The KnightFrank Hub Report focuses on benchmarking Dubai against seven other key global cities of New York, London, Paris, Singapore, Hong Kong, Shanghai and Sydney across the four key sectors of hospitality, offices, residential and industrial sectors.
Dubai’s status as a global hub continues to strengthen given its extensive connectivity, strong economic prospects, low tax system and safe haven status which are all underpinned by world class amenities and infrastructure.
Dubai International Airport, the world’s largest airport by international traffic, recorded 83.7 million passengers in 2017, up 26% from 2014. The total number of hotel room keys per person is significantly higher at 29.9 per 1,000 people in Dubai, compared to our selected hub cities.
The UAE’s quality of overall transport infrastructure is ranked 3rd best in the world. Dubai’s industry growth rate forecast of 57% is expected to outpace those of our selected cities.
The domestic financial and business services sector grew 55.6% in the last decade with only Shanghai (114.3%) outperforming Dubai. The Dubai International Financial Centre has recently been ranked among top 10 global financial centres in The Banker’s International Financial Centre rankings.
Dubai remains relatively affordable, In Dubai US$1m can get you 138 square metres of prime property, compared to 19 in Hong Kong, 25 in New York and 28 in London. Dubai has remained attractive to investors and occupiers alike, in the 18 months to June 2017, 217 nationalities purchased real estate in Dubai.
The global economic backdrop continues to be dominated by economies which are experiencing prolonged economic growth amid a low-interest-rate environment. The current US economic cycle, at more than nine years, is currently double the average length of the previous 33 economic cycles. This trend is not limited to the US; the UK is also nine years into its recovery and Australia is more than 27 years into its cycle.