Page 486 - SOBHA REALTY QUARTERLY PR REPORT - JANUARY-MARCH 2024 (ENGLISH )

2/29/24, 1:07 PM Dubai Prime Property Sector To See Robust Price Surge In 2024 | MENAFN.COM
million last year. Despite the record-breaking sales of luxury homes, Dubai ranks towards the
bottom end of the most expensive prime markets globally,” Durrani said.

“Indeed, in our global tracker of 15 prime residential markets around the world, $ 1 million

secures 979 square feet of residential space in Dubai, three-times more than London, New
York, or Singapore and about 806 square feet more than first-placed 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.”

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