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New development trends in the Dubai real estate market are expected in 2024

Experts believe that in 2024 the volume of transactions involving luxury real estate will increase. The role of artificial intelligence and blockchain in the sale and purchase of housing will be strengthened in the market.
December 18, 2023
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The emirate is facing innovative changes that are designed to strengthen Dubai's global role as one of the main players in the real estate and investment market. Here are the top trends that are expected in 2024.

Growth in sales of luxury real estate. According to statistics, Dubai is in the leading position of real estate sales valued at more than AED 36.7M (USD 10M). In the first nine months of 2023, the volume of sales in this segment reached a record 277 transactions for a total of AED 18B (USD 4.9B). Experts are confident that in 2024, the upward trend in sales of luxury real estate will continue due to the influx of wealthy investors and the implementation of premium projects by developers.

Blockchain will be a key element in the market. Dubai is actively making new innovations in how real estate transactions take place. The stable development of the market and the desire for digitalisation will make it possible to revolutionise how housing is purchased and sold. The emirate has already made a breakthrough by accepting cryptocurrency as a means of payment in real estate transactions. Experts believe that blockchain will become a key element in the market in 2024, strengthening Dubai's position as a reliable partner in business and investment.
In the context of the rapidly changing situation in the global real estate market, experts emphasise Dubai's desire for technological leadership in the near future
Growth in sales of luxury real estate
Blockchain will be a key element in the market
Strengthening the role of artificial intelligence (AI) in the real estate market. AI is being actively implemented in the real estate market, developing all internal processes. Its role will expand, accelerating the search for suitable housing. Proptech technology can facilitate the process of buying and selling real estate and providing property management services. This technological wave has the full support of the UAE's National Strategy for Artificial Intelligence. Dubai has the potential to become one of the global leaders in the use of artificial intelligence.

Striving for "green" real estate. An important change that awaits the Dubai real estate market is the reduction of carbon dioxide emissions. This sector accounts for about 40% of global CO2 emissions. In 2024, it is expected that there will be an increase in the number of initiatives that can affect the development of green real estate. The UAE has pledged to reduce total carbon dioxide emissions to zero by 2050.
Dubai, where there is a stable development of the real estate market, is poised to become a major environmental reference point
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