Steady Levels Industry insiders project that average property prices in Dubai will exhibit stability or modest growth in 2024, marking a departure from the robust rally observed over the past three years. While the luxury segment is expected to demonstrate growth, the pace is predicted to be more measured compared to the previous year, fueled by demand from high-net-worth individuals and constrained supply.
Strategic Approach to Price Stability
Founder of Property Finder, Michael Lahyani, expresses the view that significant price increases are not on the horizon. Stability in prices is preferred to facilitate the market’s digestion of previous appreciation. Lahyani envisions a 15-20% growth in transactions this year, a slower pace reflecting a balanced strategy between growth and stability.
Deceleration in Market Rally
The escalating trend in property prices experienced over the past few years appears to be stabilizing, evidenced by a deceleration in prices in recent quarters. Lahyani emphasizes a cautious approach, aiming for transaction volumes to grow between 15-20%, maintaining equilibrium between growth and market stability.
Luxury Segment Dynamics
Ari Kesisoglu, President of Property Finder, foresees the luxury segment experiencing measured growth this year, with transaction volumes expected to remain steady over the next 3-4 months. Discussing pricing dynamics, Kesisoglu underscores the volatility of location-based prices, especially in scenarios with limited supply, where demand exceeds availability.
Expansion Move: Property Finder’s Merger in Turkey: Steady Levels
Strategic Merger with Hepsiemlak
Property Finder announced the merger of its Turkish subsidiary, Zingat, with Hepsiemlak, a company owned by Doğan Holding in Turkey. This strategic partnership positions Property Finder as a minority stakeholder with a 20% stake in Hepsiemlak, while also providing advisory services. The move aligns with Property Finder’s vision to expand its market share in the MENAT region, expressing confidence in the long-term potential of the Turkish market.
Continued Growth Plans: Steady Levels
This collaboration follows Property Finder’s initial acquisition of a minority stake in Zingat in 2017. The merger with Hepsiemlak is seen as an opportunity to strengthen market positioning, tap into substantial growth, and leverage technology to simplify the lives of millions. Both Hepsiemlak and Zingat are recognized as technology pioneers in the real estate sector, contributing to the synergy expected from this strategic partnership.
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