In 2024, The Dubai Real Estate Market is Anticipated to Rise By 5%.
According to the most recent AI-based research, the London real estate market will experience additional difficulties and slow growth in the upcoming year.
The real estate market in Dubai is expected to expand by about 5% in 2024, while the property market in London will continue to decline over the next year, according to an artificial intelligence (AI)-driven analysis of the property markets in key cities across the world.
According to the study, Dubai’s real estate industry will be a shining example of growth in 2024.
According to the most recent study by Realiste, an AI-based prop-tech company that specialises in real estate investment solutions, the [Gulf] city’s real estate landscape is projected to experience a remarkable upswing [in the coming year] because of persistent demand, a booming economy, and strong foreign investor interest.
UAE shines while London’s appeal will continue to wane in 2024
On the other side, the report stated that a number of issues, such as soaring fuel and energy prices, rising inflation, and tax increases, are having a negative impact on the London real estate market.
The study found that these economic conditions had a considerable negative impact on households’ discretionary income, making real estate investments more challenging for them.
The International Monetary Fund (IMF) recently revised its estimate of the UK’s economic growth for 2023 downward from its April estimate of 0.7 percent to a weak 0.4 percent. This has led to predictions of a further decline in London’s renowned real estate market.
Growth in the United Kingdom is projected to decline from 4.1 percent in 2022 to 0.4 percent in 2023, then to rise to 1.0 percent in 2024,” the IMF stated in its most recent assessment report.
Alex Galt, founder and CEO of Realiste, commented on the study that predicted Dubai would become a significant growth hub in the global real estate sector in 2024. He said this was primarily due to the fact that people understood the value and quality present in Dubai – as well as in the larger UAE area – in terms of safety, cleanliness, tourism, and other areas.
According to Galt, “the prospects in Dubai are significantly better than in any other city in the world.”
51 cities from 51 major nations, including the US, UK, UAE, France, Germany, and Austria, were included in the Realiste study.
In order to predict market trends and shifts in these cities, the business used its own AI.
Dubai has Certain Growing Areas
Realist’s AI-based study identified several areas in Dubai that would experience substantial price increases, possibly going above the 15 percent threshold in 2024.
Realist predicted that “this phenomenon will increase the allure of real estate investments in these localised regions, thereby slightly lessening the allure of alternative areas and global economic hubs.”
Business Bay Second and Palm Jumeirah are reportedly among the Dubai neighbourhoods that are anticipated to have increased demand and price growth in the upcoming year, despite the firm not disclosing the names of these places.
According to specialists in the field, the study’s findings could offer stakeholders, investors, and other industry participants helpful advice and give them a clearer understanding of the dynamics of the global real estate market as they change.
According to a Mumbai-based industry analyst, as global markets continue to change, these forecasts can act as indispensable tools providing enhanced foresight, and thus enable stakeholders to get a better understanding about future prospects of real estate investments.”
Realist claimed that 96 percent of their AI-based forecasts and estimations are successful on average.
