Dubai real estate market is forecasted to experience a 15% growth in the year 2024.

According to the study conducted by Realiste, a prop-tech company specializing in real estate investment solutions powered by AI, Dubai's real estate sector is poised for significant growth in the upcoming year. Fueled by strong demand, a thriving economy, and substantial interest from foreign investors, the city's real estate landscape is projected to experience a noteworthy upswing.

Conversely, the report highlights several factors negatively affecting the London real estate market, including soaring fuel and energy costs, rising inflation, and tax hikes. These economic challenges have considerably reduced households' disposable income, making real estate investment more challenging.

The International Monetary Fund (IMF) recently revised its estimate of the UK's economic growth for 2023 downward from 0.7% to a modest 0.4%, further reinforcing predictions of a continued decline in London's renowned real estate market.

Alex Galt, the founder and CEO of Realiste, emphasized Dubai's potential as a significant growth hub in the global real estate sector for 2024. He attributed this optimism to Dubai's recognized value and quality in terms of safety, cleanliness, tourism, and other aspects.

Realiste's study encompassed 51 cities from 51 major nations, including the US, UK, UAE, France, Germany, and Austria. The study employed AI to forecast market trends and shifts in these cities.

The AI-based analysis by Realiste identified specific areas in Dubai expected to experience substantial price increases, potentially surpassing the 15% threshold in 2024. This development is anticipated to enhance the attractiveness of real estate investments in these localized regions while slightly diminishing the appeal of alternative areas and global economic centers.

Although the study did not disclose the exact names of these locations, reports suggest that Business Bay Second and Palm Jumeirah are among the Dubai neighborhoods expected to see heightened demand and price growth in the coming year.

Experts in the field believe that the study's findings can offer valuable insights to stakeholders, investors, and industry participants, enhancing their understanding of the evolving dynamics of the global real estate market. As global markets continue to evolve, forecasts like these are considered indispensable tools for gaining enhanced foresight into the future prospects of real estate investments, according to a Mumbai-based industry analyst.

Realiste claims a high success rate, with approximately 96% accuracy in their AI-based forecasts and estimations on average.