According to the UK House Price Index, as of January 2024, the average property price in the UK is £281,913, with an average increase of 0.5% compared to the previous month.
In the UK, the property market has a long history of stability and resilience. For example, despite the ongoing effects of the COVID-19 pandemic, average prices rose by 10% on average over 2021 – the highest growth seen in several years.
Demand for residential properties remains robust, driven by a growing undersupply of housing, solid levels of affordability, and a desire for more spacious homes as remote working becomes more prevalent.
However, there are regional variations in performance, with cities like Liverpool and Manchester experiencing continuous growth in demand while other areas may face stagnation or slight declines.
In contrast, Dubai’s property market has been undergoing a period of adjustment, influenced by factors such as oversupply, changing economic conditions, and shifts in buyer preferences.
According to the Dubai Land Department, the total value of real estate transactions in Dubai reached an all-time high of 1.6 million – growing 16.9% compared to 2022. Gulf News states that the value of real estate transactions in this period exceeded Dh634 billion, with the overall number of transactions reaching over 166,400 real estate transactions in 2023.
While the emirate remains an attractive destination for international investors, mainly due to its tax-friendly environment and luxury offerings, authorities have made a concerted effort to rebalance supply and demand dynamics. This has led to initiatives aimed at stimulating demand, such as long-term visas for investors and retirees, and increased focus on sustainable development and affordability.
Further Reading: Learn what makes a good buy-to-let investment with our 2024 market insights – covering everything from investment fees to how to invest £500k!
