Interest Rates, Regional Housing and Dubai Property: Investor Insights
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Hey, it's the Real Estate Breakfast, back for the weekend, breaking down for you the Australian property market. Got a busy show coming up. Shortly, we are talking to Faisal Durrani from Knight Frank in London. He's going to talk about the Dubai UAE property market, where Aussies are continuing to migrate there. And then we're going to be catching up with Asti Mariasmo, the head economist for PRD. It is a Saturday, February the 7th, a big day on this day back in 1964. The Beatles with the British invasion when they landed at JFK Airport in New York. If you are celebrating a birthday today, you're in good company. Chris Rock is turning 61. Garth Brooks, the country music icon, is turning 64. And you know you're getting a little older when Ashton Kutcher is nearly 50.
He is turning 48. If you are in Sweden, Denmark and Switzerland, there has been an appreciably big spike in listeners in these countries. Why? I think we know why, don't we? It's a crazy time with politics, and what is happening in the US is affecting Europe, especially Northern Europe's concerns about the world order. And I've heard people say to me, just count down the next three years, Craig.
What insights does Faisal Durrani provide about the Dubai property market?
It will be over soon enough. Really? I don't think so, because three years away, that is a long way off in the distance. Let's take you right now. In fact, he's in London, Faisal Durrani, for the first time in 2026 from Knight Frank. And a very good morning to you, Faisal. Good to have you on the property show. And you were just telling me off air that the Knight Frank buyers, you've got a comment to make because they are scattered far and wide.
Yes, that's right. Good morning, Craig. Great to be back on the show. I mean, one of the things that we do track as a business is where our buyers are coming from for residential real estate in Dubai. This data used to be available from the Dubai Land Department where it was published across the entire city. However, we no longer have access to that. So all we can do is look at sales that we have done as a business. And last year, 55% of Knight Frank's residential real estate buyers in the UAE came from the UK and Europe. 21% of them from the EU, excluding Germany, and 10% from Germany itself. So what's quite interesting is whilst we always expect to see countries like the UK, India, or Egypt, for instance, kind of jostling for pole position here,
we have started to see over the last year or two much higher levels of interest from buyers from the EU broadly and Germany specifically so yes that definitely is a trend of rising interest from that part of the world yeah
Exactly right. And you always sound extremely positive every time I talk to you. But there are some risks, aren't there, in amongst all of the positivity. The sentiment is right up there. But we can always forewarn people that, yes, there is always going to be a risk factor. And I think just given what I was saying about the politics, that is always in the back of everybody's mind as well.
Of course. I mean, look, the residential market in Dubai has enjoyed a price bull run for more than five years now. And at this late stage in any cycle is when you'd start to see a tapering off in that rate of growth. We're not suggesting that we're approaching any sort of cliff edge moment when it comes to price increases, notwithstanding any sort of global black swan event that we're not able to foresee. But this is the time when you would expect the rate of increase to slow. And look, domestically speaking, the UAE economy is in a very healthy position. We've just seen some new figures come out from the government of Dubai for economic growth in the 12 months to the end of September and GDP rose by almost 5%, which is pretty strong.
It's healthy. It tells us that jobs are being created. People need housing. Therefore, there is demand for housing. The population is rising. It grew by about 5.9% last year. So again, those people need homes to live in.
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