Demand from Chinese buyers has catapulted Dubai’s property market as a highly sought-after destination for the wealthy, with the real estate market in the United Arab Emirate’s financial capital a magnet for rich individuals, according to Knight Frank. In the long-run, the trend will put Dubai among top financial hubs such as New York, London and Singapore, the property consultancy said.
The city’s office and residential property segments are tipped to see price growth next year because of high demand and tight supply, according to Faisal Durrani, partner and head of research for Middle East and North Africa at Knight Frank. “Dubai has reached a tipping point and instead of jostling for recognition, the city is going toe to toe with the world’s long-established hubs as a magnet for the world’s wealthy,” Durrani said.
The city’s transport infrastructure, global connectivity and forward-thinking leadership has catapulted Dubai’s reputation and status globally, he added. “This is evidenced by the unrelenting demand from international high-net-worth individuals to own second homes here, or relocate to the emirate.”
For the prime residential market, an area that encompasses the neighbourhoods of Palm Jumeirah, Emirates Hills and Jumeirah Bay, a 5 per cent increase is likely next year, while the rest of the market is expected to grow by 3.5 per cent. Prime property refers to the most desirable, and normally most expensive, real estate. Source: SCMP
