Dubai real estate outperforms London and New York in attracting investors despite high prices

A recent report issued by the global real estate technology company, Realsite, stated that Dubai remains a strong competitor to established sector giants such as London, New York and Singapore despite the significant rise in real estate prices.

The report explained that Dubai remains the first choice for international investors looking to buy at attractive prices and strong returns.

Real estate price in Dubai

He pointed out that the average price of real estate in Dubai is estimated at $6,057 per square meter, compared to $15,105 in Singapore and $10,598 in London, which enhances Dubai’s highly competitive spirit in the global real estate market, according to the “Al Khaleej” website, today, Thursday.

Real estate prices in Dubai

The report stated that although real estate prices in Dubai are relatively higher than the average price per square meter estimated at $4,750 in New York, the strong market growth of 15 percent expected for the emirate in 2024, against a declining trend in home prices in New York, makes it the best market for investment. For all international investors, whether beginners or experienced, to expand their assets, ensuring a profitable future for them. This is according to the report, which compared prevailing prices and investment prospects between major real estate powers in the world.

An investment destination

The report pointed out that in the era of a significant rise in real estate prices, finding an investment destination that provides affordability and profitable opportunities has become a daunting task.

Real estate industry

Dubai is rushing to consolidate its prominent position in the real estate industry, thanks to its relative affordability and numerous government incentives. It is a healthy, fast-developing and relatively cheap market.

Alex Galt, Founder and CEO of Realsite, hinted that although London, New York and Singapore are real estate powerhouses for a reason, we are witnessing the development of a future real estate giant before our eyes.

He added: "It would not be surprising if Dubai real estate market prices double over the next five years, so investors can benefit from the market's rise and achieve huge profits."

The first real estate project

Binghatti Real Estate Group, one of the largest real estate development companies in Dubai, and Mercedes-Benz, the German luxury car company, unveiled the first real estate project in the world under the name “Mercedes-Benz Places/Binghatti”.

Through a shared passion for outstanding design and innovation, this partnership brings together the worlds of real estate and automobiles with the aim of setting new standards.

The new architectural icon will be created in the heart of Dubai, surrounded by some of its most prominent landmarks, including the Dubai Mall, with stunning views of the Burj Khalifa.

Architectural masterpiece

The Mercedes-Benz Places project is expected to reach a height of 341 meters with 65 floors, and will represent an architectural masterpiece added to the skyline of Dubai.

Real estate project

Mohammed Bin Ghatti, CEO of Binghatti Properties, said: “This tolerance is a source of pride for us as an Emirati company, and we have worked hard alongside Mercedes-Benz - the leading name in the automotive field in the world - to develop the first luxury facility bearing the Mercedes-Benz brand in the world.

  The Mercedes-Benz Places project in Dubai will not be just a real estate project; Rather, we made sure that its architecture was inspired by the principles of Mercedes-Benz design, and sets a new standard for a luxurious and advanced lifestyle.”