Dubai’s Property Appeal Soars with Competitive Living Costs and Thriving Market

Dubai has shined in Julius Baer's Global Wealth and Lifestyle Report, ranking 12th worldwide. The city's competitive cost of living stands out compared to other major global cities.

Dubai stands out prominently in the Middle East for its reputation in luxury and economic expertise. Its position as the 6th most expensive city in the Europe, Middle East, and Africa region highlights its prestigious status and sustaining allure. In my view, even as we adapt to a 'new normal' post-pandemic, the effects of inflation, increased living costs, and geopolitical tensions have hit other markets harder than Dubai. This resilience has only amplified Dubai's attractiveness to wealthy individuals.

I believe that Dubai's strategic location as a hub bridging East and West is a clear advantage, drawing businesses and investors worldwide. Its well-connected airports and ports enhance global accessibility, positioning Dubai as a prime destination for international expansion. Recent trends show a significant increase in both business and leisure travel spending across the Middle East, underscoring Dubai's appeal. The real estate sector, which contributes 8.9% to the economy, is notably vibrant, with Dubai property prices rising by 16% in US dollar terms.

Dubai's residential property market continues to offer relative affordability among global price increases. In my view, the city's allure lies in its strong appeal to savvy investors, particularly in luxury and branded real estate sectors, which encourage its global investment profile. A significant majority of wealthy Middle Eastern investors have been actively increasing their investments in Dubai's residential market, with plans for continued expansion in the near future. This trend highlights Dubai's constant attractiveness and resilience in the Global Wealth and Lifestyle landscape.

With insights gained from my real estate industry experience, the $10 million housing market was exceptionally active in 2023. Both global and local demand surged, with the region's affluent showing remarkable interest and investment in luxury residential properties. This trend reflects strong economic growth and the allure of Dubai's world-class infrastructure.