This segment has shown stable growth for four years in a row. Last year alone, more than 60,000 new residences were built, but demand continues to exceed supply. This is facilitated by an increase in the population and the emergence of a large number of new investors from all over the world.
The volume of real estate sales in 2023 amounted to AED 160B (USD 44B), which is 72% higher than in the previous year. The number of successfully completed transactions in 2023 increased to 68,783, 59% more than in 2022. These are record figures in the real estate market over the past decade.
In 2024, the Dubai real estate market will experience a new investment boom. Last week, the UAE changed the rules for investors to obtain a 10-year Golden visa, eliminating the mandatory minimum down payment of AED 1M (USD 272K). Previously, investors were required to deposit either at least 50% of the value of the property, or another specified amount in order to reserve the property.