A few takes from the most recent market reports by Property Finder and Knight Frank.
Property Finder Q1 – Market Watch
In Q1 2024, the rental contracts witnessed a year-on-year increase of 29.1% by registering 202,209 contracts compared to 156,696 contracts in Q1 2023 to record a new high as the highest performance for a quarter ever recorded.
49% new contracts – 51% renewals
Top Areas – for sale, Q1 2024
Apartments – 1. Dubai Marina 2. Downtown 3. JVC 4. Business Bay 5. Palm Jumeirah
Villas/Townhouses – 1. Dubai Hills Estate 2. Palm Jumeirah 3. Arabian Ranches 4. Al Furjan 5. Mohammed Bin Rashed
Knight Frank Report
Two surveys – one of global HNWI across Asia, the UK, Europe, and North America and a second survey of GCC-based expat HNWI.
For both sets of HNWI, we set a minimum net worth threshold of US$ 2 million, excluding the value of their main home, or primary residence.
Number one nation in the world for establishing a business for the third consecutive year by the GEM 2023/2024 Global Report.
49% of those with a personal net worth over US$ 20 million (UHNWI), would like to make a real estate investment in the UAE this year. A further 30% would like to acquire property in the country over the next 2-5 years.
East Asian HNWI are keenest to buy real estate in the Emirates, with 74% likely to do so within the next five years. 37% would like to acquire 2024.
Dubai is on average 16% more expensive than they were during the last market peak in 2014.
The perception of property in the Emirates being a good investment opportunity ranks as the number one motivator for 39% of global HNWI contemplating a property acquisition in the country
44% of GCC-based ex-pats consider the UAE to be a good investment opportunity
Residential yields are higher than you would expect in other major global cities, which contributes to the attractiveness of UAE cities as investment destinations.
Branded residences (28%) round off the top three sector preferences for HNWI ex-pats around the GCC
73% of global HNWI have their sights set on Dubai for a real estate acquisition, this figure is somewhat lower amongst GCC-based HNWI expats (57%).
At a geographic regional level, East Asians (China/Hong Kong/Singapore) have the highest level of interest in purchasing real estate in Dubai (77%).
