Dubai property prices expected to stabilize or see lower growth in 2024

The rally seen in prices in recent years appears to be stabilizing now, as prices have slowed in recent quarters.

Median property prices in Dubai will remain stable or see lower growth after three years of recovery, industry executives said on Thursday.

However, the luxury segment is expected to see decent growth this year, although still slower than last year, due to demand from high net worth individuals and tight supply in the market.

“I don’t think prices will go up much because they are in a decent place. “I would like to see prices remain stable so the market can digest the appreciation we have seen.”

saying Michael Lahyani, founder of Property Finder.

In terms of transactions, Lahyani sees 15 to 20 percent growth this year, slower than last year.

The rally seen in prices in recent years appears to be stabilizing now, as prices have slowed in recent quarters.

“We do not use figures that could be inflationary. Our expectation is that volumes will grow between 15 and 20 percent and that prices will remain where they are.”

Property Finder the chief said during a news conference Thursday.

“There will be a smaller increase in transactions as growth slows. “If we maintain 15 to 25 percent growth, that would be fantastic.”

he said.

Lahyani He added that the luxury segment may continue to see some price growth in the double-digit range.

Ari Kesisoglu, President, Property FinderIt expects transaction volumes to remain stable over the next 3-4 months.

When it comes to prices, Kesisoğlu He said location-based pricing is very volatile.

“For example, if there is a place with 100 villas in total and there is only one seller. Then prices will rise enormously. So average prices may not change, but location will go up and down.”

he added.

Turkish unit merged with Hepsiemlak

Dubai-based real estate portal Property Finder announced on Thursday the merger of its Turkish subsidiary Zingat with Hepsiemlak, a Dogan Holding company in Türkiye.

The Dubai firm will become a minority shareholder with a 20 percent stake in Hepsiemlakand provide advisory services.

“The strategic partnership underlines our confidence in the long-term potential of the Turkish market and aligns perfectly with our vision of expanding our market share in the MENAT region. The merger is an opportunity to position ourselves more strongly in the market, capture substantial growth and make the lives of millions of people even easier with technology, in which both Hepsiemlak and Zingat have a proven track record.”

saying Michael Lahyani, founder and CEO of Property Finder.

Property Finder bought a minority stake in Zingat in 2017.

“We are proud to continue our growth plans in Turkey, having first acquired all of Zingat in 2023 and now our partnership with Hepsiemlak, the leading player in our sector. Our global experience will greatly contribute to the growth and development of the sector as well as synergy that the merger of two important technological pioneers in the real estate sector will bring,”

aggregate Ari Kesisoglu, President of Property Finder.

News Source: Khaleej Times.