Others sharing this position are Bangkok, Berlin, Stockholm, Hong Kong, Jakarta, Paris and Warsaw.
Dubai Real Estate has shown better performance than any other worldwide from October 2020 to date in terms of capital appreciation and rental returns secured over the last three and a half years. There is substantial foreign interest driving the sector following Covid-19 periods. For instance, it is more affordable than key cities like New York, London or Hong Kong among others. In addition, high-net worth individuals continue flocking there looking for top-notch amenities as well as security.
According to the report, an increase of two digits has been experienced by Property Prices in Dubai , which is much greater than increases registered by other key cities in Europe, United States of America, Middle-East and Asia. In the year 2023, Dubai recorded a 15.9 % rise in luxury properties prices making it globally the second fastest growing market after Manila as mentioned in Knight Frank’s 2024 Wealth Report.
In spite of this fact, the expansion of the real estate sector in Dubai has been characterized by breakthrough transactions in various areas such as buyer-seller transactions, which account for the greater part of cases due to limited availability of villas or townhouses. Because of its luxurious lifestyle options, famous attractions and other opulent services, the city remains an attractive location for investors and rich purchasers who are looking forward to making a fortune out of it.
On the contrary, the report shows that there is a decrease in the growth of the property market in some other cities such as Brussels, Sydney, London and Amsterdam whilst rental markets in cities like Beijing and Boston are also falling.
