<h2 class="">Best Property Types, Prime Areas, and Potential Pitfalls for 2024</h2>Luxury home sales in <a href="https://inchbrick.com/dubai-property-market" target="_blank">Dubai real estate</a> will remain stable through 2024, with off-plan interest rising and a focus on sustainability, while changing rental hotspots and longer leases will provide stability for rising prices, experts predict
Industry insiders predict that Dubai’s real estate industry is about to undergo major changes by 2024.
The growing emphasis on sustainable design and construction methods, the continued appeal of ultra-luxury homes to affluent buyers, the further incorporation of artificial intelligence technology, and adaptive redesigns of office spaces in response to long-term remote work trends are all expected to generate a significant impact on the country’s real estate market over the next twelve months, these experts told Arabian Business. <img src="https://cdn.inchbrick.com/upload-editor-file/1705130087085_3af6bd53-0ba1-41bd-8043-7fc3ed6d971f.jpg" style="width: 25%;"> 
<h3 class="">The Best Types of Investment Properties in Dubai in 2024
</h3>Ainsley Duncombe, founder of Off-Market Listing (OML) in Dubai, has revealed that there has been continued growth in apartments in “established and emerging neighborhoods” when talking about the types of properties that are most suitable for investment in the first quarter of 2024.
“Demand for high-end luxury properties, particularly those with unique features or located in prime beachfront areas, tends to remain stable. Reports indicate that the UAE is home to more than 220,000 millionaires with a combined wealth of US$1.2 trillion, and this is expected to One number will continue to grow, so we expect continued growth in this category. Additionally, commercial real estate, particularly office space in key business districts, has shown promise due to Dubai’s status as a global business hub,” said Duncombe.
Another expert, Sana Kheir, co-founder of real estate firm Mayfair Properties, said off-plan properties in Dubai in prime locations such as <a href="https://inchbrick.com/location-in-dubai/dubai-marina" target="_blank">Dubai Marina</a>, <a href="https://inchbrick.com/location-in-dubai/dubai-marina" target="_blank">Downtown Dubai</a> and Jumeirah Village Circle continue to attract investors.
“With <a href="https://inchbrick.com/off-plan-properties-in-dubai" target="_blank">off-plan property in Dubai</a> transactions growing significantly at 59.4% in 2023, diversification across different property types and focusing on emerging sectors is likely to enhance portfolios,” she said.
<h3 class="">Dubai apartment or villa: which is the smarter choice?
</h3>However, Kyle said that the choice of apartments and villas in Dubai depends on personal preferences and investment goals, adding that apartments in areas such as Dubai Marina, Downtown Dubai and Business Bay have strong investment potential, with sales increasing by 38%, making them suitable for those looking to earn rental income.
“Villas in Dubai Hills Estates, <a href="https://inchbrick.com/location-in-dubai/palm-jumeirah" target="_blank">Palm Jumeirah</a> and Arabian Ranches have seen a significant growth of 20.72% in existing/ready-made property transactions, catering to those seeking a spacious and exclusive living. This is done with lifestyle and financial goals in mind The key to the decision,” Hale said.
Duncombe advises homeowners to invest in apartments as they are better investments, while villas offer more space, so weighing up priorities is key in making the decision.
“Due to high demand from residents and investors, apartments, especially inaccessible and popular areas such as Downtown Dubai, Dubai Marina and Jumeirah Beach Residences, have historically provided good returns. However, while apartments tend to offer good returns in terms of consistency are leading the way, but luxury villas and townhouses in exclusive communities such as Emirates Hills, Arabian Ranches and Jumeirah Golf Estates also show the potential for high returns. These high-end developments come as the UAE continues to attract affluent buyers seeking luxury living and privacy Property will continue to remain attractive,” he said.<h3 class="">Where to invest and avoid in Dubai in 2024
</h3><ul><li>As Dubai continues to grow and develop at a rapid pace, the rental market continues to evolve to meet the needs of the city's large expat population.
</li><li>However, with countless new<a href="https://inchbrick.com/residential-properties" target="_blank"> residential </a>and commercial projects under construction, some areas are expected to become popular rental locations in the coming years, while others are areas that are avoided due to high rental prices.
</li><li>Renters looking to find an affordable home need to carefully consider all of their options and not just focus on the most well-known and posh areas.
</li><li>“When looking for the best rental areas for affordability, our advice is to put value first. Exploring off-market options will often reveal more affordable deals than listed properties. For example, Jumeirah Village Circle (JVC) Attractive properties are available at very affordable prices. The areas that remain more cost-effective are often located further inland, away from the iconic landmarks that drive up house prices, especially due to the number of Emirati tourists willing to pay a premium for these benefits. Short-term rentals have been successful,” Duncombe said.
</li><li>Hale added that some of the "most popular areas with high demand and desirable facilities" include Dubai Marina, Dubai City Center and Dubai Hills Estate, which are suitable for the construction of apartments and villas.
</li><li>“Sales transactions in these areas increased significantly, with sales value in Dubai Marina and Dubai City Center reaching a record AED 411.74 billion. However, caution is required for areas such as Jebal Ali Industrial First and Al Warsan First due to the rental demand in these areas Probably relatively low," she said.</li><li>Duncombe further added that identifying areas to avoid can be "challenging", especially since the focus should be on making the right deal and doing adequate research before "committing".
</li><li>“It is important to acknowledge that individual preferences and needs differ, and what suits one person may not necessarily suit another. When choosing a rental <a href="https://inchbrick.com/location-in-dubai" target="_blank">location in Dubai</a>, it is recommended to consider factors such as proximity to work, lifestyle requirements and available facilities,” he said.
</li></ul><h3 class="">Coping with rising rents in Dubai
</h3>With experts predicting a 20% rise in rents in<a href="https://inchbrick.com/dubai-property-market" target="_blank"> Dubai's property market</a> this year, both Duncombe and Kyle offer different ways for homeowners to cope.
“One trend we’re seeing is that tenants are increasingly signing multi-year contracts with landlords, which allows them to lock in their rent at current prices for 2-3 years, giving them peace of mind that their rent is for what’s to come. Couple set of years.
“The Real Estate Regulatory Authority (RERA) has put in place clear rules and guidelines to govern fairness and transparency, particularly about annual rent increases, and we are seeing more and more tenants educating themselves on their rights and emerging Challenge landlords when deviations occur. Rent increases are allowed by law,” he said.
However, Duncombe also said that while monthly rent payments have become the global norm, landlords in Dubai still prefer larger, less frequent payments and may charge more if they agree to monthly installments from tenants. of overall rent, and some banks are facilitating tenants’ monthly payments.
“Highlighting a good payment history, promising to extend the lease, or discussing gradual rent increases over time may pave the way to a more satisfactory arrangement. Exploring alternative locations or considering more price-stable <a href="https://inchbrick.com/off-plan-properties-in-dubai" target="_blank">off-the-plan properties</a> may also be viable options, ” Haier added.
<h3 class="">Dubai Real Estate: What’s in store for 2024?
</h3>When asked what home buyers and renters can expect in 2024, Duncombe highlighted that there will be an increase in sustainable living initiatives in the region, in line with the UAE’s focus on green development and sustainable development goals.
Additionally, the UAE will continue to lead the top luxury residential market, attracting more wealthy individuals and celebrities, and the role of artificial intelligence in real estate will rapidly expand, reshaping property searches through personalized recommendations.
“The pandemic has prompted seismic changes in commercial real estate, and we expect developers to continue to adapt to the remote work revolution by reinventing office space and seeing a reduction in demand for traditional office space,” he added.
Haier also highlighted that upcoming projects such as <a href="https://inchbrick.com/location-in-dubai/dubai-creek-harbour" target="_blank">Dubai Creek Tower</a>, Etihad Rail and The Island are likely to further enhance Dubai's appeal and property values.
“While there is uncertainty regarding the specific forecast for 2024, ongoing government initiatives and strategic policies are expected to sustain market growth,” she said. She added, “Stakeholders should pay close attention to emerging regions where demand is increasing. Considerations Strategic investment in ready and <a href="https://inchbrick.com/off-plan-properties-in-dubai" target="_blank">off-plan properties in Dubai</a>, coupled with a customer-centric approach using data-driven solutions, will be critical, maintaining the ability to adapt to market changes and cultivating strategic partnerships can ensure readiness for future growth. "

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