As the UAE’s tourism sector continues to flourish, with projections indicating it will contribute 12% to the GDP by 2024, experts anticipate a positive ripple effect on the Dubai real estate market. Ms. Qurat Ul Ain, Founder of DRE Homes Real Estate, shares insights into how this tourism growth could shape the real estate landscape.

Tourism plays a pivotal role in driving demand for properties in Dubai. With tourists constituting a significant portion of property buyers, an uptick in tourism translates to increased activity in the real estate market. Ms. Qurat Ul Ain emphasises that diversification in the source markets for tourism brings about higher purchasing power from countries with stronger currencies and higher per square foot (PSF) home markets compared to Dubai.

Furthermore, the summer season, often associated with a slowdown in various industries, does not seem to dampen the spirits of the Dubai real estate market this year. Ms. Qurat Ul Ain notes that the market remains dynamic, with a diverse mix of buyers. Secondary buyers, both local and international, actively participate in the market, while local investors are capitalising on the growth witnessed in the off-plan segment.

Dubai is poised to enter its third cycle of off-plan master community launches by leading developers, further fueling investor interest. This trend underscores the resilience of the Dubai real estate market, even during traditionally quieter periods.

Overall, the synergy between the burgeoning tourism sector and the Dubai real estate market is expected to yield positive outcomes. As Dubai continues to attract visitors from around the globe, the demand for properties is likely to remain robust, supported by a mix of domestic and international buyers. Despite the onset of summer, the market shows no signs of slowing down, indicating a buoyant outlook for the Dubai real estate sector.

Source: Property Time