Strong demand supports the growth of the real estate market in the emirate

Julius Baer: Dubai is witnessing an influx of distinguished professional competencies

Julius Baer held a press conference to review the "World Wealth and Lifestyle Report".

From the source

Julius Baer Bank confirmed that the growth of the residential real estate market in Dubai was supported by the continuous growth in transaction volumes, strong demand for off-plan properties, and the launch of new projects in the emirate, which succeeded in dealing with the emerging pandemic of the Corona virus efficiently, which made it receive tourists during the year. the past, despite the restrictions imposed on travel in the world.

A bank official indicated that there has been an influx of distinguished professional competencies to Dubai during the last period, especially in the financial and investment sectors

Wealth Report

Julius Baer Bank, a Swiss international group in the wealth management sector, and listed on the "SIX Swiss Exchange", issued the third edition of the "Global Wealth and Lifestyle Report", which focuses on monitoring a range of consumer goods and services that reflect the spending patterns of high-net-worth individuals. .

The report, which was presented at a press conference in Dubai yesterday, stated that diversity in the UAE is one of the most attractive factors for tourists, noting that hosting "Expo 2020 Dubai" and increasing employment in the emirate supported the growth of residential real estate prices by 44% against the backdrop of the emirate's strong economy. And the remarkable demand to move to live and work in Dubai.

He pointed out that the increase in tourist flows to the emirate supported the growth of average prices for hotel suites by 195% compared to last year.

The Julius Baer Global Wealth and Lifestyle Index 2022 report pointed out that the Middle East has great potential for change, driven by the development of cities included in the index, pointing out that Dubai ranked 14th on the index this year, as it showed commercial activity in the non-oil private sector. In the Emirate, a remarkable growth in the fields of travel and tourism.

Hospitality sector

When it comes to hotels, the EMEA region is out of the fray, with an overall price increase of around 50%, the report said.

He attributed this to the exceptional increase in hotel prices in Dubai by 195% on an annual basis, which is the second strongest increase after London, driven by the rise in the number of visitors, pointing out that the hospitality sector appears promising thanks to smart strategies, attractive accommodation offers, and the organization of many major events in UAE.

He pointed out that despite the various restrictions resulting from the "Covid-19" pandemic, Dubai continued to receive tourists during 2021, driven by a backlog of demand with the reopening of travel.

The report expected an increase in spending on health, fine dining experiences, in addition to leisure accommodation.

Investor spending

“As the world deals with the repercussions of the global pandemic, factors such as increased geopolitical tensions and rising inflation have affected investors’ spending patterns, making them more conscious of securing their financial future,” said Mark Matthews, head of research for the Asia Pacific region at Julius Baer. .

In turn, head of investment advisory department at Julius Baer Middle East, Omar Barghout, said that the lifestyle survey of high net worth individuals reveals a strong intention to return to spending on leisure and travel activities, with a greater focus on areas that may enable them and their families to plan for the future, such as Health insurance and education.

Barghout confirmed that he noticed a remarkable influx of distinguished professional competencies to Dubai during the last period, especially in the financial and investment sectors.

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