Pros And Cons Of Buying Property In Dubai 2024
Is 2024 the Golden Year for Dubai Property Investment? Unveiling the Hidden Truth!
The year 2021 witnessed a high buyer demand due to low mortgage rates. This made property ownership in Dubai more affordable and appealing. But in 2022, the mortgage rates and property prices in Dubai rose. Because of this many potential buyers missed the boat on buying a home in 2022. But will conditions get better this year? Here’s why the year 2024 potentially is and is not a good time to invest in Dubai Real estate.
Pros of Buying a property in Dubai in 2024
- Increase in Property Value
According to Knight Frank’s 2024 Prime Prediction report, more foreign investors are showing interest in Dubai real estate. Due to this, residential properties are expected to witness a solid increase in their value this year. Also, according to a Zoom report, the prices of high-end properties in Dubai are anticipated to increase by 13.5% next year which will make 2024 a remarkable year for real estate investors.
- The Ukraine-Russia Crisis
With the ongoing war between Russia and Ukraine and the sanctions being imposed on the former, Dubai is becoming a place of interest for living and investment purposes for many of these countries’ residents.
In 2022, Russians were amongst the top foreign property buyers and renters in Dubai. The trend is expected to continue well into 2024. This is a good opportunity for property owners to make a steady flow of income just by putting their properties on rent.
- High Rental Rates
The rental rates of Dubai properties are expected to rise in 2024 as well, especially for the ones located in sought-after areas.
With the lifting of COVID-related restrictions, the influx of tourists and job seekers in the Emirate has increased. Property owners and investors can cash this opportunity by buying properties and then putting them on rent.
- Dubai In the Top 5 Places in the World to Live, Work, Visit, And Invest
For those thinking of shifting to Dubai, this might be the best and safest decision of their life. The city ranked first regionally and fifth globally in the World’s Best Cities Report 2024. From real estate to economic development, from weather to safety, all these features of Dubai contributed well to keeping it in the top five. So, if you are thinking of purchasing a property to live in Dubai, 2024 would be the right year to do so!
Cons of Buying a property in Dubai in 2024
Apart from the benefits of buying property in Dubai in 2024, there are some challenges that buyers might encounter. Let’s take a look at them.
- Mortgages With High-Interest Rates
The year 2024 is going to be a little expensive with interest rates on a mortgage. According to real estate professionals, high mortgage rates will make it complicated for many purchasers on tight budgets to become property owners or trade up or down into new homes. Those planning to purchase homes with mortgages will have a double or a little more or less interest rate than those who bought the same property with a mortgage just two years ago.
- Pricy properties
Investment in the Dubai property market won’t be a piece of cake in 2024. Property prices are expected to rise more this year. If you have plans of investing in Dubai, then we suggest that you do it now because the sooner the better!
As a responsible real estate agency, we must tell you the story of both sides. Investment in the Dubai property market in 2024 won’t be easy but it will be worth every penny of yours!
Read More: Discover the Leading Real Estate Industry in Dubai: Your Gateway to Luxurious Living and Investment Success
Conclusion: In 2024, Dubai’s real estate market presents a mixed bag of opportunities and challenges. Despite higher mortgage rates and rising property prices, the potential for increased property values and high rental demand makes it a compelling year for investment. For those considering Dubai’s property market, this year could be a strategic time to invest, with careful planning and expert advice.
CTA: Planning to Buy Property in Dubai in 2024? 🏠 Dive into Dubai’s real estate market with us at Aeon & Trisl. From assessing market trends to finding the perfect property, we’re here to guide you every step of the way. 📈 Visit our office at Office 407, Al Zarouni Business Tower, Al Barsha, Dubai, UAE for personalized advice. 📞 Call us at +971 58 574 0577 or dial 800 AeonTrisl. 📧 You can also email us at info@aeontrisl.com for more information. Make a smart investment decision in Dubai’s flourishing property market with Aeon & Trisl!
