International Real Estate Market Continues to Thrive in 2024

The global real estate market is witnessing significant growth and dynamism in 2024, driven by various factors including economic recovery, increasing urbanisation, and technological advancements. Key markets around the world have reported robust activity, reflecting a renewed confidence among investors and homebuyers.

North America: Resilient Growth Amid Economic Recovery

In the United States, the real estate market has shown resilience despite economic uncertainties. According to the National Association of Realtors (NAR), existing-home sales in the U.S. increased by 2.6% in the first quarter of 2024 compared to the same period last year. Major cities like New York, Los Angeles, and Miami continue to attract significant investments, particularly in the luxury segment. Low mortgage rates and high demand for single-family homes are contributing factors to this growth (D&B Dubai).

Canada is also experiencing a surge in real estate activity, with the Canadian Real Estate Association (CREA) reporting a 15% year-over-year increase in national home sales. Cities like Toronto and Vancouver remain hotspots for both domestic and international buyers, driven by strong economic fundamentals and immigration (Dubai Immo).

Europe: Urban Revival and Sustainable Development

Europe’s real estate market is characterised by a strong recovery in urban centers and a growing emphasis on sustainability. In the United Kingdom, property prices have risen by 6.3% in the first quarter of 2024, as reported by the Office for National Statistics (ONS). London, despite its high prices, remains a focal point for global investors, while regional cities like Manchester and Birmingham are also attracting attention due to their lower costs and high growth potential (Savills Dubai).

Germany’s real estate market continues to benefit from its stable economy and strong rental demand. According to data from Deutsche Bank, property prices in major cities like Berlin, Munich, and Frankfurt have seen a 4.7% increase in the past year. The focus on green buildings and sustainable urban planning is becoming more pronounced across Europe, influencing both commercial and residential developments (M&M Real Estate).

Asia-Pacific: Rapid Urbanisation and Technology Integration

The Asia-Pacific region remains a dynamic and diverse real estate market, with significant activity in countries like China, Japan, and Australia. In China, the government’s policies to stabilize the housing market have resulted in moderate price increases in major cities. The focus is shifting towards sustainable urban development and smart cities, integrating technology to enhance living standards .

Japan’s real estate market is benefiting from the country’s economic recovery and preparations for international events like the World Expo 2025 in Osaka. Tokyo continues to lead in terms of investment and development, with a 3.2% increase in property prices over the past year .

Australia is seeing a robust housing market with a 7.5% year-on-year increase in home prices as reported by CoreLogic. Cities like Sydney and Melbourne are experiencing high demand due to their strong economies and desirable living conditions .

Middle East: Strategic Investments and Urban Expansion

In the Middle East, the real estate markets of Dubai and Abu Dhabi in the UAE are showing strong growth driven by strategic investments and urban expansion. According to the Dubai Land Department, the first quarter of 2024 saw a 24.7% increase in real estate transactions compared to the same period in 2023. Dubai continues to attract international investors with its high-quality infrastructure and favourable investment climate . See our guide on UAE Dubai City

Saudi Arabia is also making significant strides in its real estate sector as part of its Vision 2030 initiative. The construction of megaprojects like NEOM is expected to transform the landscape and provide new opportunities for investment .

Latin America: Emerging Markets and Investment Opportunities

Latin America is becoming an attractive destination for real estate investment, with countries like Brazil, Mexico, and Colombia leading the way. In Brazil, the real estate market is experiencing a resurgence with increased demand for residential and commercial properties. The country’s economic reforms and improving business environment are key drivers .

Mexico’s real estate market is benefiting from its proximity to the United States and a growing tourism sector. Cities like Mexico City and Cancun are seeing increased investments in both residential and hospitality sectors .

Nick Marr, who is behind international real estate platform Homesgofast.com and European luxury real estate service Europeanproperty.com, commented, “The international real estate market is set for continued growth in 2024, driven by economic recovery, urbanisation, and technological advancements. Investors are increasingly looking towards sustainable and smart developments, while strategic locations across the globe continue to attract significant interest. As markets evolve, keeping abreast of trends and data from reliable sources will be crucial for making informed investment decisions.”