Drawn by low taxes, high returns, safety and its status as an international transit hub, the city of skyscrapers - Dubai - has registered rising interest from global investors, including Indian high net worth individuals (HNIs). Since 2021, Dubai's property market has recorded a consistent rise in the average value of residential property transactions, including villas and apartments. To quote recent data from a report by property consultancy Knight Frank, the total number of homes available for sale across Dubai’s prime markets fell by 47% during the first six months of 2024, as prime residential property prices grew by 7%.
The report also highlighted that 190 homes priced at over $10 million were sold in Dubai during the first half of the year, positioning it as the most active luxury homes market globally, ahead of New York (130) and Miami (102). However, despite the surge in prices, Dubai remains one of the most affordable luxury real estate markets globally. As per Knight Frank’s 2024 Wealth Report, $1 million secures approximately 980 square feet of prime residential space in Dubai, compared to 366 square feet in New York, 355 square feet in London, 1,109 square feet in Mumbai and just 172 square feet in Monaco.
This affordability, in addition to other factors such as ease of property purchase, favourable visa and mortgage policies, tax benefits, high rental yields and capital value appreciation, among others, have turned Dubai into a sought-after destination in rec.