FINDING DUBAI'S NEXT 'ACCIDENTAL PROPERTY MILLIONAIRE'

Buy property for below $1m and wait for market dynamics to push the price up

- BY MANOJ NAIR

Who could become Dubai's next 'accidental property millionaire'?

This is how it works – buy a home in Dubai that costs under $1 million. And then wait for property market dynamics to push the price higher and then past the $1 million – or Dh3.67 million – mark.

Then, you become an 'accidental property millionaire'.

TARGET LOCATIONS

Even if Dubai's property value gains have slowed down this year, there are locations in Dubai that could see home prices pick up in the medium term.

Some industry sources say some apartments at Dubai Creek Harbour and upscale apartments and townhouses that were initially sold for Dh2.5 million to Dh2.8 million could see steady increases to that Dh3.67 million mark.

Other possible locations would be at Dubai Islands, Dubai Harbour, and, of course, at Palm Jebel Ali when more options are released.

Some of the City Walk apartments too are rated as prime candidates for going past the Dh3.67 million mark in time, especially around the time the central park features become part of that landscape.

Whatever be the case, "the total volume of property millionaires in Dubai has continued to accelerate since 2021," said Faisal Durrani, Head of Research for Mena markets at the Knight Frank consultancy.