Despite a significant jump in rates following the epidemic, prime property prices in Dubai are still 20 to 80 percent lower than in major cities such as Monaco, Hong Kong, New York, London, Geneva, Paris, Beijing, and Tokyo.
According to sources, $1 million (Dh3.67 million) can buy 105 square meters in Dubai, compared to 17 square meters in Monaco, 21 square meters in Hong Kong, 33 square meters in New York, 34 square meters in London, 43 square meters in Paris, 60 square meters in Tokyo, and 87 square meters in Melbourne.
Because of the successful handling of the epidemic and the introduction of new long-term visas, this attractive pricing has driven an enormous flood of foreign investment into the emirate’s luxury property market since 2020.
In the post-pandemic period, ultra-luxury property asset prices have seen unprecedented demand; numerous other record-breaking agreements were inked in 2022, including the most expensive apartment ever sold in Dubai for Dh410 million. In addition, one property has been placed for sale at Dh800 million, making it the costliest ever sold.
After the emirate’s aviation sector and the general economy recovered from the epidemic, Dubai has risen to become the world’s most connected city post-Covid in 2022, up from second place pre-Covid.
Hasan Almusawi, Senior Real Estate Analyst & CEO of Granbia Real Estate, says that Dubai will continue to be the Gulf’s leading domestic market in 2023. Since the pandemic, Dubai has enjoyed phenomenal growth, fuelled by its protected status and position as a premium second home hotspot, as well as the government’s effective reaction to restore the pandemic, all of which have boosted corporate confidence.
Dubai leads the forecast with prime prices forecast to climb 13.5 percent in 2023, its relative affordability, broadening global appeal and accessibility a key draw
As a result of rising demand over the past few years and a shortage of supply in the premium market, it is anticipated that the price of prime real estate in the emirate will increase by 13.5 percent in 2023, the fastest growth rate among all the major cities worldwide. At the same time, most other cities are expected to increase in the low single digits.
While the United Kingdom, the European Union, and the United States continue to attract a large number of globally movable wealthy residents, it is evident that Singapore and Dubai are emerging as significant wealth hubs. Dubai has taken a highly pragmatic approach to wealthy court residents – and has worked hard to remedy a perceived weakness, namely length of stay. Visa alternatives used to be predominantly short-term and work-related, but the Golden Visa system allows for longer-term residence.
For Downloading Dubai’s Real Estate project brochure, Payment Plan, or images Visit. Granbia’s Agents Portal Where you can Find all current and upcoming projects in Dubai. Mr. Hasan Al Musawi is the Chairman of Granbia Real Estate and, the Managing Director of Granbia Real Estate is Mr. Mohamad Al Qrqoor Which Comes under the Al Taif Group.