By Hussain Sajwani, Chairman, DAMAC Properties
It comes as no surprise for you to learn that Dubai has been ranked as the only city in the Middle East for luxury property investors, according to a recent report by Knight Frank. The report ranks Dubai 16th globally amongst the most coveted destinations for luxury property investors, just behind Seoul and Taipei and ahead of Geneva and Zurich.
Dubai’s constant achievements and progress as compared to other global cities give developers a boost of confidence as we witness an increase in investor interest, resulting in more investments pouring into the city.
Such developments coupled with the positive outlook for Dubai also help end-users take a step closer towards buying their first home. A new report by HSBC shows that 82% of people in the UAE expect to buy their first home in the next five years. This figure exceeds the global average of 73% of non-homeowners planning to purchase property during the same period.
A simple calculation of “property value for money” in Dubai vis a vis other major global destinations reaffirms Dubai’s position as one of the most affordable cities for luxury residential real estate. The math has been done thanks to Knight Frank; spending USD 1 million (Dh3.67 million) would buy you 162 square metres of high-end residential property in Dubai, while spending the same amount would provide only 17 square metres in Monaco, 26 square metres in New York or 30 square metres in London.
As economies in the region diversify, so should developers, to continue reinforcing Dubai’s position as an emirate that is always evolving, adapting to changing market trends and conditions, and most importantly, continuing to be – for its citizens, millions of residents and visitors, the city of choice with a home away from home like no other.