Dubai’s Real Estate Booms Along with Competitive Living Costs

Dubai’s Real Estate Booms Along with Competitive Living Costs

According to the news report, Dubai is ranked 12th globally in terms of its cost of living, making it competitive among major cities worldwide. In the EMEA region, it is ranked as the 6th most expensive city. The UAE’s strategic advantage, with its bustling airports and ports, renders it a highly appealing hub for global business growth.

Read More: UAE Real Estate Market Is Expected To Reach AED 2.6 Trillion By 2024

The real estate sector comprises 8.9% of Dubai’s GDP and shows remarkable expansion. Property values have risen by 16% in US dollar terms, positioning Dubai as a prime location for real estate investments. As of 2023, the city has the most active $10 million housing market globally, attracting considerable interest from international and local buyers. Affluent individuals in the region spend more on high-end residential properties than anywhere else, compelled by strong economic growth and world-class infrastructure.

Read More: Dubai’s Population Grows Faster Than Property Supply

The analysis indicates that the rate of price increases for products and services has slowed to 4.0% in US dollars over the past year, establishing EMEA as the most expensive region for a superior lifestyle. There has been a notable rise in expenditure by high-net-worth individuals (HNWIs) on travel and hospitality, with the Middle East and APAC regions experiencing the highest growth. In the Middle East, consumer spending is mainly directed towards luxury goods such as clothing and watches, with a significant interest in high-end residential properties.

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