As high-net-worth individuals flock to Dubai, the real estate market is expected to reach AED300 billion in 2023
As projected by Unique Properties, Dubai’s real estate market is set to exceed AED300 billion in sales this year, driven by a notable 62% rise in high-net-worth individuals (HNWIs) from 2012 to 2022.
Dubai is already home to over 68,400 HNWIs, and more are moving there every day. Its expansion was aided by the emirate’s control of the epidemic, as well as other elements like its convenient location, tax breaks, and pro-business laws.
All of these factors indicate that the Dubai real estate market will expand by 46% in 2023.
“Dubai’s real estate market has maintained its post-pandemic momentum and this has unlocked the potential to shatter last year’s historic growth with HNWIs consistently relocating to the UAE. Real estate has already surpassed AED 12 billion since the beginning of the year and with total property transactions in April increasing by more than 16 percent when compared to the same period one year ago,the emirate remains on an upward trajectory,” Unique Properties chief executive officer and founder Arash Jalili said.
Dubai is a top destination for wealthy individuals
Wealthy investors have consistently entered the market due to Dubai’s image as a leading destination for wealthy visitors.
More and more Europeans are moving to the UAE as a result of the political and economic upheaval in other parts of the world, particularly in Europe.
This trend is probably going to continue, and this year, Dubai’s luxury real estate market is predicted to grow by around 14%, in part due to an anticipated rise in Chinese investors.
Downtown Dubai, The Palm Jumeirah, and JBR are three places that have grown particularly visibly. The desire for luxurious homes in these places has caused the prices of high-end properties in Dubai to rise significantly, with a growth of 6 percent to 7.9 percent in 2023, making it the greatest value gain globally.
There are still daily transactions for residences worth at least AED 1 million, notwithstanding the increase in price.
The most current data show that there were 7,615 property sales in Dubai in April, and that yearly real estate price growth was 14.5 percent. The off-plan market, according to the statement, had a significant role in this growth.