Dubai real estate market is expected to grow by 5% during 2024 and the coming years
A study conducted by Realsite expected the real estate market in Dubai to grow by 5 percent during 2024.
The study, which relies on artificial intelligence, indicated that this is due to resilient demand, a thriving economy, and the strong interest of foreign investors.
At the same time, the study revealed its expectations of a contraction in the London real estate market next year, affected by several factors, including the significant rise in the cost of fuel and energy, increased taxes, and inflation.
The study said that economic factors contributed to a decrease in the discretionary income of families, which led to the difficulty of investing in real estate in the British capital, London.
The International Monetary Fund recently announced that it reduced its 2023 economic growth forecast for the United Kingdom to 0.4% from its April estimate of 0.7%.
It is noteworthy that the study covered 51 cities around the world in major countries, including the United States, the United Kingdom, the Emirates, France, Germany, and Austria. The company used patented artificial intelligence to work on predicting market trends and shifts in these cities.
The artificial intelligence-based analysis identified specific areas within Dubai that could witness a clear escalation in costs, potentially exceeding the benchmark of 15 percent in 2024.
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