Dubai has been ranked among the select few cities worldwide with accelerating property market growth.

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The emirate is listed alongside Bangkok, Berlin, Stockholm, Hong Kong, Jakarta, Paris, and Warsaw, where property market growth is on the rise, according to the Global Real Estate Perspective by the global real estate consultancy JLL.

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Dubai's real estate market has consistently outperformed its global counterparts in terms of capital appreciation and rental returns over the past three and a half years. This success is largely driven by strong interest from foreign investors and residents in the post-pandemic era.

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It is also worth noting that Dubai’s property market remains much more affordable than major cities like New York, Hong Kong, London, and Paris, which has further fuelled this upward trend.

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While affordability and higher returns have attracted foreign investors, high-net-worth individuals have relocated to Dubai to enjoy the city’s world-class quality of life, safety, and security.

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Property prices in Dubai have experienced a double-digit increase over the past three and a half years, surpassing those in major cities across Europe, the US, the Middle East, and Asia.

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According to Knight Frank’s 2024 Wealth Report, Dubai was the second-highest performer in 2023, with a 15.9 per cent rise in luxury property prices, making it the second fastest-growing city after Manila.

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“The Dubai real estate market has seen continuous growth with record sales across all sectors. Notably, the end-user market, which has grown since 2020 due to the stability of the Emirate, has seen villa and townhouse prices increase due to low supply.

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"Luxury properties in Dubai continue to attract high-net-worth individuals and investors seeking premium real estate opportunities. The city's iconic landmarks, upscale amenities, and luxurious lifestyle offerings contribute to its appeal as a prime real estate destination,” said Provident Estate.

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JLL’s study also noted that property market growth is slowing in Brussels, Sydney, London, Amsterdam, Madrid, Milan, and Kuala Lumpur. In terms of rentals, Beijing, Boston, Chicago, and Washington DC are seeing declines, while rents in New York, Singapore, Manila, Shanghai, San Francisco, and other cities are bottoming out.

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