Dubai’s prime real estate costs are 80% less expensive than those in other major cities

Dubai’s prime real estate costs are 80% less expensive than those in other major cities, and there is an unprecedented demand for ultra-luxury properties. According to Indian billionaire Ambani’s Dh600 million purchase of the most expensive property ever.

Prices for luxury real estate in Dubai are 20 to 80% less expensive. compared to important worldwide cities like Beijing, Tokyo, Geneva, New York, London, Monaco, Hong Kong, and so on. Despite a large increase in rates during the post-pandemic period. According to the Knight Frank Wealth Report, $1 million (Dh3.67 million) can buy 105 square meters in Dubai.

The same money would only buy 17 square meters in Monaco, 21 square meters in Hong Kong, 33 square meters in New York, 34 square meters in London, 43 square meters in Paris, 60 square meters in Tokyo, and 87 square meters in Melbourne.

Since 2020, there has been a considerable surge in foreign investment in the emirate’s luxury property sector as a result of these affordable pricing. The pandemic’s successful containment and the introduction of new long-term visas have both boosted demand from overseas investors.

There has been an unheard-of demand for ultra-luxury residences in Dubai during the post-pandemic period. As seen by the acquisition of the most expensive property ever for Dh600 million by Indian billionaire Mukesh Ambani. In 2022, several other world-record deals were completed, including the sale of the most expensive condominium ever in Dubai for Dh410 million. One property has been put up for auction for Dh800 million, making it arguably the most expensive item ever sold.

Also, the emirate’s aviation industry and economy recovered from the pandemic. After COVID in 2022, Dubai has overtaken Tokyo as the world’s most connected metropolis. advancing from second place in the pre-Covid era.

In 2023, according to Henry Faun, partner and head of Knight Frank’s Private Office in the Middle East, Dubai will continue to dominate the domestic market in the Gulf. Since the pandemic, Dubai has grown remarkably, mostly as a result of its reputation as a safe haven. Also, it is a well-liked location for posh second houses. Also, the government’s forceful response to the pandemic has given businesses confidence.

The price of premier real estate in Dubai is predicted by Knight Frank to increase by 13.5 percent in 2023. highest among all significant cities in the globe.

For the past few years, there has been a supply deficit in the premium market because of rising demand. The majority of other cities, however, are anticipated to experience modest single-digit growth.

The Wealth Report predicts that Dubai will continue to set the standard, with premier property prices likely to rise by 13.5% in 2023. thanks to its accessibility, affordability, and attractiveness on a worldwide scale. This is in line with its standing as the market with the highest prime property price rise in 2022. where it recorded a 44 percent rise and surpassed the 100 markets Knight Frank analysed.

The research also emphasizes the rise of Singapore and Dubai as significant wealth hubs, despite the UK, EU, and US continuing to be favorites among wealthy residents who are movable across borders. The report applauds Dubai’s initiatives to draw in rich residents by addressing perceived flaws like short stay times. Longer-term residence alternatives are now possible thanks to the Golden Visa program.

Arash Jalili, founder and CEO of Unique Properties, claims that the UAE’s real estate market is fully benefiting from the nation’s post-pandemic resiliency.

According to Jalili, the market for luxury real estate has continued to see considerable price growth, with some properties fetching up to 50% of the asking price. High net worth individuals (HNWIs) from around the world are migrating to the UAE in order to support this expansion through sizable purchases. In the foreseeable future, he anticipates this trend to continue, with prime homes offering the highest return on investment and Dubai continuing to be a popular international destination for both residents and investors.

Join The Discussion

Compare listings

Compare
× How can I help you?