Dubai has been recognized as one of the few cities globally with rapidly accelerating property market growth.
According to JLL's Global Real Estate Perspective, the emirate stands alongside cities like Bangkok, Berlin, Stockholm, Hong Kong, Jakarta, Paris, and Warsaw in experiencing significant property market expansion.
Over the past three and a half years, Dubai's real estate market has consistently outperformed its global peers in terms of capital appreciation and rental returns. This growth has been fueled by a surge in interest from foreign investors and residents, particularly in the post-pandemic era.
A key factor driving this growth is the relative affordability of Dubai's real estate compared to major cities such as New York, Hong Kong, London, and Paris. While the city offers higher returns, it also attracts high-net-worth individuals drawn to Dubai's world-class quality of life, safety, and security.
Property prices in Dubai have seen a double-digit increase over the past three and a half years, outpacing other major cities across Europe, the US, the Middle East, and Asia. Knight Frank’s 2024 Wealth Report highlighted that Dubai was the second-highest performer in 2023, with a 15.9% increase in luxury property prices, 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, driven by the emirate's stability. This has led to increased prices for villas and townhouses due to limited supply,"
said Provident Estate.
The JLL study also noted that while Dubai's market continues to grow, property markets in cities like Brussels, Sydney, London, Amsterdam, Madrid, Milan, and Kuala Lumpur are slowing. In terms of rentals, cities like Beijing, Boston, Chicago, and Washington DC are seeing declines, while rents in New York, Singapore, Manila, Shanghai, San Francisco, and others are stabilizing.
News Source: Khaleej Times
