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The iconic man-made island will account for 30 percent of real estate transactions in Dubai’s AED20 million-plus luxury real estate market by 2022, says a report
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The most expensive villa sold in Dubai in 2022 is a Dh600 million villa on the Palm Jumeirah.
Palm Jumeirah is the top destination for ultra-high-net-worth individuals (UHNWIs) investing in Dubai’s ultra-luxury real estate market, according to a study released by a luxury real estate consultancy.
The iconic man-made island will account for 30 percent of real estate transactions in Dubai’s AED20 million-plus luxury real estate market by 2022, according to luxury real estate consultancy Penhouse.ae.
In 2022, Dubai Hills increased the segment’s total transaction volume by 20%, with 826 ultra-luxury properties sold for a combined value of AED 29 billion.
According to Petri Mannila, sales director at Penthouse.ae, the interest of wealthy individuals, mainly from Europe and the US, to invest in Dubai’s luxury real estate market is driving demand, which is expected to grow by 20% this year. Properties in Dubai continue to rise sharply.
Petri Mannila, sales director at Penthouse.ae, said interest in investing in Dubai’s luxury real estate market is driving demand, which is expected to grow by 20 percent this year. — photo provided
The UAE, and Dubai in particular, has become the destination of choice for the world’s millionaires, with an estimated 4,000 high net worth individuals (HNWI) and ultra high net worth individuals (UHNWI) flying to the UAE last year. With the influx of high-net-worth individuals, Dubai’s luxury market has been booming in recent years despite the impact of the epidemic.
It is estimated that Dubai is already home to more than 67,000 millionaires, a number that will increase by 52% over the next 10 years as more ultra-wealthy people arrive. In the Middle East, Dubai is the city with the most HNWI wealth, followed by Tel Aviv, according to research by New World Wealth and Henley & Partners.
“The number of HNWIs in the UAE is expected to increase by 39 percent from 163,000 in 2021 to more than 228,000 in 2026,” said a report by consultancy Knight Frank.
A recent real estate market report showed that apart from Palm Jumeirah, Business Bay, Downtown Dubai, Dubai Marina and Jumeirah Village Circle were the top choices for those seeking to own an apartment, while Arabian Ranches, Arabian Ranches 2, Arabian Ranches 3 , Dubai Hills Estate and Palm Jumeirah are the popular destinations for investing or living in the villa category in 2022.
“I’ve never seen wealthy individuals so interested in moving to Dubai for residence or business,” Mannila said.
“As political and economic uncertainty continues in wealthy Western markets, Russia and Asia, demand for super-luxury residences in Dubai has reached unprecedented levels, encouraging the wealthy to turn to safe havens where they can protect and grow their invest.”
The most expensive villa sold in Dubai in 2022 was a Dh600 million villa on the Palm Jumeirah, while another villa on Dubai’s Billionaires Row sold for Dh302.5 million. Penthouse.ae recently listed an ultra-luxury villa on Palm Jumeirah for Dh800 million. The biggest deal on the books last year was the sale of a unit at Bulgari Residences for Dh80.35 million.
“This is really a new segment of the real estate market in Dubai, because two years ago there were few, almost non-existent deals like this, but today we are witnessing a market value that could exceed AED35 billion in transactions this year,” Mannila said.
High-net-worth investors are the main reason for the rapid rise in real estate prices in Dubai. According to statistics from the Dubai Land Department, the average increase in all market segments is 8.72%, which also shows that the average price of ultra-high-net-worth investors in prime locations in the city has doubled. some. luxury apartment.
For connoisseurs of a luxury lifestyle, there is no bigger or better market than Dubai. More than 75% of buyers move to Dubai permanently because they perceive the city as a safe and stable destination. Last year, the UAE attracted 4,000 millionaires, a trend that will continue to strengthen, Manila said.
— issacjohn@khaleejtimes.com
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