By 2024, Dubai expects to have 270 properties commanding rents surpassing 1 million dirhams, highlighting the city's enduring appeal to global high-net-worth individuals. These upscale rental properties are primarily concentrated in Dubai's prime locations such as Jumeirah Palm Island, Mohammed Bin Rashid City, and Dubai Hills Estate, renowned for their luxurious amenities and unique lifestyle experiences.
According to data from real estate brokerage firm Betterhomes, Dubai's luxury rental market exhibits distinct characteristics and trends. More than half (61%) of the rental units are villas and townhouses, reflecting affluent residents' preference for spacious, private, and high-quality living environments. The remaining 39% comprises apartments, mostly located in prime areas offering spectacular high-rise views and convenient lifestyle amenities.
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Dubai stands out as one of the preferred residential destinations for global high-net-worth individuals, not just for its security and modern infrastructure, but also for its world-class lifestyle and convenient global connectivity. Increasingly, wealthy families and individuals choose to purchase or lease properties here to enjoy Dubai's unique cultural and commercial charm.
According to reports by The Wealth Report and Henley and Partners' 2024 Private Wealth Immigration Report, the UAE is expected to welcome over 6,700 new millionaires, maintaining its significant position among the global wealthy population. These statistics underscore Dubai's importance as a preferred choice for global wealth management and lifestyle ideal, particularly for those seeking safety, stability, and high-quality living.
The latest "Destination Dubai" report by Knight Frank reveals that Dubai became the top real estate investment destination for global high-net-worth individuals in 2023 with a 67% preference rate, which increased to 73% this year, further demonstrating the city's enduring allure among the global affluent. Whether as a permanent residence or a second home, Dubai's geographical advantages and open business environment continually provide new opportunities for international investors and residents alike.
