Dubai: More tourists are turning into residents, property buyers, say experts
Dubai is witnessing a growing trend of repeat property investors from Asia, Europe, and other regions who initially invested soon after the coronavirus pandemic and have since realised significant gains.
'In the past two years, the market has appreciated by approximately 40-50 per cent based on foreign investment. Investors are seeing s ubstantial returns,' said Nazish Khan, chief operating officer of Fidu Properties. 'However, they have not cashed out yet. Despite brokers frequently reaching out to ask if they want to sell, these investors remain confident and are eager to bring in more capital.'
Khan emphasised that this phase is crucial. 'Earlier, investors were testing the waters. Now, they are confidently navigating the market and capitalising on the opportunity to re-enter.'
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Dubai was the first city worldwide to reopen after the Covid-19 pandemic, drawing new investors and tourists from across the globe while many countries remained closed to foreigners. This early reopening attracted a wave of high-net-worth individuals seeking safer havens for their families.
Dr Nour ElSerougy, a real estate expert, noted, 'We are seeing repeat investors from Asia, Europe, Brazil, and southern states of the US. There is particularly strong demand for one- and two-bedroom apartments as more families choose to relocate to the emirate.'
The Dubai property market has experienced an unprecedented rally since the pandemic, with prices reaching record highs. This surge has largely been fuelled by foreign investors and affluent individuals who have injected billions of dirhams into real estate.
Over the past three years, Dubai's real estate transactions have totaled nearly Dh2 trillion, rising from Dh528 billion in 2022 to Dh634 billion in 2023, and an estimated Dh761 billion in 2024.
Tourists becoming residents
Nazish Khan shared these insights during an event hosted by AYS Developers and the Innovation Experts Real Estate Institute, which aimed to set a Guinness World Record for the largest real estate training session.
He observed a growing trend of tourists turning into permanent residents.
'Dubai's population has grown to 3.9 million because many visitors fall in love with the city and decide to make it their home. Previously, Dubai was seen as a luxury tourist destination for the wealthy. Over the past two years, it has transformed from just a holiday spot into a place where people want to live. Instead of visiting every few months, they're relocating their families and enrolling their children in schools.'
The emirate received 18.72 million international overnight visitors in 2024, an increase of nine per cent.
Khan explained that decisions to purchase often happen quickly. 'People sometimes decide on their flight back home and put down deposits after experiencing Dubai's infrastructure and lifestyle firsthand. The city has built immense trust, which we leverage in malls and through kiosks attracting tourists.'
He cited April as a notable example: 'Despite a global economic downturn and stock market crashes due to tariff conflicts, Dubai recorded over Dh62 billion in property sales — a more than 50 per cent increase. With losses elsewhere, investors moved their capital into Dubai's real estate market."
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