Dubai's property market is experiencing rapid growth: from Q2 2023 to Q2 2024, demand for new buildings increased by 73%, and the number of transactions in the primary and secondary markets grew by 43.8%. Today, developers offer unique objects: branded flats in partnership with 5-star hotels and apartments on the shores of islands, which by the time of delivery can rise in price by 25-30%. Foreigners can purchase a home in full ownership and obtain a long-term resident visa, which makes the market very attractive to investors.
However, Dubai's property market is relatively young:
In the late 20th and early 21st century, some of the biggest property developers in Dubai and the UAE, such as Emaar, Nakheel and Meraas, entered the market. At this time, the country was developing rapidly, with a growing number of migrant workers, businessmen and tourists. In response, the government decided to build a new city to cater to the needs of the rapidly growing population.
In 2002, foreigners were allowed to buy property in freehold zones.
In 2007, RERA was established to regulate the property sector.
In 2008, foreign investors were given access to secondary market transactions.
Despite temporary downturns such as the 2008 and 2019 crises, the market has stabilised due to government measures. In 2021, the Dubai Master Plan 2040 was approved to improve the quality of life and investment attractiveness of the city.
