Just moved to avoid rent hikes?. Don’t rule out another move, property rents and prices are only going one way …

The real estate in Dubai has been listed as the fastest growing in the world beating Miami and LA

If you think your recent move dramas to avoid your landlords rent hike are firmly behind you think again.

Knight Frank released a report showing Dubai as taking the number one spot out of a forecast up against 25 other major cities. The bottom line? In 2023 price growth is predicted at 13.5%.

It is common knowledge that the USA is in a bit of pickle with inflation so this hasn’t helped. Also a ‘mansion tax’ could be on its way so that’s not helping LA and Miami to ride high in the charts either.

Meanwhile back in Dubai the key areas that have always held the top spots for rental yields and sales continue to do so. Palm Jumeirah, Marina, Business Bay, Downtown and Emirates Hills never looked better with nearly 30% increase in residential values for Q3 2022.

Many factors go into a giant cocktail of reasons why this is happening. First and foremost the UAE and especially Dubai offer excellent amenities on a par with any major city. Factor in half of the year excellent weather and great beaches, it’s a simple formula, more and more people just want to live in Dubai.

Second, if you are a HNWI or thereabouts chances are you are paying a lot of tax at home so setting up a base in Dubai is common sense. Lastly there just isn’t enough luxury or premium property available and people are prepared pay the price to get what they want.

All markets run on a cycle however right now it’s hard to see exactly when the cycle with soften for Dubai.