6 Luxury Real Estate Trends You Should Keep An Eye On In 2024

6 Luxury Real Estate Trends You Should Keep An Eye On In 2024

January 25, 2024

According to Knight Frank real estate property analysis, the number of $10 million homes sold in 2023 has surged to 431. This translates into a 92.4% increase from previous years. Not only that, sales of homes worth more than $10 million also grew by 91% as compared to last year.

Luxury residential properties market sales reached a whopping $5.8 billion between Q1-Q3 of 2023. This brought Dubai at the top spot on the list beating cities like New York and London to the punch. 2023 was a breakout year for luxury properties in Dubai. How will the Dubai luxury real estate market evolve in 2024? That is exactly the question we will try to answer in this article.

In this article, you will learn about six luxury real estate trends you should take advantage of in 2024.

Table of Contents

6 Luxury Real Estate Trends You Should Keep An Eye On In 2024

1. Price Fluctuations

2. Changes In Amenities Demand

3. Growing Demand For Waterfront Properties

4. Sustainability Will Become The Prime Focus

5. Tech Integration

6. Emerging Neighbourhood

6 Luxury Real Estate Trends You Should Keep An Eye On In 2024

Here are six luxury real estate trends you should keep an eye on in 2024.

Price Fluctuations

Every asset class goes through cycles and Dubai’s luxury real estate property is no exception to this rule. Prices broke new records in 2023 but things can change for the worse in 2024. Expect Dubai's luxury real estate market to stabilize in 2024. You can see massive increases in prices in certain pockets but the decline in prices in other areas will nullify its impact.

Best real estate consultant in Dubai will continue to offer competitive rates to attract buyers and investors towards luxury real estate in Dubai. The rates of prime location and exclusive properties will continue to rise and this could attract big investors towards such real estate properties.

Changes In Amenities Demand

There is a huge disconnect between amenities perspective real estate buyers are demanding and real estate companies are offering. The gap will get even wider as the buyer preferences are evolving. Consumer behavior has changed over the last decades. Amenities that used to be a staple in real estate properties in Dubai in the last ten years are no longer relevant now.

The focus is slowly but surely shifting from swimming pools, car parking to energy efficient designs and smart home technology. Spa and private gyms are not as big of a priority for real estate property as it once used to be. Real estate companies in Dubai need to adapt and offer amenities that their buyers are demanding from them.

Growing Demand For Waterfront Properties

One trend that has taken the luxury real estate industry by storm is increasing demand for waterfront properties. More buyers will demand private beach access in 2024. They will prioritize breathtaking views and waterfront when buying real estate properties. This will force real estate companies in Dubai to construct more real estate properties near the coastline.

Real estate investors want a picturesque view and serene lifestyle away from the hustle and bustle of the city. This allows them to relax and reflect and provide them much needed calmness from their busy and hectic schedules.

Sustainability Will Become The Prime Focus

The use of eco-friendly construction materials and shift towards renewable energy will help Dubai on its path to meeting its climate change goals. The demand for environmentally friendly properties will continue to stay strong throughout 2024 as more and more buyers prioritize sustainability. 

Real estate agents should construct luxury properties with sustainability and environment friendly features in mind so it is less taxing on the environment and reduces the electricity bill at the same time.

Tech Integration

Technology has already changed the way the real estate industry works. From buyers to investors to real estate agents, everyone is using technology to their advantage. Real estate companies are offering virtual tours, listing properties on property listing platforms while buyers are looking for the best deals on these platforms.

Blockchain technology has removed friction from financial transactions and makes it easy for anyone to send and receive money securely. Adoption of IoT devices and sensors will make the dream of smart homes come true in 2024. Artificial intelligence and machine learning will help both real estate brokers anticipate market trends and real estate buyers by offering them personalized recommendations according to their needs.

Emerging Neighbourhood

Palm Jumeirah and Downtown Dubai are two of the most sought after neighborhoods in Dubai but new neighborhoods will emerge in 2024 to challenge their dominance. Dubai Hills Estate and Dubai and is slowly but surely gaining more attention from both local and international real estate investors. Why? They offer a perfect blend of luxury and tranquility, which makes these neighborhoods unique.

Which luxury real estate trend will create the biggest splash in 2024? Share your opinion with us in the comments section below.

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