Dubai, United Arab Emirates, March 2018 - Aerial view of Dubai Frame

Dubai’s real estate market brings the highest returns for investors, with apartment prices more than doubling in just three years.

This is according to a December 2025 report on global real estate markets by the Moneylender Company in Singapore, which examined major cities based on apartment price changes over the last three years.

Moscow and São Paulo make the top five, both recording gains above 45 per cent as apartment valuations climbed faster than in most Western capitals.

Las Vegas is the only US city ranking high, with property prices up 31 per cent and annual rental yields averaging almost nine per cent. The research looked at real estate prices in cities around the world and tracked how much they changed over the past three years.

By comparing these changes, the study identified which cities gave property investors the best returns.

Additional data on rental income potential, local inflation rates, and mortgage costs were also collected to provide context on each market's investment climate.

After Dubai, there is Istanbul in Turkey and Mexico, both with seven per cent rental yield through with different price changes from 2020 to 2024, inflation rates, mortgage as a percentage of income and affordability.

They are followed by Moscow, Sao Polo, Kuala Lumpur, Madrid, Tel Aviv, Las Vegas and Singapore.

For Dubai price change in three years has been at 101 per cent, the rental yield at 7.5 per cent, the inflation at 1.2 per cent and the mortgage as a percentage of Income at 63.2 per cent.

Apartment prices in Dubai have more than doubled in the last three years, going from $2,812 (Sh365,500) per square metre to $5,663 (Sh736,000).

The rental earnings from these properties have been high too, with landlords getting around 7.5 per cent early yields.

In Istanbul, which ranks second, apartment values have risen by 79 per cent over the past three years. Homes that once averaged $1,252 (Sh162,760) per square metre now sell for $2,238 (Sh358,000), almost double the previous rate.

Landlords also seem to benefit from this strong real estate market, earning about seven per cent of their property’s value each year. The main drawback here is Turkey’s higher inflation rate, although this affects the entire country rather than Istanbul specifically.

Mexico City takes third place as its apartment prices rose 65 per cent in three years. The average property jumped from $1,840 to $3,034 (Sh394,420) per square metre, giving investors quick returns.

Landlords benefited too, as they now see 7.3 per cent returns annually. During the same period, inflation averaged just 3.6 per cent, meaning that those financial gains didn’t lose much value.

Moscow is also among the best cities for real estate opportunities. The Russian capital recorded a 47 per cent increase in apartment prices, with rates rising from $4,726 (614,380) to $6,970 (906,000) per square meter as interest from local buyers remained despite international sanctions.

Rental returns are now lower at 3.5 per cent a year, but with mortgage payments taking up 270 per cent of locals’ income, more residents are expected to choose leasing, which could push yields higher.

São Paulo rounds out the top five. Real estate investors in Brazil's largest city saw their apartment prices climb by 47 per cent in recent years, with typical flats now listed at USD 2,481 per square meter

Renting out has been profitable too, as landlords now collect 5.1 per cent of their investment each year. At the same time, inflation in Brazil stayed around 4.7 per cent annually, which isn’t an unusual rate for an emerging market.

"Real estate in Europe and the US is quite overvalued, making it harder for new investors to enter the market. That’s why many started looking beyond the West, and online platforms made international buying quite easy, too," said a financial expert from the Moneylender Company in Singapore when he commented on the study.

"Western cities are still safe bets, but emerging markets, like Dubai and Mexico City, let investors with lower capital actually afford apartments and even chase higher returns.”