Dubai luxury homes, offices tipped to extend hot price growth streak in 2024 amid China demand, analysts say

Dubai’s prime residential districts of Palm Jumeirah, Emirates Hills and Jumeirah Bay Island likely to see 5 per cent price growth versus 3.5 per cent elsewhere: Knight Frank

Rising demand pushed transactions of homes in Dubai priced at US$10 million or more to a record high of 277 between January and September

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Between January and September, Chinese nationals were the second-biggest foreign buyers of homes in Dubai marketed by Knight Frank. Photo: Shutterstock

Published: 3:00pm, 25 Dec 2023Updated: 3:27pm, 25 Dec 2023

Demand from Chinese buyers has catapulted Dubai’s property market as a highly sought-after destination for the wealthy, with the real estate market in the United Arab Emirate’s financial capital a magnet for rich individuals, according to Knight Frank.

In the long-run, the trend will put Dubai among top financial hubs such as New York, London and Singapore, the property consultancy said.

The city’s office and residential property segments are tipped to see price growth next year because of high demand and tight supply, according to Faisal Durrani, partner and head of research for Middle East and North Africa at Knight Frank.

“Dubai has reached a tipping point and instead of jostling for recognition, the city is going toe to toe with the world’s long-established hubs as a magnet for the world’s wealthy,” Durrani said.

The city’s transport infrastructure, global connectivity and forward-thinking leadership has catapulted Dubai’s reputation and status globally, he added. “This is evidenced by the unrelenting demand from international high-net-worth individuals to own second homes here, or relocate to the emirate.”