Last Updated on: 25th June 2023, 07:06 pm
Real Estate Sales in Dubai Will Reach AED 300 Billion This Year
The number of wealthy people in Dubai, also known as High Net Worth Individuals (HNWIs), increased by 62% between 2012 and 2022. According to real estate agency Unique Properties, this growth has put Dubai’s real estate market on the right track. achieve total sales of AED 300 billion this year.
More than 68,400 HNWIs live in Dubai and many more are expected to move to the city in the future. This increase is primarily due to effective pandemic management, location, tax benefits, supportive policies, and other city benefits.
Based on these factors, experts have predicted that the real estate market in Dubai will grow by 46% this year.
Arash Jalili, CEO of Unique Properties, noted that the Dubai real estate market has maintained its pace post-pandemic and is likely to break previous records in the number of wealthy people moving to Dubai.
He said property sales in the city had already reached more than AED12 billion this year, with total transactions up more than 16 percent in April compared to the same period last year.
Political and economic problems in other countries have led HNWIs to choose Dubai as their primary investment destination. Many Europeans have also moved to the city after the Ukraine-Russia conflict and their country’s mishandling of COVID-19.
Certain areas of Dubai such as Downtown Dubai, The Palm Jumeirah, and JBR have seen notable growth.
People are looking for luxury real estate, which is driving up luxury real estate prices enormously. In 2023, luxury home prices are expected to increase between 6% and 7.9%, which is the largest increase compared to anywhere else in the world.
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