Dubai has been ranked among the few cities worldwide, and its property market growth is accelerating.
The Emirate is ranked along with Bangkok, Berlin, Stockholm, Hong Kong, Jakarta, Paris, and Warsaw, where the property market’s growth is accelerating, according to global real estate consultancy JLL’s Global Real Estate Perspective.
Dubai’s Real Estate Outperforms Global Peers
The Emirate’s real estate has consistently outperformed its global peers in terms of capital appreciation and rental returns over the past three and a half years, driven by the massive interest from international investors and citizens in the post-pandemic time.
Significantly, the rally is also driven by Dubai’s real estate market, which is much more affordable than major cities such as New York, Hong Kong, London, and Paris.
Factors Attracting Investors and High-Net-Worth Individuals
Though affordability and higher returns have attracted foreign investors, high-net-worth individuals have moved to Dubai to enjoy the world-class quality of life, safety, and security this city offers residents.
Dubai’s Double-Digit Price Increase
Property prices in Dubai have seen a double-digit increase over the past three and a half years, much higher than in other major cities across Europe, the US, the Middle East, and Asia.
According to Knight Frank’s 2024 Wealth Report, Dubai was the second highest performer in 2023, with a 15.9% increase in luxury property prices, becoming the second fastest growing after Manila.
Expert Insight on Dubai’s Real Estate Market
“The Dubai real estate market has continuously grown with record sales across all sectors. Notably, the end-user market, which increased in 2020 due to the stability of the Emirate, has seen villa and townhouse prices rise 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.
Also Read: Why Off-Plan Properties in Dubai Are a Fantastic Opportunity
Global Property Market Trends
According to a JLL report, the expansion of the real estate markets in Kuala Lumpur, Brussels, Sydney, London, Amsterdam, Madrid, and Milan is slowing down. Regarding rentals, Beijing, Boston, Chicago, and Washington DC are declining while rents in New York, Singapore, Manila, Shanghai, San Francisco, and some other cities are bouncing out.
