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Date: 03-May-2024 | Category: News & Updates

Dubai's real estate sector has hit record levels in the first quarter of 2024. Over 34,000 property transactions took place in the first three months showing a 20% increase compared to the same period in 2023. This spike in activity confirms that demand for Dubai's real estate is stronger than ever.

One of the biggest announcements in 2024 was the plan to build Al Maktoum International (AMI) which will replace Dubai International Airport within a decade. With a budget of Dh128 billion AMl will become the world's largest airport capable of handling up to 260 million passengers annually highlighting Dubai's commitment to connectivity and growth.

The luxury real estate market in Dubai is thriving especially on the iconic Palm Jumeirah. Rental prices for villas in this area have shot up by 63% indicating a rising desire for premium living. The market for ultra-luxury homes priced at over $10 million has also grown by 26% attracting wealthy buyers from around the world.

The commercial real estate market in Dubai is also booming. Demand for office, industrial and retail spaces is on the rise suggesting that more companies are setting up operations in the city. This growth reflects a robust business environment and reinforces Dubai's reputation as a global business hub.

With the rise in real estate transactions job opportunities in Dubai have also increased. The real estate sector has seen an 11% growth in jobs which has contributed to an overall 8% increase in the UAE's job market. The education sector is also expanding with international student enrollment up by 25% emphasizing Dubai's ambition to become a global education hub.

The UAE's removal from the Financial Action Task Force (FATF) Grey List has supported investor confidence fueling even greater growth in the economy. The tourism sector alone is expected to create 23,600 new jobs in 2024 indicating a positive outlook for the city's continued prosperity.

Dubai's economy is diversifying beyond oil with the non-oil sector now driving 73% of the UAEs' GDP. This historic shift signals global investor confidence in the UAE's strategic planning and sustainability efforts. The UAE has achieved a notable position in the Brand Finance Soft Power Index 2024 ranking 10th in global soft power reflecting its influence and reputation on the world stage.

Dubai's population also grew by over 25,700 in the first three months of 2024 driven by foreign workers and investors. This surge in population along with new residency schemes has fueled demand for real estate and other goods. The city is also witnessing a reverse migration trend with former residents from Canada and the United States returning to Dubai due to high taxes rising costs and limited opportunities abroad.