible to investors worldwide. Lastly, competitive pricing and attractive payment plans have made Dubai’s real estate market increasingly appealing, fostering this exceptional 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?
Given the robust momentum experienced in 2022 and the record breaking performance witnessed in 2023, the trajectory for Dubai’s real estate market in 2024 appears promising. The real estate fundamentals still look solid. We anticipate sustained growth driven by continuous domestic and international demand supported by continued government initiatives aimed at enhancing the investment landscape.
Furthermore, as the host of COP28 this year, Dubai positions itself as a global hub for innovation and sustainability, the market is likely to witness increased demand for eco-friendly and smart properties. The focus on affordable housing solutions coupled with the integration of advanced technologies will continue to attract both local and international investors, fostering a healthy and dynamic real estate market in 2024.
What are the next steps your company is planning to take in 2024 to propel growth?
At eXp Realty, we are proud to be the most agent-centric brokerage on the planet with a global footprint spanning across 24 countries. In the upcoming year, we remain dedicated to the success of our agents around the world, with focus on amplifying support systems, elevating training programs, and refining agent tools. eXp Realty Dubai remains committed to expanding our service portfolio. We aim to leverage advanced data analytics and AI-driven tools to provide comprehensive market insights, enabling our clients to make informed decisions. Globally We will also actively pursue the expansion and diversification of our operations as we explore new opportunities in additional markets worldwide.