Abu Dhabi - Mubasher: A report issued by Statista, a platform specialised in market and consumer data, revealed that the value of the real estate market in the UAE will reach about AED 2.5 trillion ($680 billion) in 2024.

The report indicated that residential real estate accounts for 57.35 percent of the market size, with a value of 1.43 trillion dirhams, equivalent to 390 billion dollars.

Commercial real estate accounts for 42.65 percent of the total market value, reaching AED 1.064 trillion (US$ 290 billion), and the UAE real estate market is expected to grow at a CAGR of 2.25 percent between 2024 and 2029, raising the market size to AED 2.79 trillion (US$ 760 billion).

The report explained that the real estate market in the UAE is witnessing an increase in demand for luxury properties due to the increasing number of high-net-worth individuals looking for investment opportunities.

The UAE real estate market has witnessed remarkable growth and development in recent years, with customer preferences, market trends, specific local conditions and fundamental macroeconomic factors contributing to this positive trajectory.

Customer preferences in the UAE real estate market have shifted towards luxury properties and high-end projects with a strong economy and a growing population. There is a demand for upscale living spaces and amenities and expatriates and wealthy individuals from all over the world are attracted to the luxurious lifestyle that the country offers .

The report pointed out that there is a growing interest in sustainable and environmentally friendly developments, with a focus on energy efficiency and green spaces. The special local conditions also contribute to the development of the real estate market in the UAE, as the country’s strategic location between Europe, Asia and Africa makes it a center for international business and tourism .

Statista, an online data analysis platform, expects the UAE real estate market to reach about 2.6 trillion dirhams by the end of 2024 .

According to data from Statista, ultra-wealthy individuals play a key role in this growth, through their increasing interest in investing in luxury real estate in particular .

Dubai is expected to see a 24.6 percent increase in the number of ultra-high-net-worth individuals by 2025, which will see the luxury and ultra-luxury real estate sector move to the next level, with further growth and prosperity .