The emirate will not face a shortage in the supply of land allocated for luxury real estate, unlike other global markets

Two global reports: Dubai offers the best value for real estate investors compared to major cities

Berkshire Hathaway expects the Dubai real estate market to witness sustained demand.

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Two real estate reports by the global real estate brokerage Berkshire Hathaway Home Services and JLL Real Estate Consulting confirmed that Dubai continues to provide the best value for real estate investors, compared to major global cities, and provides a safe environment and an increasing level of transparency in the real estate sector.

Both reports said the golden visa program has prompted ultra-high net worth individuals to move to Dubai to purchase their second, or even fourth, luxury home.

The two reports expected that the real estate market would witness sustainable demand, at a time when the emirate would not face a shortage in the supply of land allocated for luxury real estate, unlike other global markets.

"Berkshire Hathaway"

In detail, a report by Berkshire Hathaway Home Services, the global residential real estate brokerage, owned by American billionaire Warren Buffett, showed that global markets have moved from rapid activity based on record sales and limited supply, to a more moderate stage, as high inflation levels and geopolitical events will play a pivotal role in Luxurious and upscale market movement.

Phil Sheridan, CEO of Berkshire Hathaway Home Services, said: “The luxury real estate market has witnessed record growth over the past two years, and these global trends have been reflected in the Dubai real estate market, with prices nearly doubling.”

He added, "The golden visa program has encouraged wealthy people to move to Dubai to buy their second, or even fourth, luxury home in the city."

Sheridan added that "although high demand has led to an increase in prices and overvaluation of some markets, Dubai still offers the best value, compared to major global cities."

Sheridan continued: “Investments in technology companies in the Middle East and North Africa quadrupled during 2021, to reach $2.87 billion, after it was $654 million in 2020, at a time when half of those investments went to the UAE, according to the company (( Wamda), a research specialist based in Dubai.

He continued, "Given that Dubai has become a thriving technical economy and attracts global talent and skills, the real estate market is expected to witness a sustainable demand," stressing that "in light of the availability of land allocated for luxury real estate, Dubai will not face a shortage of supply unlike other global markets." ».

"JLL"

For its part, JLL Real Estate Consultants confirmed the economic indicators, which indicate the strong expansion movement of the non-oil private economic sector in Dubai, which is in line with the opinions of economic experts about Dubai and the UAE's position among the best performers at the global level in 2022. .

The company indicated that companies are increasingly attracted to environmentally friendly commercial buildings, especially with the increasing importance of commitments to environmental and social practices, and corporate governance.

JLL added that this reflects the increasing demand for first-class offices in Dubai, and the general trend in demand towards high quality.

She stressed that "given Dubai's safe environment and an increasing level of transparency in the real estate sector, the emirate has succeeded in attracting both emerging companies and companies looking to expand their business network around the world."

The latest transparency index within the global real estate sector, issued by JLL, ranked Dubai among the most transparent markets, with Dubai and Abu Dhabi among the strongest cities that have proven improvement in the world.

“More transparent real estate markets encourage innovation with high levels of investment, so some cities with high real estate transparency are preferred destinations for real estate investors,” said Thierry Delvaux, CEO of JLL Middle East, Africa and Turkey.

Delvaux added: "Dubai is a prominent example of this phenomenon, with the support and keenness of the Dubai Land Department to enhance the principle of transparency in the sector, in addition to achieving strong economic growth for the country, and launching initiatives such as visas, and thus we are witnessing prosperity in the Dubai and UAE market."

Dubai offers a safe environment and an increasing level of transparency in the real estate sector.

The golden visa program has prompted the wealthy to move to Dubai to buy their second, or even fourth, luxury home. 

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