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Sunday, June 16, 2024

Demand for UAE luxury properties to remain unchanged in 2023


Since rising from the dunes of the Arabian Desert some half a century ago, the UAE has become a paragon of global success – and its real estate market is highly sought after.

Thanks to extensive investment in world-class infrastructure and excellent living facilities, the UAE has become a tourism and trade hub. Its city is consistently ranked as one of the most livable cities in the world. Coupled with political and economic stability, the country has attracted some of the world’s most talented entrepreneurs and skilled investors over the years.

In recent years, however, this demand has been on the rise. Recent legal and regulatory reforms to support ease of doing business and changes to visa regulations have further opened up the country to non-citizens. For example, with the launch of the 10-year golden visa, more and more overseas investors are flocking to the UAE, especially against the backdrop of heightened geopolitical uncertainty due to the Ukraine-Russia war.

And a recent influx of technology companies into the region, with investments in MENA reaching $2.87 billion in 2021, is likely to further drive demand.

show their home and preferences

After proving itself to be a resilient market, demand for luxury real estate in the UAE is growing as it offers a safe haven for investors. Just this year, prices in the ultra-luxury real estate market as a whole have risen 15 percent, with 60 percent of investment said to come from international sources, including Europeans (including British and French), South Americans, Indians, Chinese and Saudi Arabians. Research from our Berkshire Hathaway team shows that 51% of real estate professionals expect further increases in demand from overseas investors.

As the number of wealthy individuals in the UAE increases, we see a growing demand for unique, one-of-a-kind products and experiences. In real estate, this translates to a demand for bespoke properties. For example, many homeowners are looking for tailor-made solutions to display their collections – from shoes, cars, watches to art.

Customize your “experience”

Wealthy individuals are also increasingly focusing on the living experience. For example, proximity to amenities such as kindergartens and leisure areas is particularly popular, with nearly 70% of respondents in Dubai saying they are important to their property choice. We also see the growing importance of health and wellness influencing property preferences.

Outdoor space is now the number one priority, with generous garden and patio spaces highly sought after, even in cottages and farms outside the city.

As demand in the UAE’s ultra-luxury market grows, so do prices. We do not see any signs of a price pullback in the near future. Geographically located at the forefront of global innovation, the UAE’s real estate sector continues to provide insurance against global trends such as inflation, thanks to its economic and political stability.

As the market becomes more competitive, properties that cater to the changing needs of wealthy individuals will perform best.


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