Dubai remains a top destination for the world's wealthiest individuals. It is estimated that by 2024, global high net worth individuals will invest over 16 billion dirhams (approximately 4.4 billion USD) in the real estate market of this UAE city. Global real estate consultancy firms like Knight Frank point out that Dubai's allure remains strong, with unabated investor enthusiasm, and this trend will extend to other emirates like Abu Dhabi and Sharjah.
Since the pandemic, Dubai's real estate market has been continuously under the radar of high net worth individuals and millionaires. They are drawn to this city due to its low property prices, world-class infrastructure, security, and overall economic growth. Dubai's property prices and rents have hit new highs, surpassing the peak of 2014. Reports indicate that over the past few years, thousands of millionaires from Africa, the UK, Asia, and other regions have chosen to settle in Dubai. According to data from Henley & Partners, Dubai is home to 72,500 millionaires with assets exceeding 1 million USD, as well as 212 millionaires with assets exceeding 100 million USD, and 15 billionaires.
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The attractiveness of the Dubai market is primarily reflected in the high-end property segment. According to Knight Frank's data, interest in Dubai real estate among individuals with net worth between 2 and 5 million USD has surged from 28% to 78%. As for ultra-high net worth individuals prepared to purchase property in Dubai, their average budget is remarkable. 25% of them are ready to invest between 60 to 80 million USD, while another 16% plan to invest over 80 million USD. The average budget for this exclusive group is 58.5 million USD, demonstrating the market's enormous potential.
According to data from Knight Frank and Reidin, approximately 105 high-end residential properties worth 10 million USD were sold in Dubai in the first quarter of this year, with most concentrated in areas like Jumeirah Palm Island and Jebel Ali Palm Island. Meanwhile, during January to March, 12 properties worth over 25 million USD each were sold.
The development of Dubai's real estate market has also prompted developers to continuously improve property facilities to meet the growing demand. Developers are beginning to offer more value-added features such as better amenities, fully or partially furnished units, and more spacious residences. This trend reflects the market's ongoing pursuit of high-quality living and comfortable environments.
