Dubai average property prices to remain steady in 2024

​Average property prices in Dubai will either remain steady or see smaller growth following three years of rally, industry executives said on Thursday.

However, the luxury segment is projected to see decent growth this year, but still slower than last year, on the back of demand from the high net worth individuals and shortage of supply in the market.

“I don’t think prices will go up massively as they’re are in a decent place. I would like to see prices to be stable so that the market can digest the appreciation we have seen,” said Michael Lahyani, founder of Property Finder.

In terms of transactions, Lahyani sees 15-20 per cent growth this year, slower than last year.

The rally witnessed in the prices over the past few years seems to be stabilising now as prices have decelerated over the past few quarters.

“We don’t go with numbers that might be inflationary. Our expectation is volumes to grow 15-20 per cent and prices to remain where they are,” Property Finder chief said during a media briefing on Thursday.

“There will be a smaller increase in transactions as growth is decelerating. If we hover between 15-25 per cent growth that would be great,” he said.

Lahyani added that the luxury segment can continue to see a bit of growth in price in the double-digit range.

Ari Kesisoglu, president, Property Finder, sees transaction volumes to remain over the next 3-4 months to stay steady.

When it comes to pricing, Kesisoglu said location-based prices are super volatile.

“For example, if there is a location with 100 villas in total and there is only one seller. So the prices will massively go up. So average prices may not change but location will go up and down,” he added.

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