Dubai Home Prices Expected to Surge in 2025, Says Knight Frank

Dubai home prices are expected to go up again in 2025 after already going up by 20% in 2024. This is part of the strong recovery that started after the pandemic, as reported by Knight Frank.

The report says prices for normal homes will go up by 8% next year. For luxury homes like villas and houses near the water, prices will go up by 5%. Many people have become millionaires because of these rising prices. Out of 530,000 homes sold in Dubai since 2002, about 95,000 are now worth more than $1 million.

Faisal Durrani from Knight Frank said, “Today, a home costing $1 million is just the average price for a family house in Dubai. This shows how much prices have increased in the last few years.”

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One reason for this rise is the growing demand for Dubai homes from people around the world. Dubai’s good response to the pandemic and easier visa rules have made many wealthy people want to buy homes here. Luxury homes, especially in places like the famous palm-shaped islands, are very popular. Buyers include Russians looking to keep their money safe, crypto millionaires, bankers leaving strict Covid rules in Asia, and rich Indians wanting second homes.

In the past, Dubai has seen prices go up and down a lot, but this time, experts believe it is more stable. New rules make buyers pay more money upfront, and most buyers are buying homes to live in, not to sell them quickly for profit. Durrani said, “This time is different. We don’t see risky buying or signs that prices will suddenly fall.”

This year, home sales have hit record numbers. In the first nine months of 2024, more homes were sold than in all of 2023. Sales in just the third quarter were worth 116.8 billion dirhams ($31.7 billion), the highest ever recorded.

Knight Frank also said that developers are building more homes to meet the demand. They plan to build 300,000 new homes by 2029. But even with new homes being built, there aren’t enough to meet the growing population in Dubai. This is especially true for villas, where very few are available for sale. Durrani said, “The main issue is not having enough homes for the number of people moving to Dubai. More people are coming, but there aren’t enough houses, especially villas, to meet the demand.”

With more people wanting to live in Dubai and not enough homes being available, prices are expected to keep rising. Dubai’s lifestyle and opportunities continue to attract rich buyers from all over the world.

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