Dubai has just confirmed its prestigious global status as one of the best cities in the world by finishing third – ahead of New York and London – in a recent report.
The Economist’s Top 10 prominent global cities update placed Dubai only behind Miami and Singapore.
The report is notable for considering the lifestyle afforded by the city, with the wealth-creation potential of the local real estate market a significant factor.
The Economist was quick to stress the manner in which Dubai had economically emerged and led a post-covid world, noting: “In most cities, the twin blows of Covid and geopolitical tension have proved more of a problem… Cities in bits of the world that did not go overboard with restrictions, such as Dubai and Miami, benefited—sometimes at the expense of those that did, like San Francisco.”
Post-pandemic property performance of Dubai
The manner in which Dubai handled the pandemic has been cited as kick-starting the emirate’s third property growth cycle. High-net-worth individuals from all over the world sought to relocate to Dubai – the Palm in particular – and real estate asking prices soared.
However, 3 years on, the Dubai property market is still one of the strongest performing in the world. Most experts agree that the market is more robust, sustainable and transparent than ever before.
In fact, the start of this year saw the highest number of real estate transactions in history.
“This great achievement can be attributed to the visionary leadership of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, and the ambitious targets set by the Dubai Economic Agenda (D33), which has supported Dubai in its goal to become one of the world’s leading urban economies,” Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of The Executive Council of Dubai, stated on Twitter.
