1、Middle East Real Estate Predictions2024|Dubai market review10th Anniversary Edition 02Deloitte Middle East Real Estate Predictions|202403Deloitte Middle East Real Estate Predictions|2024ContentsExecutive summary 04Dubai real estate market performance Hospitality market 08Residential market 10Office
2、market 12Retail market 14Industrial and logistics market 16Middle East Real Estate market trends 18Key contacts 2604Deloitte Middle East Real Estate Predictions|2024The Dubai real estate market performance has been robust across all sectors fueled by the preferred safe haven status of the Emirate,am
3、idst geopolitical and economic headwinds in other global investment markets.Key economic and demographic statistics also indicate growth compared to the previous year.As of June 2023,Dubais population has crossed 3.6 million,marking a 1.4%year-to-date increase compared to the prior year.The number o
4、f tourist arrivals also saw an increase of 19.9%from January to November 2023,reaching 15.4 million tourists.Moreover,the gross domestic product(GDP)for the first half of 2023 exhibited a growth of 3.2%,totaling AED 223.8 billion.Among industries,the transport and storage sector notably outperformed
5、 others,experiencing a 10.5%expansion during this period.Executive summary05Deloitte Middle East Real Estate Predictions|2024HospitalityThe hospitality markets recovery strengthened throughout 2023,as key performance indicators tracked higher than the previous year,including total visitor numbers wh
6、ich surpassed pre-pandemic levels.FY 2023 occupancy in Dubai averaged 77%compared to 72%for the same period in 2022,while the average daily rate(ADR)over this period has increased by 0.2%Y-o-Y to AED692.This is higher than the majority of the regional and international markets.OfficeOffice rents hav