Dubai is a major player in the real estate sector in the Middle East

In light of strong growth and increased demand for property purchases in 2023, the UAEreal estate sector is expected to continue its upward trend in 2024 despite expectations of a global downturn in demand, according to experts attending an event organized by JLL in Dubai titled "Moving Across the Growth Spectrum: Exploring Strategies for Sustainable Success".

With an increase in private and public wealth, coupled with increased investment in infrastructure, JLL has also identified the prospects for the real estate sector in the Arab Cooperation Council region, less dependent on global challenges such as inflation and rising interest rates.

JLL experts note that positive economic indicators and trends reflect confidence and flexibility in the UAE and Cooperation Council region markets, while Dubai continues to strengthen its position in the real estate sector across the region. Sector experts note that strong economic fundamentals, government initiatives and rising investor confidence provide new opportunities for sustainable asset growth in the rapidly evolving United Arab Emirates market, particularly in the short to medium term.

The UAE's status as a leading financial and commercial hub is boosting demand for key assets as international organizations look for opportunities to invest in the country. Due to its high level of attractiveness, the residential, hospitality and office sectors remain the most productive sectors in the UAE. Commercial real estate is a competitive sector with a shortage of high-quality space.

Core assets continue to attract capital market attention in the UAE and follow strong pricing practices, with hotel and office yields likely to exceed the 7% threshold. A growing focus on sustainability and technological innovation is reshaping real estate, where building with green practices and energy-efficient designs are becoming integral.

Despite a slight increase in the supply of luxury real estate in Dubai, the most sought-after residential properties are priced below AED 3 million, expanding opportunities for developers to meet the growing demand for affordable housing.

In a commentary, James Allen, CEO of JLL Middle East and Africa, said: "The flexible and robust real estate sector has cemented its position as the foundation stone of the United Arab Emirates' economic diversity and is expected to deliver a robust performance in 2024 despite inflationary pressures. Positive growth prospects and upward trends in the investment climate provide stability despite global uncertainties, which confirms the attractiveness of the United Arab Emirates as a regional and international real estate investment choice."

At the event, "Moving across the growth spectrum: exploring strategies for sustainable success," experts also noted strong growth in luxury housing and projects that support health and wellness, along with formal housing sectors that offer affordable and comfortable living solutions for young professionals and singles.

The positive movement in the residential market in the UAE is expected to continue into 2024, with an expected delivery of around 34,000 and 8,000 units in Dubai and Abu Dhabi respectively. The office real estate market remains strong, with rents continuing to rise due to limited high-quality space and increased tenant referrals.

Despite the increasing preference for quality over quantity, prime offices offer a limited supply, while changing working practices and remote working options have increased the demand for flexible offices. Strong demand for high-quality logistics and warehousing solutions is driving the industrial sector, where the UAE leads the Gulf Cooperation Council and ranks 7th in the Global Logistics Productivity Index.

In retail, malls are transforming inactive areas into vibrant and pulsating areas, offering clinics, fitness centers and other services in line with the latest trends in technology and e-commerce, while local concepts including food, beverage and convenience are succeeding in community malls.

While Dubai is attracting new immigrants and the affluent, Abu Dhabi is cementing its reputation as a center for family and cultural entertainment. At the same time, strong growth in the hotel sector is based on a balanced schedule of activities, with increasing numbers of tourists for entertainment and business purposes being the main driver of the sector.

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