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The UAE Luxury Real Estate Market Thrives
三月 7, 2024
The UAE Luxury Real Estate Market Thrives 迪拜
By   Internet
  • 都市报
  • Dubai housing market
  • luxury real estate
  • property investment
Abstract: Dubai's reputation for luxury has attracted global elite investments, driving prices in prime locations to historic highs due to supply shortages. Investors should focus on areas like Palm Jumeirah, UAE Mountains, and new developments like Dubai Hills. Future market prices are expected to rise, injecting vitality into the UAE economy.

According to industry insiders, the luxury real estate market in the UAE is expected to experience significant growth in the coming years. Ujjwal Goel, Director of Teraciel Group, a boutique developer, suggests that developers will play a crucial role in meeting the growing demand as more high-net-worth individuals plan to relocate to the country.


Goel anticipates a 24.6% increase in the number of high-net-worth individuals by 2025, driving the ultra-luxury segment to new heights. He notes that Dubai has become synonymous with luxury, attracting an influx of affluent individuals in recent years who have made substantial investments in the city's real estate sector, injecting vitality into the market and the overall economy.


The UAE Luxury Real Estate Market Thrives

Internet


By focusing on design, details, and the latest technology, innovation-driven developers can set new industry standards, redefine luxury living, and play a key role in the UAE's economic prosperity. Goel emphasizes that Dubai ranked fifth globally in 2023 for the number of properties sold at $25 million and above, but developers need to continually challenge themselves to attract global elites and establish Dubai as the preferred destination for luxury real estate.


Due to supply shortages, prices for villas and penthouses in prime locations like Palm Jumeirah and UAE Mountains have reached historic highs. Industry analysis suggests investors closely monitor these areas, with prices expected to rise by 5% next year. Additionally, new developments like Dubai Hills are highly recommended, with Teraciel Group's The Imperial setting a record last December for the highest price per square foot in non-golf residential properties.

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