Wednesday, February 28, 2024

Dubai is the world leader in luxury real estate sales


Dubai is seeing strong growth in luxury real estate prices, while growth rates are slowing in many other markets, supporting the emirate's appeal to investors, wealthy individuals and business owners worldwide, and cementing its position as a global destination for living. For working and tourism, the emirate ranks first in the world in terms of luxury real estate sales.

The “Biz Community” confirmed that Dubai has entered the golden phase of the real estate market, where South African citizens are also participating in the investment, as investors move their money to Dubai, which they feel is not only stable but also growing.

A South African news site cited a 2023 report by Knight Frank that indicated a 225% rise in real estate prices compared to the pandemic's lowest levels in late 2020.

The website quoted Nombasa Mawela, CEO of Save Property Group's South African office in Dubai, as saying that Dubai is an ideal haven for investing in real estate, “a Middle Eastern hub characterized by a constant influx of businessmen. Tourists and a particularly thriving rental market.” “It offers world-leading returns on rental investments.”

He emphasized that the growth of the real estate market in Dubai ensures that a large part of the real estate supply has been absorbed, and that the emirate is currently seeing the launch of new development projects in the market, and these projects often offer easy payment terms. and exceptional rental income, particularly for investors in South Africa. Mawela stressed that investing in Dubai opens up new horizons for real estate developers in international markets.

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The CEO of Saif Property Office stressed that opening personal and external bank accounts in Dubai is an added advantage for real estate developers as real estate buyers can currently avail real estate finance of up to 75% of the purchase price.

He explained that many real estate developers offer very attractive alternative payment plans to South African citizens. Mawela added, “Dubai is one of the most attractive real estate markets, with opportunities doubling day by day. It is one of the most important real estate investment opportunities in the world.”

Nadia Barnett
Nadia Barnett
"Award-winning beer geek. Extreme coffeeaholic. Introvert. Avid travel specialist. Hipster-friendly communicator."

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