Real estate trends in the UAE in 2024
The theme of ecology and green real estate is paramount for the coming years in the UAE. At least 40% of all carbon dioxide emissions are attributed to the real estate sector. Therefore, the recent UN Climate Change Conference in Dubai discussed the development of green technologies, construction methods, and eco-friendly materials. There will be even more new, environmentally friendly real estate, accompanied by rising prices.
Digitalization of real estate
The UAE strives to be at the forefront of any industry, so the digitalization of the real estate sector was only a matter of time. Some market experiments, such as those with NFTs, were not very successful. However, others could be groundbreaking.
Next year, an increase in the number of companies using cryptocurrencies in their business is expected. The adoption of VR and AR technologies, for example, for real estate presentations and conducting remote tours for buyers, is also anticipated. Additionally, there will be funding for automation and robotics in construction, reducing construction costs.
AI – That's the point
Neural networks will be integrated into the real estate appraisal, asset management, and the interaction of the private sector with the government. A separate subsector of the market is already evolving – proptech, where companies developing modern technologies to solve common problems are gathered. The UAE authorities have already adopted the National Artificial Intelligence Development Strategy until 2031.
Still no competitors
Investors will continue to flock to the emirate in 2024 because luxury home prices remain significantly lower compared to competitors. Today, for $1 million in Dubai, you can purchase a 105 m² apartment, while in London or New York, the equivalent would be 33 and 34 m², respectively.
If you want to buy an apartment or villa in the UAE, call +971 (4) 450-2640 and get a consultation.