According to JLL’s Global Real Estate Perspective, Dubai is listed alongside cities such as Bangkok, Berlin, Stockholm, Hong Kong, Jakarta, Paris, and Warsaw as one of the few cities experiencing accelerated growth in the property market.
Over the past three and a half years, Dubai’s real estate market has consistently outperformed its global counterparts in capital appreciation and rental returns. This strong performance is largely due to the significant interest from foreign investors and residents, especially in the post-pandemic period.
Dubai’s real estate rally is notably fueled by the fact that its market remains significantly more affordable than major cities like New York, Hong Kong, London, and Paris. This affordability, combined with higher returns, has attracted a wave of foreign investors. Additionally, high-net-worth individuals are increasingly relocating to Dubai, drawn by its world-class quality of life, safety, and security.
Over the past three and a half years, property prices in Dubai have experienced double-digit growth, outpacing other major cities across Europe, the U.S., the Middle East, and Asia. According to Knight Frank’s 2024 Wealth Report, Dubai ranked as the second-highest performer in 2023, with luxury property prices rising by 15.9%, making it the second fastest-growing market after Manila.
“The Dubai real estate market has witnessed continuous growth with record sales across all sectors. Notably, the end-user market has surged since 2020 due to the Emirate’s stability, leading to increased villa and townhouse prices driven by low supply. Luxury properties in Dubai continue to attract high-net-worth individuals and investors seeking 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,” stated Provident Estate.
Meanwhile, JLL’s study highlighted that property market growth is slowing in cities such as Brussels, Sydney, London, Amsterdam, Madrid, Milan, and Kuala Lumpur. On the rental side, cities like Beijing, Boston, Chicago, and Washington, D.C. are experiencing declines, while rents in New York, Singapore, Manila, Shanghai, San Francisco, and other cities are stabilizing.
Source : Khaleejtimes.com
