Page 483 - SOBHA REALTY QUARTERLY PR REPORT - JANUARY-MARCH 2024 (ENGLISH )

Monaco, where $ 1 million buys around 172 square feet of space. Dubai remains one of
the most affordable luxury markets in the world, which only adds to its appeal among
the international elite who dominate the upper echelons of the market,” said Durrani.

“Dubai’s residential market is no longer emerging. It has emerged. The nature of buyers
in the market is testament to this shift, as is the type of real estate being developed in
the city, much of which would not look out of place in other global cities,” said Will
McKintosh, regional partner and head of Prime Residential, Knight Frank Mena.

He said Dubai’s relative affordability, combined with an unparalleled lifestyle offering in
one of the safest cities in the world means not only are international second home
buyers zeroing in on the emirate, but residents in the city are staying for longer and
putting down roots, which is fostering the emergence of highly sought-after communities
away from the luxury beach-front mansions. “For instance, we found a balance in
Jumeirah Islands, which offered both in terms of tranquil lake views, newly renovated
contemporary style homes and convenient access to local amenities.”

According to an analyst at a real estate consultancy that has analysed prime residential
capital value growth in 30 major cities worldwide, Dubai and Sydney will be the top
performers in the real estate market in 2024.

Dubai’s prime residential capital values surged by 17.4 per cent over 2023 and the
average growth recorded 2.2 per cent across 30 cities. It is expected that property
demands will grow between 4.0 per cent and 5.9 per cent in 2024. “Dubai holds
numerous factors which generate property demand. It’s the most affordable city for
home buyers with average capital values of $850 per square foot. Also, the city’s low
cost of living, warm climate, world-class infrastructure, safety and stability and business-
friendly environment make it the preferred choice for investors.”

https://www.khaleejtimes.com/business/dubai-prime-property-sector-to-see-robust-price-surge-
in-2024