The most important city of the 21st century...
The real estate sector in Dubai, one of the fastest growing economies worldwide, has seen substantial growth, with off-plan sales increasing by an impressive $8.17 billion from 2020 to 2023. Projected to reach a population of 5.8 million by 2040, nearly doubling the existing population, Dubai remains an attractive destination for both tourists and investors.
Consistent population growth, averaging 3% year-on-year for the last five years, fuels demand and appreciation in property values. Dubai's real estate market has been ranked as the 2nd best-valued location globally by the Real estate Bubble Index (UBS). Dubai stands out as the world’s fastest-growing city over the past 50 years, achieving remarkable success in various domains. Recognised for safety and cleanliness, it earned the title of the cleanest and safest city globally for the third consecutive year in 2023.
Ranked as the number one tourist location globally, Business Bay/Downtown was labelled the most Airbnb location in 2023. Real estate transactions in Dubai exhibit stability, with 87-90% of purchases made in cash, contributing to a robust economy.
In 2023 Existing Property Transactions saw an 8%YoY increase in volume, surpassing 5,000 transactions, with their value jumping 31% to AED 21 Billion!
Off-plan Properties showed a 25% increase in transaction volume with a 21% rise in value, highlighting a growing interest in new developments. Investing in Dubai's real estate presents compelling opportunities. Buyers who purchase off-plan or with a mortgage can qualify for a 10- year residency visa, enhancing long-term investment benefits.
Dubai's property market offers compelling advantages, boasting competitive prices and robust yields of 7-9%, outperforming major cities like London and New York. The city's world-class infrastructure, connectivity, and flexible payment plans, including accessible mortgages for nonresidents, make it an appealing global hub for investors seeking stable returns.
Moreover, Dubai offers greater value for investment, with price per square foot significantly cheaper than other major cities like New York, London, Paris, and Hong Kong.
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