Konstantin Lyutovich, founder of Livrichy Real Estate, shares his expert perspective on the Dubai property market — analysing key trends, achievements, and plans, drawing on extensive experience in the luxury real estate sector. The end of 2024 was a special milestone for me — a time of reinvention and new achievements. An important step in the development of Livrichy Real Estate was the move to a spacious office in the business centre of the emirate, which allowed us to expand the team and open a new promising commercial real estate department.
Demand for commercial properties — be it office space, retail space, or restaurants — remains stable in any economic situation. In 2024, Dubai once again confirmed its status as a global leader, ranking fifth in the Brand Finance global ranking — notably as the leader in reputation indicators, having surpassed megacities like Sydney and London. At the same time, there was a huge jump in the employment sector: from 24th place to 4th in terms of attractiveness of the labour market.
Behind these figures is a fundamental change in the structure of the Emirates’ economy. The tourism sector is showing equally phenomenal dynamics: more than 10.6 million international visitors in the first seven months of the year. The structure of tourist traffic has changed significantly.
While short-term tourists used to dominate, we are now seeing a significant increase in long-term visitors, especially from Western Europe and CIS countries. The Dubai government has approved an ambitious development strategy until 2033, envisaging increasing the real estate sector’s contribution to the economy to $19.8 billion. The real estate market in 2024 was astonishing in the scale of transactions.
A penthouse in the Bulgari Lighthouse Dubai complex sold for an impressive $112 million — a nine-bedroom apartment of 3,500 square metres. This indicates the maturity of Dubai’s luxury real estate market. Most importantly, the market is showing a healthy balance between the luxury and mid-range segments.
The most important trend is a change in the buyer’s portrait. More and more people are coming not for investment properties, but for a permanent place for long-term residence. This fundamentally changes the structure of demand and requirements for quality of real estate. Dubai is becoming not just a place to make a quick profit, but an ideal emirate for a comfortable, safe, and fulfilling life.