Where are UAE property prices headed in 2024? – The National

Where are UAE property prices headed in 2024? – The National

Property prices in the UAE are expected to continue rising amid higher demand from buyers but there could be a turn in the second half of 2024 that could affect the luxury market, according to developers and analysts.In Dubai, the commercial and tourism hub of the Middle East, average residential prices are projected to increase by 5 per cent to 7 per cent, while in Abu Dhabi, prices will rise by 3 per cent to 5 per cent, Haider Tuaima, director and head of real estate research at ValuStrat told The National.“In the next three to four months, the market will continue to be strong in terms of transactional activity, in terms of price appreciation and rental increases,” Mr Tuaima said.However, in the middle of next year, probably in summer, “we could see an inflection point where we could see a turn in the curve and if it happens then it will hit the high-end luxury market first”, he said.“Will it stabilise that market or will it start [a] price correction is something we don't know. But it is very possible, highly likely, that we will see some change in the direction of the high-end luxury market.”The UAE’s property market