Dubai Predicted as Top Luxury Real Estate Market in 2024

In the 2024 forecast, Dubai and Sydney emerge as standout performers in the global luxury real estate market, as per Savills' Prime Global Cities Index. Dubai, coming off a stellar 2023 with a 17.4% growth rate, is expected to moderate its pace but maintain strong gains of 4 to 5.9%. Savills attributes Dubai's continued success to its maturity as a global city, outstanding infrastructure, and unmatched quality of life, making it a top choice for international buyers.

Sydney, forecasted for a nearly 10% increase in 2024, benefits from historically low inventory levels and sustained demand from high-net-worth individuals. Savills underscores the city's robust position for future growth, driven by a 6.8% surge in 2023 and potential policy attention post-elections to address housing supply challenges.

While the overall Prime Global Cities Index projects a modest 0.6% increase in residential values across 30 cities, Mumbai and Cape Town join Dubai in exceeding 3% growth in the previous year. Savills anticipates ongoing urbanization, wealth creation, and evolving consumer preferences to support long-term property appreciation globally. However, geopolitical changes may introduce uncertainties to the forecasts.

American housing centers face challenges due to rising interest rates, economic uncertainties, and dampening consumer sentiment. San Francisco registers a steep decline at -6.1%, while coastal cities like New York and Los Angeles could experience downward trends. In Asia, Hong Kong confronts a 3.7% decline amid political unrest and a zero-COVID policy, potentially facing a further drop of up to 10%.

Savills emphasizes the importance of a risk-averse investment climate and notes that despite short-term volatility, ongoing urbanization and wealth creation will contribute to property value appreciation. Sydney and Dubai are poised to lead the surge in luxury real estate, reflecting their enduring appeal and robust market fundamentals

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