Chinese buyers are driving Dubai’s property market, positioning the city as a premier destination for affluent individuals, states Knight Frank. The property consultancy forecasts that, in the long term, Dubai will join the ranks of top financial hubs like New York, London, and Singapore.
Knight Frank anticipates growth in Dubai’s office and residential property segments in the coming year due to robust demand and limited supply. Faisal Durrani, Partner and Head of Research for the Middle East and North Africa at Knight Frank, noted that Dubai has reached a pivotal moment.
Instead of competing for recognition, the city is now standing shoulder to shoulder with established global hubs, attracting the world’s wealthy.
Durrani, in an interview with the South China Morning Post, highlighted Dubai’s exceptional transport infrastructure, global connectivity, and forward-thinking leadership as factors propelling its global reputation. The city’s allure is evident in the consistent demand from international high-net-worth individuals seeking second homes or considering relocation to Dubai.
Paragon Properties CFO Angelo Kazantzas stressed that while Chinese buyers were growing a new market, Dubai’s real estate has long been targeted by global investors, with the number of prospective Russian and European property owners increasing rapidly in recent years, adding to the high number of existing Indian buyers.
“Dubai has always attracted foreign investment because of the favourable market conditions and highly profitable real estate sector. It comes as no surprise that savvy Chinese buyers are increasingly joining the race for the world’s most attractive property deals, in Dubai,” said Kazantzas.
The trend of Chinese buyers influencing Dubai’s property market underscores the city’s growing prominence as a global financial and lifestyle hub.
The anticipation is that Dubai’s property market will continue its upward trajectory, making it a significant player in the international real estate landscape.
