The Gulf city is also showing a fighting spirit against many established real estate giants such as London, New York, and Singapore to be a top real estate destination in the world

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Despite a global surge in real estate prices, Dubai maintains its appeal for international investors seeking affordable properties with solid returns. The city's average property price stands at around $6,057 per sqm, significantly lower than Singapore's $15,105 and London's $10,598, according to recent market research.

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While Dubai's property prices exceed New York's estimated $4,750 per sqm, the projected 15 percent market growth in 2024 positions it as an attractive investment hub. This growth contrasts with the declining house prices trend in New York, making Dubai an appealing market for both novice and seasoned international investors, according to Realiste, a Dubai-based global proptech firm.

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Despite concerns about a 1.8 percent year-over-year decline in New York's house prices, Dubai's strategic location, tax advantages, and investor-friendly policies contribute to its rise as the next lucrative global property investment hub, earning it the moniker "Jewel of the Middle East," as per the Realiste study.

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Dubai's rising unit prices may raise investor eyebrows, but it remains a dynamic and cost-effective market, demonstrating resilience against real estate giants like London, New York, and Singapore. Alex Galt, the founder and CEO of Realiste, predicts the possibility of Dubai's real estate market doubling in prices over the next five years, emphasizing its healthy and sustainable growth.

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Contrary to its reputation as an expensive city, Singapore's real estate market has seen significant price increases, surpassing even London. The city-state's average sqm cost is approximately $15,105, deterring potential investors despite a projected growth of slightly over three percent in the next five years, as indicated by Realiste's findings.

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London, synonymous with global real estate, faces a predicted 1.7 percent decline in property prices over the next five years due to inflation and economic recovery challenges post-Covid-19, according to the study. Meanwhile, New York, historically a magnet for luxury real estate investors, is witnessing a 1.8 percent year-over-year decrease in house prices, fueling concerns of an impending market crash.

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In contrast, Dubai, supported by AI-driven market analysis, offers a diverse range of opportunities for investors, positioning itself as a promising and profitable destination for both newcomers and seasoned players in the global real estate arena.

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