Looking to Rent or Buy? The Dubai Property Market in 2024

Dubai continues to be a top destination for those looking to relocate and the demand shows no signs of slowing down in 2024. The unique combining features of Dubai certainly enhance its draw across the globe, including its state-of-the-art infrastructure, inclusive culture, business-friendly environment and year-round sunshine. As the region’s leading expert in relocation, immigration and corporate services, EER Middle East handles enquiries every day from a diverse range of individuals looking to make Dubai their home. One of the most important things they want to know about is housing and what to expect from the Dubai property market. The Dubai property market is undoubtedly as diverse as the city itself, but there are some discernable trends to be aware of and important steps to understand as a new resident looking to rent or buy. Here is our guide to the Dubai property market in 2024.

Demand Driving Demand?

We are certainly seeing an increase in Dubai relocation demand from HNWIs and investors that has grown in recent years. This type of shift and the fact that Dubai is a top destination for millionaire migration is having a strong impact on the property market. These individuals, drawn here by the business opportunities, favourable tax system and flexible residency options, require a certain calibre of property and are contributing to the rise in pricing and developments. Currently the quantity of luxury properties and high-value residential communities outweigh the affordable spaces, though both will continue to expand with new projects launching in the coming months.

What to Know

If you are relocating to Dubai, or have just done so, there are a few key elements to take note of when starting out on your housing journey:

It moves fast! The Dubai property market is extremely dynamic and fast paced. Good properties do not stay available for long, with many of them being snapped up within a week of being listed.

You need to know your rights. With such a boom in the market, landlords want to make sure they can get the best price for their property, so make sure you know your rights and be ready to reach out to your EER Middle East consultant who can offer advice and tips on negotiations and RERA rental regulations.

Check your commute. If you are traveling to and from an office or dropping kids to school, make sure to find out what your commute time will be like. If you are choosing between places, reducing your daily travel time could be vital.

Community comforts. There can be quite a difference in the types of amenities and surrounding outlets between residential communities in Dubai. It is important for prospective tenants or buyers to make sure they have found the right fit in terms of facilities, green spaces, retail shops, cafes and even nurseries and schools.

Top Areas in the Dubai Property Market

If you are relocating to Dubai and want to look at some of the most popular areas in which to rent or buy, here are the communities that continue to be the most in-demand:

Dubai Marina is the top luxury area for rentals and offers a wide array of options from studios to five bedrooms and penthouses, often with waterfront views and close proximity to JBR beach and Marina Mall.

Business Bay and Downtown Dubai are also high on the list for luxury property rentals. These exclusive, city-centred communities offer particularly opulent accommodations including several luxury branded residences and five-star hotel complexes, all of which are surrounded by the city’s best attractions and come with low commute tallies to the office.

Dubai Creek Harbour is an example of a relatively new development that is fast becoming a top destination in which to live. Its blend of modern residences, excellent amenities and beautifully designed landscape have made it stand out and it is seeing a huge level of interest both from new and existing Dubai residents looking for a change.

Other top destinations to consider are Dubai Hills Estate, DAMAC Hills, Al Barsha and Jumeirah. For slightly more affordable options, it is worth exploring Jumeirah Village Circle (JVC), Al Nahda, Dubailand and Dubai South.

Dubai’s allure as an economically prosperous city shines as brightly as ever in the current climate and the Dubai property market looks set to continue its strong performance into 2024 and beyond. The city’s, and the UAE’s, efforts to cultivate stability, adaptability and growth will ensure that individuals and families will keep seeking out opportunities in this part of the world and they will need the right place to live when they do.

If you have questions about Dubai relocation or immigration services, or want to find out more about your housing options in the Dubai property market, please get in touch with our expert team on info@eerme.com or +971 (0)4 421 1819.