The extended growth is due to the interest of high-net-worth individuals (HNWIs), particularly their demand for luxury property investment in the city.
Recent data from Statista indicates that the UAE real estate market is projected to reach a value of AED2.6 trillion by the end of next year.
The extended growth is attributed to the interest of high-net-worth individuals (HNWIs), specifically their demand for luxury property investments in the city.
In the first quarter of 2024, Dubai recorded the sale of 105 luxury homes, moving closer to last year’s record of 431 transactions for properties valued at over $10 million, surpassing prime markets like New York and London.
As the number of wealthy individuals moving to Dubai continues to rise, with an expected 24.6 percent increase in HNWIs by 2025, the city’s ultra-luxury and overall real estate markets are set for further growth.
Georgina Atkinson, Managing Partner at Origin Private Office, stated, “We have observed sustained growth in the regional real estate market, with Dubai leading in sales volume and price growth. In the ultra-prime segment, we see significant demand from both regional and international investors, with many of our UHNW clients from Asia and the UK/Europe choosing to relocate or establish a presence in Dubai.”
“On the consultancy side, we are fortunate to advise developers operating in the ‘true’ ultra-prime segment of the market, of which there are only a few. Our highly skilled team brings a wealth of global expertise, having worked on some of the most iconic buildings worldwide. We look forward to contributing to the dynamic real estate market of Dubai with outstanding residential development offerings,” she added.
