Dubai remains one of the more accessible major global property markets for prospective homeowners, with buyers needing about five years of average earnings to afford a 60-square-metre apartment close to the city center, according to UBS’s Global Real Estate Bubble Index 2026.
The figure places Dubai well below several other major cities in the study. A comparable property in Hong Kong would require roughly 15 years of average income, while London buyers would need about 11 years. Tokyo, Paris and Seoul also exceed the 10-year mark.
Dubai also stands out when property values are measured against rental income. UBS estimates that it would take around 16 years of rent from an apartment to equal its purchase price, matching Miami and São Paulo for the shortest period among the cities examined. In Zurich, the equivalent period reaches 46 years, while Geneva follows at 40 years.
The report comes after Dubai’s property market experienced more than five years of sustained growth. That run has begun to lose momentum, with real home prices retreating to levels last seen around mid-2025 and real rents moving below their level from a year earlier.
Despite the slowdown, UBS said Dubai’s market has remained resilient amid regional geopolitical tensions. Real residential prices increased by 0.4 percent in the 12 months through the second quarter of 2026, while real rents declined by 4 percent during the same period.
UBS continues to classify Dubai’s exposure to a property bubble as “elevated,” although the risk has eased somewhat since March. The city is grouped in the same category as Miami, Seoul, Lisbon and Geneva. Zurich and Tokyo were the only markets in the index placed in the “high” bubble-risk category, while London, Paris, New York, San Francisco and São Paulo were assessed as “low risk.”
The report also points to the potential benefit for renters considering a move into homeownership. With price growth slowing and some sellers offering concessions, existing tenants could find opportunities to enter the market, UBS said.
“Despite elevated mortgage rates, Dubai remains one of the few markets where homeownership remains relatively attractive given the high cost of renting,” the report said.
UBS also identified Dubai’s “structural advantages”, including its location and role as an international business center, as factors that continue to support the market. The bank said a more favorable geopolitical environment could lead to a rapid improvement in sentiment and expectations for property prices.
