International buyers at Dubai Property Market
In the past, Indian, British, and European buyers were dominating Dubai property market.
But the appeal is now widening to include a diverse range of nationalities from around the world—a clear sign of the market’s sustained strength.
Dubai’s thriving real estate market is attracting wealthy buyers from countries like Turkey and Egypt now.
Further expanding its large base of international purchasers.
In an interview with Bloomberg, Mohammed binghatti, Chairman of Binghatti Real Estate Development, stated:
“Our company plans to build approximately 12,000 homes across the city in the next two years.
This is in addition to the 9,000 homes they are already constructing.”
Property Values Have Surged by Over 60%
Notably, Binghatti has seen a 20% increase in buyers from Turkey and Egypt compared to the previous year.
Making them among the top international buyers of Binghatti properties.
According to Cushman & Wakefield, Dubai property prices rose by 24% in the year up to June.
While rental rates increased by 19%.
Since 2020, property values have surged by over 60%.
Parathusha Gurabo, Head of Research and Consultancy at the company, notes that while prices continue to rise, the trend is moderate.
Moreover, there is a significant supply expected over the next two to three years, which should help stabilize prices and rents.
Over 300 Homes Valued at $5.4 Million Traded in 2024 Q2
The influx of new renters also contributes to rental price growth.
Rental property registrations increased by 5.9% in the year up to May, as reported by real estate consultants.
While transactions for ready properties remained stable, pre-construction home sales remain robust.
Binghatti capitalized on this demand by entering a buying spree.
They acquired land on Palm Jumeirah and several plots in Business Bay.
Their focus remains on Dubai property upscale market, where over 300 homes valued at $5.4 million or more were traded in the second quarter.
Dubai Property Market: The Most Attractive Investment Destination
In addition to these ventures, Binghatti announced partnerships with Jacob & Co. and Bugatti.
Jacob & Co. partnership includes a tower that will be the tallest residential building globally.
While Bugatti project is featuring private car elevators for penthouse units.
Binghatti confidently states, “We’re selling well and at good prices.”
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Just two months ago, they began sales for 1,850 apartments in the Dubai Science Park area.
With 80% of the homes already sold at an average price of around AED 1,900 per square foot ($517 per square foot).
Dubai remains an attractive investment destination, with average square foot prices significantly lower than London and approximately half the average price in Los Angeles.
The city continues to offer promising opportunities for investors, making it a favorable choice for those seeking real estate assets.
