They demanded the expansion of luxury real estate projects

Realtors: Dubai is a base for the world's rich

  • Real estate sales to the wealthy category recorded growth during the past year.

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  • Talal Mowaffaq Al-Qaddah: "The strong real estate demand in Dubai is likely to continue during 2022, especially for the wealthy."

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Real estate experts and developers said that Dubai is a base that brings together the world's rich from all fields, stressing that this advantage for Dubai gave impetus to the real estate sector during the last period.

They told "Emirates Today" that the momentum in the market is expected to continue, with the number of wealthy people continuing to increase in Dubai, calling for an increase in the number of projects that meet the aspirations of these wealthy owners.

Wealthy Base

In detail, Talal Mowaffaq Al-Qaddah, CEO of Mag of Life, said, "The strong real estate demand in Dubai is likely to continue during 2022, especially for the wealthy," adding: "Dubai has become a base for the world's rich."

Al-Qaddah stressed that "the sector will continue to grow amid real estate developers' trends to launch projects bearing international brands to sell these products and residential units to those people who prefer to deal with international brands such as (Four Seasons, Ritz-Carlton and Royal Atlantis)."

He pointed out that these brands have made their name globally, adopt a luxurious level of construction and are popular with large groups of the wealthy, and therefore attracting these brands means attracting dealers.

Al-Qaddah explained that the market suffers from a shortage of global luxury projects and integrated projects that contain integrated amenities for these wealthy people, stressing that cooperation between developers and international hotel chains is very important to reach this category.

world's richest

For his part, the founder and CEO of "Omniyat", Mahdi Amjad, said: "During February, the company handed over the units of the One Palm project on (Palm Jumeirah) to a number of the world's wealthy who bought in the project," noting that " Dubai has become a global home for the world’s rich, due to the city’s high standards of luxury and safety.”

He added, "This elite wants a specific standard of living, hence the partnership with international hotel chains, by real estate developers, to provide superior hospitality service to the target group, as the company entered into cooperation with the famous hospitality brand (Dorchester Collection Dubai) to launch its first project. in the Middle East region.

efforts and initiatives

For his part, the Managing Director of Harbor Real Estate Company, Muhannad Al-Wadih, expected the continuation of the pace of real estate demand from the wealthy amid the efforts and initiatives launched by decision-makers in the country and the provision of the necessary facilities to attract foreign investments.

Al-Wadiya added, "The UAE is working to provide a fertile ground for stability and tourism, in addition to providing an attractive environment for investors to establish their businesses with ease, as well as granting long-term residencies to real estate investors, as well as golden residency."

He pointed out that real estate sales to the wealthy category recorded a growth during the past year, adding that «Emaar Properties» announced that it recorded the highest real estate sales since its inception.

Al-Wadiya stressed that Dubai has become a symbol of a luxury life and imposes a sophisticated way of living, and has many options for the rich with high incomes.

mega projects

In turn, the general manager of the "Royal Liwan" Real Estate Company, Muhammad Abu Hareb, said that "there are large and huge projects taking place in the current period by offering luxury housing units whose prices start from five million dirhams, and these luxury units are one of the most important reasons for investors to turn to them. During the coming period, he pointed out that real estate prices in Dubai are witnessing increases since the beginning of 2021, which prompts rich investors to invest in luxury real estate.

Abu Hareb expected that "the real estate sector will witness more investments, especially in luxury real estate, with the increasing growth rates in the sector," stressing that there is a great demand for luxury villas, as the year 2021 witnessed record sales that reached 136 percent for luxury villas compared to 2020. He explained that the main reason for the wealthy to invest or buy private housing in Dubai is due to security and safety.

global destination

In the same context, the General Manager of Awad Gargash Real Estate, Dr. Raad Ramadan, said that "a large part of the demand for Dubai real estate comes from the wealthy, as it has become a global destination for them," noting that the Dubai government offers continuous and renewable government initiatives. Which supports the economy and enhances the presence of expatriates in the country, including granting citizenship and golden residency and foreign ownership of commercial activities at rates of up to 100%, all of which are incentives that attract investors, especially the wealthy among them.

Ramadan expected an increase in demand for real estate, especially from the wealthy, and there are current requests from different countries of the world, especially Britain, pointing out that real estate products are developing for the better.

«Expo 2020»

A real estate marketing consultant, Alaa Masoud, said, "Expo 2020 has led to an increase in demand for high-value properties, and 2022 is expected to witness a large number of visitors outside Dubai, to learn about life and post-Expo Dubai."

Masoud added that with the opening of the Museum of the Future, it is expected that it will witness a great demand through marketing as "the most beautiful building on earth", and that it will witness a great demand as a result of advanced technology and rapid development in Dubai, being a pioneer and aspiring to the first place, stressing that it is one of the The market is expected to witness an increase in the demand for real estate and housing units for the wealthy class.

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