Dubai – A Land of Opportunities
Real Estate in Dubai has seen tremendous demand over the last few years. After the post-pandemic period, the purchase of Dh100 million-plus tickets has increased significantly and has become a norm. This has resulted in the influx of ultra-high-net-worth individuals coming to the Emirates. The majority of transactions have been made by Europeans, East Asians, and Gulf nationals, and they are the majority of the buyers of Dh100 million.
What’s the Take of Taieser Ali Saato, The Executive Partners at Luxhabitat Sotheby’s International Realty?
The executive partner at Luxhabitat Sotheby’s International Realty, Dr. Taieser Ali Saati, says “Currently, the top buyers of ultra luxury properties in Dubai are citizens of the UAE, India, China, Saudi Arabia, and the UK. These nationalities are frequently investing in Dubai’s high-end properties due to favorable economic and political conditions, quality of living, and attractive lifestyle options”
The Most Expensive Penthouse in Marsa Al Arab Sold Out
Just last month, Al Saati made a remarkable record and sold out the most expensive penthouse in Marsa Al Arab, Jumeirah, for Dh420 million. He expects to see many more record-breaking deals in Marsa Al Arab Hotel, as it has the advantage of a prime location, unique offering, and ultra-luxury facilities like no other.
Why is Dh100m no longer considered expensive?
The $10 million+homes market in Dubai continues to grow and strengthen, and only in Q1 2023 alone, over 88 sales have been registered, according to the global real estate consultancy Knight Frank. In 2022, Dubai saw a record deal of over 219 above the $10 million price point and positioned it as the fourth busiest luxury homes market in the world. This year in 2023, it is all set to create another record year.
Dubai is Home to World’s Wealthy Minds
After winning the raffle draws, UAE has drawn the majority of millionaires. In only 2022, Real Estate in Dubai boomed, and it was home to over 100,000 millionaires in Dubai, Abu Dhabi, and Sharjah, according to the Henley Global Citizen Report. By the end of 2022, if we speak about Dubai only, it will have 68,600 millionaires.
Dubai – A Traditional Wealth Magnet
As Andrew Amoils says, Dubai is a traditional wealth magnet and hence has attracted strong millionaires from different regions of the world over the past decade. In 2022 alone, about 3,500 high-net-worth individuals moved to Dubai because of its low tax rates and top-notch facilities.
When it comes to new developments and projects, Dubai doesn’t surprise. The head and partner of prime residential at Knight Frank, Andrew Cummings, said that the local property market landscape shows some real super prime units, and more than $100 million properties are coming up and being sold out.
The property values are increasing as the owner and developer of every project are adding new price points. He further adds that if we got back in time, Dh100 would be a struggle. Now the majority of developers are launching such units, which adds up to its popularity and demand. Bugatti Residences by Binghatti also launched a property with a Dh750 million penthouse, the most expensive property in Dubai and hence Dh100 million is no longer considered expensive by the masses.
Who are the Buyers of $20 million units?
Knight Frank, head of prime residential, says that the majority of the buyers of $20 million units are Europeans and East Asians.
Why is Dubai Emerging as a Magnet for the Millionaire?
On the list of globally wealthiest countries, Dubai stands at the 23rd position. Dubai has become an attraction for celebrities and millionaires around the globe because of the variety of opportunities and facilities it offers. As Dubai offers tax-free properties, every investor dreams of investing and buying real estate in Dubai, thus becoming a magnet to bring an influx of millionaires from around the globe. Every day, Dubai Airport gets to witness 30 flights of private jets for the wealthy and entrepreneurs.
Conclusion:
Dubai is the land of opportunities, and every element of it reflects it. After the post-pandemic, the Dh100 million saw an upsurge in its demand, making it a norm. The majority of the investors in UAE are Europeans, East Asians, and Gulf nationals. Just last month, the record-breaking sale of a Dh420 million penthouse in Marsa Al Arab, Jumeirah, shows the potential for more exceptional deals in the area due to the prime location, unique offerings, and luxurious facilities it offers to investors and residents. With the rise of higher-value projects, Dh 100 million is no longer considered expensive in the eyes of buyers and investors. Purchasing Real Estate in Dubai opens doors of endless opportunities for investors, and families as it is considered one of the wealthiest cities in the world.
