DUBAI: Dubai’s real estate market has experienced remarkable growth in the early months of 2024, solidifying the emirate’s position as a global investment destination.
Factors such as economic stability, government-led initiatives, and surging domestic and international demand for residential and commercial properties have contributed to this growth. Reports indicate a 12 percent increase in total property transactions compared to the same period last year.
According to estimates, the total value of real estate investments in Dubai in 2024 has surged by approximately 15 percent compared to the previous year. This increase is driven by rising demand from foreign investors, particularly from Asian and European markets, as well as growing interest among local investors in residential and luxury projects.
Munthir Al Ali, Chairman of KeyMavens Group in the UAE, confirmed that the group’s investments have reached AED 1 billion over the past three years, reflecting the increasing confidence in Dubai’s real estate market.
Amidst this robust market growth, KeyMavens celebrated the handover of its luxurious residential project, ‘Terrases Marassi Drive’, developed with the highest standards of quality and luxury at an investment exceeding AED 400 million. The project is located in the heart of Dubai’s Business Bay, offering stunning views of the Dubai Canal and Burj Khalifa. It features a range of unique amenities designed for ultimate relaxation, including private pools, a fully equipped fitness centre, oxygen rooms, Himalayan salt rooms, and ice rooms.
As part of its expansion plans, KeyMavens is gearing up to launch a new project in Al Jaddaf with an investment of AED 340 million, expected to be completed in the fourth quarter of 2027. The group is also expanding its retail portfolio with the development of The Villa Square and Liwan Mall, reflecting its ambitious strategy to develop new projects that cater to Dubai’s growing market.
Al Ali commented on Dubai’s real estate market growth, stating, “Dubai’s real estate market has shown continuous recovery, with reports indicating an 8 percent increase in residential property prices in 2023. We expect this trend to continue until 2025, with prices forecasted to rise by 5-7 percent, reflecting the growing demand from both local and international investors.”
