- The Middle East has emerged as a top destination for luxury real estate, with three countries ranking among the best in the world.
- According to the Housearch Investment Index for 2024, Oman, Qatar and the UAE, particularly Dubai, are premier choices for domestic luxury real estate purchases.
- The property market in Dubai has reached a significant milestone as prices hit an all-time high in November, surpassing the previous record set.
In 2024, Middle Eastern countries are set to take centre stage as some of the best destinations for real estate investment. According to the Housearch Investment Index, the UAE, Oman and Qatar have been identified as top contenders for property investment in 2024.
The Index has also established that these countries offer a stable and reliable market, especially compared to cooling property markets in Europe and North America.
The UAE, in particular, has long been a favourite for wealthy individuals, thanks to its luxurious real estate options, attractive tax regime and favourable business environment.
High net-worth individuals (HNWIs) who are eager to invest and experience the epitome of luxury in the Gulf region will require a secure money transfer service for their global business transfers.
Dubai’s property market is experiencing a significant surge in prices, with property prices rising by 1.17% to AED 1,271 per square foot, according to Property Monitor. The growth has been led by the apartment segment, which is experiencing high demand.
Industry executives attribute the surge in prices to the influx of foreign residents, creating a shortage of residential units in both the luxury and affordable segments.
Surpassing Qatar and the UAE, Oman has claimed the regional lead, only maintaining a global trail behind Cyprus and Ireland. The rankings take into account factors such as peace and stability ratings, rental yields, economic growth rates and property rights.
Dubai’s residential market has experienced a recent surge in activity, thanks to the influx of entrepreneurs, HNWIs and high-tech startups, particularly after Brexit.
This has injected new life into the market and revitalised the real estate sector, which has provided promising opportunities for portfolio diversification and attracted affluent individuals.
According to Mark Wilson, Head of Research at Housearch, affluent individuals are finding confidence in the Gulf region as Oman and Qatar gain traction as attractive investment destinations, offering stable cash flows and lucrative returns with gross rental yields ranging from 6% to 10%.
The findings of the 2024 report have shed light on a notable shift in the global real estate investment landscape, with Gulf countries ascending as key players.
This development presents a considerable opportunity for affluent individuals seeking to diversify their portfolios and explore emerging markets with significant growth potential.
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