Despite the surge in real estate prices,continues to be a top choice for international investors looking to buy affordable properties with solid returns, with the city’s average property price ruling low at an estimated $6,057 per sqm, compared to a whopping $15,105 in Singapore and $10,598 in London, a new market research revealed.
Though Dubai property prices are relatively higher than the estimated $4,750 average sqm price in New York, the robust 15 percent market growth projected for the Gulf city in 2024, as against the trend of falling house prices in the Big Apple, makes it the best market to invest for both novice and seasoned international investors, the AI-based market analysis by Realiste, Dubai-based global proptech firm, showed.
House prices in New York are estimated to have fallen by 1.8 percent in a year, and concerns of the trend continuing into next year still persist. The strategic location, tax advantages, and investor-friendly policies of Dubai – popularly known as the ‘Jewel of Middle East’ – are the other major factors helping the emirate to position it as the upcoming most lucrative global investment hub for property investments globally, the Realiste study said.
The city is a long way off from being in a bubble. Singapore, London most expensive cities for house prices Singapore, renowned for its stability and business-friendly environment, has been a favored investment destination in Asia. However, the city’s real estate market has experienced significant price increases, making it less affordable for investors, the study said.
Data by the Realiste study showed that Singapore Dubai as emerged as one of the most expensive real estate markets in the world, overtaking London, with the city-state’s average sqm cost coming at around a whopping $15,105. “While the city promises a healthy growth of slightly over three percent in the next 5 years, the overwhelming entry price is great enough to deter many investors,” it said.
London, on the other hand, has long been synonymous with the global real estate market due to its historical significance, cultural richness, and stable real estate market. “The British capital has undoubtedly established itself in a place of reverence among global markets. However, such a robust reputation comes with a pricey reality,” Realiste said. The study, however, said property prices in London are expected to see a fall in real estate prices by 1.7 percent in the next 5 years because of hard-hitting inflation and an economy still somewhat recovering from Covid-19.
New York, regarded as the global financial center, has historically been drawing investors looking for luxury real estate and investments, though the latest data showing the city’s average sqm price is around $4,750. “The city’s house prices have fallen by 1.8 percent year-over-year, which is drawing great concern from investors as rumors of the imminent market crash continue to propagate,” the Realiste study said. Dubai, however, provides a multitude of options for both novice and experienced investors to expand their holdings, ensuring a profitable future, said the AI-driven Dubai proptech which operates in over 100 cities globally.
