Dubai Has Firmly Established Itself As The Ultimate Global Destination For Prestigious Assets.

In 2002, the issuance of the freehold law marked a turning point for Dubai’s real estate, with 700 transactions at the Land Department in the first half of 1997. Fast forward to the first half of 2023, and the city witnessed an astounding 61,000 transactions, solidifying its position as a global destination for prestigious assets.

Initially, real estate experts were skeptical about Dubai’s prospects, questioning its potential to become a global real estate hub. They overlooked the natural evolution process of such sectors. In 2009, comparisons were made to Manhattan and Mayfair in terms of quality, finishing, and supply. However, this skepticism proved naive.

Dubai’s real estate journey underwent various developmental stages, with calls for catching up to mature markets. Infrastructure had to be established to support the market for high-premium homes. Over time, the city has become the ultimate destination for such trophy assets, surpassing the value of real estate transactions in renowned cities like New York, Paris, London, and Hong Kong in 2022. Now, in 2023, it seems destined to set a new record.

Prices Are Likely To Rise Further

Dubai is reaching new heights as it boasts the highest number of $10 million plus transactions globally. Soon, it is expected to announce record-breaking sales for the most expensive penthouse and villa ever sold. Despite this rapid growth, the average price per square foot in Dubai remains significantly lower than in other cities. Standing at $1,600 compared to some places with prices soaring up to $20,000 per square foot.

The potential for even greater price achievements in the future is undeniable. To attain such impressive numbers, these trophy assets must maintain the highest levels of quality and standards. Astonishingly, all this progress has occurred in under two decades, positioning Dubai to set the new gold standard for the real estate market. With plenty of room for growth, entering the Dubai real estate market now presents an exciting opportunity for all industry participants.