Dubai has $2 Million less property buying cost than Mumbai, Paris, and London
It is predicted that in 2024, Dubai will be 2nd fastest growing real estate market after Sydney.
Dubai City with construction cranes working at daylight. United Arab Emirates
Dubai will outperform all the major cities in 2024 because its prime residential market growth is at its fastest pace among all the global cities.
According to the report by Zawya, “Dubai has emerged as a worldwide frontrunner in capital value appreciation in the past few years. In 2023, prices recorded a notable surge of 17.4 percent. Nevertheless, there is a likelihood that the pace of growth will decelerate in 2024, settling at approximately 4 to 5.9 percent, as the market reverts to a more conventional state.”
During the hustling of 2023, Dubai has outpaced big cities in capital value appreciation, such as Mumbai, Tokyo, Bangkok, Sydney, Shanghai, Madrid, Barcelona, Singapore, etc.
During the period of last 2 years, around 9,500 high net-worth millionaires have made Dubai their prime location of living. Thus, the emirate will continue to be the prime destination for residential properties.
Price Competition:
According to the report by Zawya, “2024 marks the year of elections, introducing an additional element of uncertainty to the outlook. Given these circumstances, the economic and political stability provided by Dubai and the UAE will undoubtedly benefit the real estate market. In the prime property segment of Dubai, projects experienced growth ranging from 4 to 5.9 percent in 2024, ranking as the second fastest after Sydney’s 8 to 9.9 percent.”