The Dubai property market is set for another boom in 2024!

On this week’s episode of Taking Care of Business, the brothers are back! Tune in with Lewis and Carl as they explore the market data from February, discover the top ten powerful countries in the world, and find out how Dubai’s real estate market is set to soar in 2024.

Let’s dive into their conversation…

Dubai is OFF the greylist - here’s everything we can expect!

Lewis and Carl begin by sharing how the UAE has been removed from the greylist of sanctioned countries for fighting against financial crime. Lewis shares his predictions for how this will affect the property market in 2024 - and how this means smoother international investments and more opportunities for bigger companies to enter the market.

Tourism is on fire!

Carl shares how Dubai was voted the most visited place on Earth. With attractions like Dubai Mall welcoming 105 million visitors in 2023 alone.

Lewis discusses more on how Dubai has seen tourism rates skyrocket in 2023, with the market seeing the highest number of travelers arrive in Dubai Airport since 2019, with 87 million visitors.

We’ve got that power!

Lewis and Carl then chat about how UAE ranked as the tenth most powerful country in the world, showing its influence not just regionally but globally, and then chatted more on the February stats, and how Dubai stands as a growing haven for investors.

February 2024 - Market data highlights:

1. Over 12,000 transactions took place in February, a 35% increase from the previous year
2. Property prices have seen a 1.1% growth so far this year, with a projected 6.6% increase by year-end
3. Off-plan sales dominate, with 60% of transactions being off-plan
4. Apartments are the preferred choice, with 82% of transactions in February
5. British clients make up a significant portion of buyers, followed by Indians, Egyptians, French, and Lebanese.

Lettings trends in Feb 2024:

1. Rent prices are up by 16% compared to last year, with more flexible payment terms offered by landlords
2. Most transactions involve multiple checks for payment, with one-third using a single check
3. Average letting price per annum is at 188,000 dirhams, with a notable 51% increase in property viewings compared to last year.

Based on the report data, Lewis and Carl shared their predictions for the market, and tell us about how their optimistic about future price increases, especially in the luxury market, and their expectations of continued growth in property values!

How can you become a millionaire with Allsopp & Allsopp Group?

Lewis and Carl end the podcast with a message for everyone considering Allsopp & Allsopp's next recruitment events in the UK, taking place in London, Birmingham, Manchester, Glasgow, and Newcastle.

If you're interested in joining our team, mark your calendar for March 25th to 29th! Sign up here.

Wanna know more about the property market’s forecast for 2024? Tune into Taking Care of Business, every Friday.