Report: The influx of wealthy people has spurred the growth of the luxury real estate sector in the UAE

Selling two villas in Dubai, worth 220 million dirhams, in one day

Residential real estate prices in Dubai will witness the strongest global growth in 2023.

From the source

Yesterday, Dubai witnessed the sale of two villas in one day at a value of 220 million dirhams, as a villa was sold in the Palm Jumeirah area, in the “billionaires” row, at a value of 130 million dirhams, and a villa was sold in the “Tilal Al Ghaf” project in the Dubai Sports City area for 90.1 million dirhams.

Yesterday, Luxpetat Sotheby's International Realty offered to sell a villa in the Emirates Hills area for 190 million dirhams, after completing a deal last November worth 145 million for a villa in the Palm Jumeirah area.

In its latest report, Knight Frank, which ranked Dubai as one of the most important cities in the world, indicated that residential real estate prices in the emirate will witness the strongest global growth in 2023.

The report expected an increase in luxury real estate prices in general by nearly 2% in 25 international cities, down from 5.2% in 2022. However, expectations for price growth in Dubai of more than 10% reflect a positive outlook for this sector in the emirate.

While a report by Unique Properties confirmed that the influx of high-net-worth individuals has stimulated the growth of the luxury real estate sector in the UAE, as Dubai, which was recently ranked the second best city for expatriates in the world, includes nearly 70,000 millionaires. With expectations of an influx of more high-net-worth individuals who will further support the growth of the luxury real estate sector in the UAE.

Founder and CEO of Unique Properties, Arash Jalili, said: “This year we have witnessed a significant increase in demand for luxury properties in the most popular locations in Dubai.

Palm Jumeirah occupies a leading position among these locations, due to its great popularity as it includes the most luxurious homes and beach properties.

In the same context, the founder and CEO of Omniyat, Mahdi Amjad, said, "The demand for the luxury real estate market in the emirate is higher than the supply, especially with the increasing number of wealthy people from all over the world, who have found in Dubai all the requirements for security, safety and luxury life." , and engines for establishing and developing business in various sectors, »expecting the continued performance of the luxury real estate market, and sustainable growth according to the current data, stressing that the demand for luxury real estate in particular will be much higher than what we are witnessing now, as we are witnessing an increasing demand from the wealthy of Europe, America, China and others.

For her part, Honey Delami, Executive Partner at Luxpetat Sotheby's International Realty, said: “High net worth clients who buy their second or third home or move to Dubai seek turnkey solutions to save time and effort instead of building a new home or Renovating the property,” noting that this category is ready to pay more than 100 million dirhams to buy their new home.

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