The in Dubai Middle East’s top properties saw the greatest H1 capital value gain.
According to Savills, a real estate services firm, the growth in capital value of Dubai’s premier residential market in the first half of the year (H1) was significantly higher than that of gateway cities like Singapore and New York.
According to Savills’ Prime Residential World Cities Index, the emirate’s residential market has grown to be the strongest in the Middle East, with a 2.9% increase in capital value in H1.
New York, Singapore, and London all had negative growth.
- In the index of 30 worldwide cities, Dubai came in fifth place; the top three cities with rises in capital values over the same period were Lisbon (growth of 4.2%), Amsterdam, Madrid, and Athens.
- “Dubai continues to provide exceptional value for end users and investors seeking for opulent, high-quality houses with appealing features when considering price per square foot.
- Dubai remains one of the most sought-after places in the world to live, especially when combined with the lifestyle and access the emirate provides, according to Andrew Cummings, Head of Residential Agency at Savills Middle East.
- The “dream run” in the Dubai residential market, according to Cummings, was driven by record-breaking transaction values and volumes.
- “To capitalize on the increasing demand, some of the best developers and brands are launching world-class projects in Dubai and the wider UAE.”
Outlook for H2
In terms of rental value growth, Dubai led the world with gains of 12.1%, followed by Bangkok (9%) and Lisbon (7.5%).
Savills credited this expansion to the cities’ “extremely strong lifestyle credentials” as well as a factor related to business relocations that are fueling demand.
Savills stated that because supply is still limited in many global locations, it anticipates that rents will continue to exceed capital values for the remainder of 2024 and the medium term.
An increasing number of potential buyers are entering the premium rental markets as a result of high loan rates, which are also contributing to caution in the sales markets.
The possibility of interest rate reductions in the second half of the year, according to Savills World Research Associate Director Kelsie Sellers, “may encourage those prospective buyers to re-enter the sales market, easing price pressures.”
“For the second half of the year, we anticipate an average capital value growth of 0.5%, which would bring the total growth for 2024 to 1.3%,” Sellers continued.
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