Demand For New Builds In Dubai Hits Global Levels
Property demand for luxury Dubai homes hits new records, trailing New York, Los Angeles, and London.
Dubai property market continues its swift growth, pushed by the pandemic and the resilience of the market against the economic volatility of 2022.
Real Estate In Dubai: a Global Benchmark
Our data shows that new luxury buyers and investors who came to Dubai in 2022 purchased 219 properties worth $10m+ in Dubai last year. By comparison, similar figures for New York hit 244 units, while London ranked third with 223 deals worth $10m+.
Several factors pushed the appeal of owning a home in Dubai to new highs, including the government's decisive response to the pandemic, attractive visa options, and market resilience against global economic fluctuations.
Dubai's status as a tax-free and easy-to-do-business location is also a significant contribution to the growing appeal of the state.
Property Prices In Dubai
Interestingly, property prices in Dubai remain affordable (especially compared to other global destinations), despite the influx of wealthy buyers and investors.
For instance, the space that property buyers can secure for $1m in prime Dubai locations, like Palm Jumeirah and Emirates Hills, is four times the space of similar districts in New York or Singapore.
Generally, real estate in Dubai is taking an upward trend, and there are no signs of a slowdown. The market has quickly become one of the key players in global markets, next to New York, Los Angeles, London, and Singapore.
