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Emerging Trends to Buy and Sell Property in UAE 2024

Emerging Trends to Buy and Sell Property in UAE 2024

The UAE’s real estate market has experienced consistent growth and a shift in customer tastes throughout 2023, which has welcomed greater foreign confidence and created exciting transformational chances.

Various reasons are actively supporting this expansion as 2024 draws near. At their recent annual recognition meet, DirectSB, the #1 real estate marketplace in the UAE to buy or sell property in UAE, got insights from industry leaders.

See what the top executives in the field had to say.

Digital evolution and implementation of AI

The real estate industry has historically placed a high value on interpersonal relationships. However, it is hard to overlook the expanding impact of artificial intelligence combined with tech integration.

The seamless integration of AI and technology with real estate will characterize real estate in 2024, changing how we interact with it and promoting increased openness and confidence in the sector.

According to DirectSB, these developments are expanding their influence to international markets in addition to local ones. The way properties are purchased and experienced is being revolutionized by the incorporation of technology.

Clients are now able to visualize both ready properties and off-plan developments thanks to features like virtual tours, 3D floor plans, AI-powered property furnishing, the option to digitally add a pool to a 3D floor plan, and AI-driven market analysis. The movement for increased clarity and openness in real estate transactions is strongly linked to this trend.

By providing customers with thorough and dependable information, technology is also contributing to the real estate market’s increased confidence. For instance, Property Finder introduced Data Guru this year to provide users with a wealth of tools and features that make searching for a home easier than it has ever been.

The feature complements SuperAgent, virtual viewings, verified listings, neighborhood trends, community information, and a rent versus buy calculator, among many other resources. It offers thorough price insights, historical transactions, and all of the above. Providing them with all the information they require to make better-informed property selections, has assisted in addressing the growing need to close knowledge gaps for consumers.

2024 will see a further expansion of the role proptech portals play, which will primarily involve improving and adding new aspects of trust and transparency within the industry. When we look back on 2023, the greatest way to do so would be to enable seamless user experiences designed to increase convenience with only a button press.

Higher Flexibility

The UAE’s real estate market is in a unique position now more than ever because to recent steps to stimulate the growth of international investments, new residence and visa laws, and extensive economic diversification.

When you want to buy or sell property in UAE MD Real Estate has seen vibrant growth in several areas, such as off-plan investments, ready-to-buy real estate, and leasing. Interestingly, 2023 witnessed a rise in off-plan construction with a variety of developer options. The flood of cutting-edge properties that have arrived has set up a solid platform for 2024.

A large number of the off-plan projects that were started in prior years will be completed and turned over. As such, it is reasonable to anticipate that a sizable percentage of customers will move into their new residences, while others will choose to lease these units, and a considerable portion will think about reselling their off-plan investments. It’s important to remember that when sold after handover, off-plan properties typically generate the highest returns.

As sellers want to take advantage of the current prices, Betterhomes anticipates the listing of additional properties. Additionally, developers will keep starting new projects faster than before.

Chances for relocation

UAE’s deliberate development strategy makes it a desirable site for migration in some industries. Blue Ground draws attention to the growing trend of flexible living, which is being fueled by changing job paths, changing lifestyles, and technological improvements.

By 2035, flexible living—which presently holds a 2% market share—is expected to grow to 20%. This expansion is attributed to various factors, including the COVID-19 pandemic’s effects, the advent of “work-cations,” and technology’s ability to facilitate remote labor.

According to Exclusive Links Real Estate, there is hope for Dubai’s real estate market in 2024, with steady growth of 3.5% to 5% predicted. Sustained population expansion propelled by a competitive economic environment and government initiatives drawing in foreign companies and individuals are the main drivers of the optimistic sentiment.

In light of current trends, the moderate growth rate is supplemented by a faster rate of new build handovers and projects, which may lessen supply-side constraints. In 2024, the real estate industry seems ready to keep growing, helped along by a carefully considered mix of financial incentives and proactive government policies.

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