Sales of luxury properties in Dubai increase as city lures super wealthy investors
Dubai’s property sector saw 176 high-end homes sold for AED3.1bn ($845m) in the first half of the year.
It has been reported that 219 homes sold in the premium price range in the past year.
This places Dubai as the fourth most active city in the world, according to data from global real estate consultancy Knight Frank.
Dubai has the largest population of wealth residing in the Middle East.
Recent data indicates that there are 68,400 millionaires, 206 centi-millionaires – individuals with a net worth of at least AED367m ($100m).
They also said that Dubai has 15 billionaires.
Combined, this highlights a 62 per cent increase in the number of UHNWIs (ultra-high-net-worth individuals) from 2012 to 2022.
Across the Middle East, UHNWIs growth is expected to surge 24 per cent over the next five years.
In turn, the supply and delivery of luxury residential units will also see a notable uptick.
Knight Frank also reported that 9,717 UHNWIs are currently based in the Middle East and this figure is expected to reach over 12,000 by 2026, with the majority of these individuals heading to Dubai as their primary residential option and contributing to not only the city’s property sector but also its overall economy.
“Dubai has continued to push the boundaries of what people can expect when they come here from all over the world.
“The city provides expats with both top luxury units and strong investment opportunities for a comfortable and safe lifestyle, while also ensuring a good return on investment for their money.
“As the city continues to cement itself as the top destination in the Middle East and a preferred destination for the world’s highly-affluent, we are no longer looking at millionaires entering the market.
“Our attention has now also shifted to focus on centi-millionaires and billionaires who are looking to invest in luxury villas and penthouses in high-end areas, such as Palm Jumeirah and Emirates Hills.
“The city’s commitment to constant growth and security will continue attracting the world’s richest to come and invest here regardless of the price.”
