UAE real estate: Dubai, Abu Dhabi property markets to keep rising in 2024 amid global economic slowdown

Strong economic fundamentals, government initiatives and rising investor confidence are fueling new opportunities across asset classes in the short to medium term, the company said in a statement.

“A robust and resilient real estate industry has established itself as a firm pillar of the UAE’s diversification agenda and is expected to deliver a strong performance in 2024 even under inflationary pressures. The positive outlook for growth and upward trends in the investment climate offer stability in a time of global uncertainty, reinforcing the UAE’s position as an attractive choice for regional and international real estate investors,” James Allan, CEO, Middle East and Africa (MEA) at JLL said.

Dubai, Abu Dhabi branded residences, wellness, and lifestyle-oriented real estate lure investors

Residential demand below AED3 million will expand opportunities for developers to offer affordable housing.

While luxury launches have increased, affordable options remain the most sought-after segment, the statement said.

The residential sector is estimated to deliver 34,000 units in Dubai and 8,000 units in Abu Dhabi next year.

UAE office rents see ‘strong demand’ in both Dubai, Abu Dhabi

Office rents grew substantially this year due to limited Grade A supply and increased inquiries.

Flex office spaces gained traction with changing work patterns. The industrial sector is stimulated by initiatives expanding manufacturing and logistics. Logistics and warehousing solutions witnessed robust demand.

Retail is transforming with malls introducing new amenities and aligning with e-commerce. Luxury brands and F&B concepts are performing well.

Dubai continues to see “luxury and new entrants,” the statement said, adding that Abu Dhabi is emerging as a family entertainment and culture hub. Hospitality will grow on balanced event calendars and rising visitor numbers.