Unique Properties, one of Dubai's leading real estate agencies, has observed continued growth in the UAE's prime real estate segment.

The nearly 11,000 transactions worth Dh30.5 billion recorded in November were spearheaded by the Qatar World Cup (QWC), the holiday season and the continued influx of high net worth individuals (HNWIs) into the country.

Dubai saw a 58.5% year-on-year increase in real estate transactions last month with 10,941 deals compared to 6,905 deals in the same month in 2021.

The emirate has attracted 4,000 high net worth individuals (HNWIs) this year, the highest number of any country in the world, to complement the nearly 70,000 millionaires currently living in the city.

This is proving to drive growth in the luxury residential segment in 2022, and the gold market is expected to carry this upward momentum into next year.

QWC 2022 witnessed huge investor interest in the UAE, with many attendees transiting Dubai.

Some of the most sought-after sales areas in November included Downtown Dubai, The Palm Jumeirah and Business Bay.

A variety of new developments featuring ultra-high-end properties will continue to attract high net worth individuals and foreign investors, with forecasts for 2023 indicating a 7% increase in average prices in the emirate's mainstream residential market in 2023.

The UAE's post-pandemic resilience is well reflected in the country's real estate sector.

Prices have remained strong, particularly in the luxury market, sometimes reaching 50% of asking prices.

High net worth individuals are migrating to the UAE from around the world to fuel this growth and make large-scale purchases such as a notable AED 130 million deal in the Palm Jumeirah last month.

This upward trend is set to continue for the foreseeable future as prime real estate offers the highest return on capital and Dubai continues to be a global destination for residents and investors alike.

Globally, the strongest price growth in cities like Paris, New York and Singapore will only achieve single-digit growth in 2023, while Dubai is expected to see strong double-digit growth of approximately 13.5%.

With quality homes trading at around Dh3,000 per square foot, Dubai is one of the most affordable luxury residential markets in the world.

Unique Properties' extensive market knowledge is guiding several transactions in the off-plan segment of Dubai's residential sector; the full-service, award-winning agency facilitates resale properties, sales and commercial and leasing transactions.