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Dubai's thriving real estate market takes centre stage at IPS 2024

Positive trend is likely to continue next year

In partnership with Dubai Land Department (DLD), the International Property Show (IPS) is gearing up for its 20th edition in 2024, taking place from February 27 to 29, 2024 at the Dubai World Trade Centre. IPS 2024 is set to showcase Dubai's thriving real estate sector, offering attendees an exclusive glimpse into the city's dynamic property landscape.

Dubai continues strengthening its position as a premier destination for real estate investments. According to experts, the Dubai real estate market has seen significant growth since the beginning of 2023, and this positive trend is expected to continue into 2024. In alignment with this sustainable growth trajectory, IPS 2024 has been strategically designed to highlight the prosperity of the real estate sector in the Emirate. This prestigious event will serve as a platform to showcase the most promising investment opportunities within the sector and the construction industry to its esteemed visitors and participants. The overarching objective is to further enhance and consolidate the pivotal role of the real estate sector within the national economy.

Dubai's sustained interest in real estate can be attributed to several key drivers expected to shape the market in 2024. Thanks to its robust economy, stable political environment, and enticing investment prospects, foreign investors are continually drawn to this vibrant city. Moreover, Dubai's appeal is further strengthened by the anticipated growth of the UAE economy in the years ahead and the fulfilment of the Dubai Economic Agenda D33 goals.

Sustainable growth of the real estate sector

Sultan Butti bin Mejren, Director-General of Dubai Land Department, affirmed that Dubai stands as one of the world's fastest-growing cities in terms of sustainable development in the real estate sector.

Bin Mejren said, "In recent years, we have witnessed remarkable successes in terms of attracting real estate investments, as well as substantial growth in transaction numbers and volumes. None of this would have been achievable without the visionary leadership, supervision, and support of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, whose commitment to the real estate sector has solidified the emirate's position as a global destination, rivalling the world's largest cities. Dubai has consistently been at the forefront of adopting cutting-edge technologies and leveraging them to cater to the real estate sector. This strategic approach has paved the way for the delivery of proactive services aimed at promoting leadership and ensuring the efficient governance of the sector. At Dubai Land Department (DLD), in close collaboration with our valued partners, we are resolute in our dedication to upholding this approach, thereby charting a course for continued success and sustainability in Dubai's dynamic real estate market."

The preferred destination for investors and buyers

In his turn, Dawood Al Shezawi, president of IPS, emphasised that Dubai has become a top choice for investors and buyers worldwide due to its seamless procedures, robust legal framework safeguarding investors, unmatched conveniences offered, and the introduction of forward-thinking laws, such as the Real Estate Investment Funds Law passed in 2022, as well as Dubai's strategic location. All this adds to its attractiveness in the global real estate market.

"At IPS, we are keen to offer an optimal platform for engagement to real estate investors, customers, and stakeholders. Our aim is to strengthen their trust in the real estate sector in Dubai, aligning with the government's objectives to establish an environment that is not only investor-friendly but also aligns with its vision of becoming a global hub for real estate investment," added Al Shezawi.

Enhancing global position

Additionally, Dubai's real estate market continues to shine on the global stage, boasting notably high residential property value. According to the latest data from Knight Frank, residential property prices in Dubai experienced a 5.6 percent surge during the first quarter of 2023, marking the ninth consecutive quarter of price growth. This recent uptick has pushed property values to a remarkable 20 percent increase compared to the first quarter of 2020. This has positioned Dubai as a magnet for real estate investors, offering attractive returns and opportunities for portfolio diversification.

Further, Dubai continues to command high demand for rental properties from expatriates and business professionals alike. As per recent findings by Asteco, average apartment and villa rental rates continued to record strong growth in Q1 2023, particularly in higher-quality developments, with quarterly increases of 4 percent and 7 percent, respectively. This indicates Dubai's status as a vibrant hub where local and international residents seek quality accommodations in a thriving metropolis.

A three-day event packed with activities

The three-day-long IPS 2024 provides participants, which include government officials, senior real estate developers, and leading real estate companies within and outside the UAE, financial institutions, banks, and investors with the venue to closely examine and explore the investment opportunities provided by the real estate sector in Dubai and in the world.

In particular, IPS will feature a diverse range of events that fall under its 11 main activities, namely IPS Exhibition, IPS Conference, IPS Oscars, IPS Future Cities, IPS Connect, IPS Finance, IPS Women, IPS Youth, IPS Studio, IPS PropTech, and IPS Design, which are set to be held not just once but throughout the whole year.

To be held in partnership with the Dubai Land Department, IPS 2024 attracts exhibitors from over 140 countries worldwide, including Turkey, the United Kingdom, India, Pakistan, Saudi Arabia, Qatar, Oman, Egypt, and the United Arab Emirates.