Dubai is one of the few places with Property market growth in the world where the growth of the real estate market is accelerating.
According to JLL’s Global Real Estate Perspective, a global real estate consultancy, the emirate is among the cities where the property market is growing the fastest, along with Bangkok, Berlin, Stockholm, Hong Kong, Jakarta, Paris, and Warsaw.
Due in large part to the overwhelming interest shown by foreign investors and residents in the post-pandemic period, the emirate’s real estate has continuously outperformed its peers globally in terms of capital appreciation and rental returns over the past three and a half years.
Significantly, Dubai’s real estate market is still far more reasonably priced than that of major cities like New York, Hong Kong, London, and Paris is another factor propelling the rally.
High-net-worth individuals have relocated to Dubai to take advantage of the exceptional standard of living, safety, and security that this city has to offer, even though affordability and greater returns have drawn in foreign investors.
Over the last three and a half years, Dubai’s property prices have increased by double digits, outpacing those of other major cities in Europe, the US, the Middle East, and Asia.
As per the Knight Frank 2024 Wealth Report, Property market growth in Dubai emerged as the second most prosperous city in 2023, recording a 15.9% surge in the prices of luxury real estate, making it the fastest-growing after Manila.
“The Dubai real estate market has seen continuous growth with record sales across all sectors. Notably, the end-user market which increased from 2020 due to the stability of the Emirate, has seen villa and townhouse prices increase due to low supply.
“Luxury properties in Dubai continue to attract high-net-worth individuals and investors looking for premium real estate opportunities. The city’s iconic landmarks, upscale amenities, and luxurious lifestyle offerings contribute to its appeal as a prime real estate destination,” said Provident Estate. According to a JLL study, the growth of the real estate markets in Kuala Lumpur, Brussels, Sydney, London, Amsterdam, Madrid, and Milan is slowing down. Rents are rising in New York, Singapore, Manila, Shanghai, San Francisco, and a few other cities, while they are falling in Beijing, Boston, Chicago, and Washington, DC.
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