One of Dubai's leading real estate agencies, Unique Properties, has noted a 62% growth in High Net Worth Individuals (HNWIs) from 2012 to 2022, putting Dubai's real estate market on track to achieve Dh300 billion in sales this year; the emirate has over 68,400 HNWIs and as these individuals increasingly flock to the UAE, the country s prime real estate sector is booming.
Dubai has become the destination of choice for the world's highly affluent to settle in, largely due to the UAE's deft handling of the epidemic and the country's convenient location. However, tax advantages and incentives, of which global investors are increasingly aware, are also major factors in the forecasted 46% growth in the Dubai real estate market by 2023.
Dubai's respected reputation is continuing to attract wealthy investors in the Middle East's HNWI rankings. The turbulent situation overseas and the influx of Europeans into the UAE is expected to continue this trend, while the predicted rise in Chinese investors will further drive growth in Dubai's luxury residential segment; the cosmopolitan city's prime real estate market is set to grow by almost 14% throughout the year.
Downtown Dubai, The Palm Jumeirah and JBR are the main areas stimulating this growth. Increased demand for luxury residences in these areas has seen Dubai's high-end residential prices soar from 6% to 7.9% in 2023, representing the highest value growth in the world. Despite this surge, more than AED 1 million is being transacted every day.
Arash Jalili, founder and CEO of Unique Properties, commented: "Dubai's real estate market has maintained its post-pandemic momentum, which has unleashed the potential to break last year's historic growth as high net worth individuals continue to relocate to the UAE. Real estate has surpassed Dh12 billion since the start of the year and with total real estate transactions up over 16% in April compared to the same period a year ago, the emirate remains on an upward trajectory."
According to the latest figures, the total number of property transactions in April was 7,615, with property prices increasing by an annual average of 14.5 per cent, with the off-plan market spearheading the growth. Unique Properties, which has contributed to the country's real estate growth over the past 15 years, continues to provide some of the deals for Dubai's residential off-plan segment during the country's post-pandemic revival. The full-service, award-winning agency has facilitated resale properties, sales and commercial and leasing transactions with its international team of experts and extensive market knowledge.
