ISLAMABAD: Last year, Pakistanis became the fifth largest buyers of properties in the UAE city of Dubai.
In 2024, Indians would continue to be the leading buyers of Dubai real estate, while Pakistanis would move up to the fifth position, surpassing their previous ranking of seventh place, as revealed in a report by the Dubai-based property consultancy, Better Homes.
Property prices in Dubai are projected to increase by 5-8% each year in 2025, with luxury areas like Palm Jumeirah and Downtown Dubai experiencing even more significant rises, as reported by data from developer Damac.
In 2023, British buyers ranked second, while Russian buyers secured third place.
However, the position of Russian buyers has dropped to ninth, and Turkey has taken over the tenth spot, replacing Poland.
In 2024, the total value of property sold reached a staggering AED 423 billion, marking a 30% year-on-year increase in both transaction value and volume.
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This surge in sales was attributed to the availability of better homes in the market.
Dubai’s real estate sector has shattered sales records, with industry experts identifying Emaar, Ellington, Meraas, Select, and Omniyat as the premier developers poised for exceptional growth and investment returns in 2025, according to Arabian Business.
The luxury property sector in particular has been performing consistently well outpacing cities like London and New York, leaving a glut in the market for $10 million+ homes with prices slated to rise by another 8-10% in 2025, according to Better Homes Data.
The city’s ambitious real estate plan for the future is set to achieve a market valuation of 1 trillion dollars, and the population is projected to grow to 4.34 million by 2027.
In 2024, Dubai experienced a record number of overnight visitors, reaching 18.72 million, as the tourism industry continues to fuel economic growth, impacting sectors such as retail and hospitality.
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Furthermore, significant infrastructure projects, such as the Etihad rail network, Dubai’s blue metro line, and efforts to alleviate traffic congestion, will further contribute to this growth.
Dubai is on track to continue attracting more and more Ultra High Net Worth Individuals (UHNWI) as the construction of luxury designer developments continues to rise.
Dubai is home to approximately 140 branded residences.
Global talent will continue to migrate with programs like golden visa, blue visa, and investor programs.
The current real estate trend, which has been analyzed by experts as not just a ‘bubble’, is also influencing trends in the hospitality industry.
Over the past year, the 5-star hotel sector experienced an astonishing 111.8% growth, as reported by real estate COnsultancy Cavendish Maxwell.
