2024 Surge for Luxury branded Residences in Dubai
Anticipated Surge in 2024 For Luxury Branded Residences in Dubai Real Estate
The luxury branded residences segment in Dubai, and emerging markets like Ras Al Khaimah, is poised for substantial growth in 2024. Anticipation of imminent interest rate cuts, along with leading developers integrating advanced sustainability, technology, and unique lifestyle features in upcoming projects, is fueling this demand. Branded residences in off-plan projects, priced between AED1-2 million, are expected to experience the highest demand growth due to their lower entry points and reduced initial investments. This surge is further driven by a growing preference for properties offering a seamless blend of luxury and modern living.
With interest rates set to decrease, the luxury branded residence trend is poised to gather momentum in 2024, offering customers improved financing options and a reduction in overall purchase costs. The groundwork for this growth was established in 2023 when competitive interest rates in Dubai, compared to global markets, surpassed expectations, resulting in robust growth for off-plan branded projects. Monthly average branded property sales in 2023 surpassed AED713 million, with sales exceeding the AED1 billion mark in January, February, and September, setting a solid foundation for the anticipated surge in the coming year.
With interest rates set to decrease, the luxury branded residence trend is poised to gather momentum in 2024, offering customers improved financing options and a reduction in overall purchase costs. The groundwork for this growth was established in 2023 when competitive interest rates in Dubai, compared to global markets, surpassed expectations, resulting in robust growth for off-plan branded projects. Monthly average branded property sales in 2023 surpassed AED713 million, with sales exceeding the AED1 billion mark in January, February, and September, setting a solid foundation for the anticipated surge in the coming year.
