Emaar founder Alabbar: Real estate in Dubai is “still a good deal”

Mohammed Alabbar, the founder of Emaar, asserts that there is still “huge potential” for growth in Dubai’s real estate prices and that these values should be evaluated in light of those in other major cities worldwide. In an interview, he told: “Compare the price per square meter in Dubai to Shanghai, to New York, to Chicago. I challenge you to do that and not come to the conclusion that Dubai property is still a cheap deal.”
He added: “Dubai is now a global city. That’s how you need to look at the data, and then after that, you need to make your own investment decisions.”
Prices in the emirate have surged in the last 12 months. Dubai leads the 25-city forecast for 2023, with price growth expected to reach 13.5 percent. Across the cities traced, the price prices were expected to rise by 2 percent on average in 2023, according to a report by Knight Frank.
Cities of Miami and Los Angeles occupy the second and third spot after the emirate. However, the forecast rate has dropped in the past six months as recessionary fears get stronger. Fixed mortgage rates in the US have exceeded 7 percent, and a mansion tax is being considered in Los Angeles for homes priced above $5 million.
Residential values in the emirate’s prime markets, which include the areas of Palm Jumeirah, Emirates Hills and Jumeirah Bay Island strengthened with a growth rate of 29 percent in the third quarter of 2022.
The city is among the top three most popular for home buyers and is especially well-liked among HNWIs located on the Chinese mainland, coming in third after London and New York.