In Q3 2023, the Dubai property market marked its 11th consecutive quarter of growth, setting the stage for significant expansion in the years ahead.
Analysts predict “substantial price growth” in Dubai over the next five years, driven by the city’s comparatively affordable real estate prices, especially when contrasted with major global cities.
Dubai’s Competitive Advantage in Global Real Estate:
Dubai is a cost-effective choice for property investment, with prices significantly lower than those in Hong Kong, New York, Singapore, London, Paris, Tokyo, and other major European and American cities.
For instance, $1 million can secure 105 sqm of prime property in Dubai, making it more than 50 percent cheaper than comparable spaces in other major cities.
This affordability factor is expected to attract a surge of high-net-worth individuals, investors, and end-users to Dubai’s real estate market.
Underlying Factors Driving Growth:
According to Knight Frank, a global real estate consultancy, Dubai’s property market benefits from an undersupply of homes.
Currently, are 77,864 homes under construction, scheduled for delivery by the end of 2028. However, this supply falls below historical completion rates, creating a demand-supply gap.
The scarcity of new homes in prime neighborhoods and the upper price spectrum, coupled with population growth projections, contribute to Dubai’s undersupplied market conditions.
Sustained Demand in Prime Markets:
As Dubai enters its fourth year of sustained price increases in this market cycle, its prime real estate markets remain highly sought-after.
Between Q1 and Q3 2023, around 87,000 homes valued at $10 million or more were resold, totaling a transaction value of Dh224.6 billion.
While there was a slight dip in monthly activity in September, the overall market performance underscores the enduring appeal of Dubai’s prime properties.
Expert Insights and Market Sentiment:
Experts like Nick Candy, CEO of Candy Capital, affirm Dubai’s growth potential, emphasizing the city’s affordability compared to other global counterparts.
Faisal Durrani, partner and head of research for Mena at Knight Frank, highlights Dubai’s shortage of new homes in prime areas and the upward trajectory of property prices, indicating a positive outlook for the real estate market in the coming years.
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