Dubai’s prime residential property market experienced the most rapid growth among all global cities in 2023 and is poised to maintain its robust performance in 2024, surpassing almost all major cities once again.
Jelena Cvjetkovic, director of the global residential real estate consultancy Savills, stated, “Dubai has been a frontrunner in capital value appreciation in recent years. Prices surged by 17.4% in 2023. However, it is anticipated that this growth rate will moderate to approximately 4 to 5.9% throughout 2024 as the market returns to a more ‘normal’ state.”
Despite the deceleration in growth, Dubai is expected to be the second-fastest-growing market in 2024, following Sydney, benefiting from an increase in its high-net-worth population.
Cvjetkovic further noted that the 17.4% capital value appreciation exceeded the second-place market by over seven percentage points, although the growth rate slowed to 5.6% in the latter half of the year.
In 2023, Dubai outperformed cities like Mumbai, Bangkok, Tokyo, Sydney, Shanghai, Madrid, Barcelona, Geneva, and Singapore in terms of capital value appreciation.
