Dubai's premium residential real estate market has consistently demonstrated strong growth. According to Jelena, Director at global residential real estate consultancy Savills, Dubai's real estate market saw an impressive 17.4% price increase in 2023. However, as the market gradually returns to "normal," the growth rate is expected to moderate to around 4% to 5.9% by 2024. Despite the deceleration, Dubai is poised to remain the second-fastest-growing market after Sydney.

The region has attracted a significant number of high-net-worth individuals, with an estimated 9,500 millionaires choosing to settle in Dubai over the past two years. The allure of policies like the Dubai Golden Visa has made the region a preferred choice for millionaires and billionaires.

In addition to attractive policies, the relatively lower cost of living, simplified visa procedures, and pleasant climate are also significant factors attracting both international and domestic buyers. According to Savills data, Dubai's high-end market prices are relatively competitive at $850 per square foot, which is relatively low on a global scale.

Moreover, in terms of the cost of purchasing, owning, and selling a $2 million property, Dubai is more economically feasible compared to international metropolises like Singapore, Hong Kong, London, and New York. Additionally, Dubai's rental market has shown steady growth, ranking among the top four cities globally. Considered a high-yield city by global standards, Dubai boasts a property investment return rate of 4.8%, which increased by 40 basis points last year. It is expected to further increase in the future.

It is worth noting that 2024 is an election year for the United Arab Emirates, adding a layer of uncertainty to the economic and political stability of Dubai and the UAE. However, the economic and political stability traditionally provided by Dubai and the UAE will be a boon for the real estate market.