Investment in the premium residential real estate in the emirate of Dubai still guarantees a robust return for overseas investors on the back of high gross domestic product (GDP) per capita and ambitious investments in building state-of-the-art infrastructure, Emirati property developer Emaar said in a statement on Thursday.
Dubai’s real estate sector provides the best sought-after incentives alongside the most attractive propositions for investors seeking “stable and growing returns,” according to a recent study focusing on the cost of residential real estate versus the GDP per capita in the major cities.
“This is further underpinned by Dubai’s status as one of only 20 metropolitan areas in the entire Middle East and Africa compared to 51 metro areas in the US, 43 in Western Europe, 25 in Advanced Asia Pacific, 20 in Emerging Asia-Pacific, and over 103 in China,” according to the study.
The 300 largest metro areas identified by Brookings made up 36% of global employment growth and 67% of global GDP growth in the period between 2014 and 2016.
In the same vein, around one-third of large metro areas in the Middle East News Agency (MENA) region are expanding employment and GDP per capita at faster pace than their peers that shows the growth potential offered by metro areas such as the GCC emirate, according to the study.
Analysts said that growth potential for Dubai is higher than other major city hubs, because the cost of residential property in premier locations such as Dubai Creek Harbour and Downtown Dubai estimated at about AED 2,020 ($550) per square foot, and the GDP per capita in the UAE at $40,698.