-- Dubai’s red-hot real estate market is defying predictions of a slowdown, in a sign that the Middle Eastern business hub might be breaking free from its boom-and-bust cycles.Wall Street’s Smart-Trade Brigade Thrashed Again on Stock Boom
“Demand is coming from everywhere even though the Russian buyers have declined in the market,” said Prathyusha Gurrapu, the head of research and advisory at the real estate consultancy firm. “Prices at most areas have now surpassed their 2014 peaks and are still growing as buyers keep coming from Europe, India and other South Asian countries,” she said.
But the rebound and accompanying convergence of wealthy new residents is transforming the city’s luxury market and prompting developers to revive projects that had lain dormant for nearly 15 years. The rising cost is a headache for policymakers battling to ensure Dubai remains a competitive hub for global companies at a time many employees complain that their rents have soared while their salaries have remained flat. Dubai was ranked the 15th most expensive city globally for expatriates in Mercer’s 2024 Cost of Living report.Developers built around 40,000 homes in the emirate last year and are expected to complete construction of an additional 39,000 in 2024.
Much of the new sales are within the so-called “off plan market” where developers sell homes ahead of construction and take payments in installments. For buyers, the new developments offer a cheaper alternative to established locations where values have soared. But those purchases are usually funded by a buyers’ savings and don’t qualify for mortgages.
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