Dubai property market shifting towards stability in 2024

Following three years of growth, the average property price in Dubai is set to remain stable or experience smaller periods of growth.

The luxury property sector, however, is poised for notable growth, albeit at a slower pace compared to the previous year. High demand from affluent individuals and limited market supply drive this trend.

Michael Lahyani, the founder of Property Finder, expressed a preference for stable prices, noting that the market needs time to level out and account for the recent gains. He predicts a 15-20% increase in transaction volumes for the year, a rate slower than that of last year.

Lahyani stated that the past few quarters have seen a slowdown in price acceleration, indicating a period of stability. He further emphasised the importance of a balanced approach, forecasting a modest rise in transaction volumes without triggering inflation.

Lahyani also mentioned the luxury segment might experience some growth, potentially in the double digits.

Ari Kesisoglu, President of Property Finder, anticipates transaction volumes to hold steady over the next few months. He highlighted the volatility of location-based pricing, noting that in areas with limited availability, prices could significantly fluctuate, impacting the overall market average.

This outlook for Dubai’s property market reflects a period of adjustment following years of rapid growth, with a focus on sustainable development and market stability.

Original article reference: Khaleej Times


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