HNWI Buying Luxury Property In Dubai
Buying Luxury Property In Dubai: High-Net-Worth Individuals Are Making A Permanent Move
Dubai’s residential property market is booming, with the UAE’s impressive handling of the Covid-19 pandemic having sparked an impressive comeback that has seen property sales soaring this year.
Awash with opulent hotels, lavish high-end supercars and designer shops and boutiques, Dubai has long been synonymous with luxury, and has made a name for itself as the stomping ground of the uber-rich. It’s not just fast becoming the preferred holiday destination for the elite, but the permanent residence of choice for a growing number of high-net-worth individuals, too, attracting multi-millionaires and billionaires from across the globe seeking out glamorous properties to call their own.
While 2021 was a remarkable twelve months in terms of deal volume, 2022 has surpassed all expectations, and the Dubai real estate market saw a 25 per cent sales increase in the second quarter, with the numbers already appearing to be stacking up similarly in the second half of the year.
From opulent penthouse apartments to lavish private island villas, almost any type of property you could dream of exists in Dubai, and it’s been estimated that around 20 billionaires have already snapped up some of the most impressive examples on offer this year alone. Although real estate booms have happened here before, in the past, properties like these were seen as investments – but now, families are actually relocating themselves in order to live in them full-time, and are leaping at the chance to purchase off-plan properties long before they are even finished.
Buyers are flocking in from around the world, but according to data from leading licensed real estate agencies in Dubai, it seems that the majority are coming from the U.K., Switzerland, Germany and Russia. Then, there are those not just moving to enjoy a slice of the good life but to expand their businesses, too – the lion’s share of whom appear to be hailing from the US, UK, Singapore and Hong Kong.
When it comes to the types of properties in the highest demand, sprawling villas are number one on the list. While historically, price has been the definitive marker of luxury, today’s buyers are prioritizing square footage, no matter what the cost, as they seek more space for them and their families to move around in – which means penthouses are out, and enormous villas are in.
If you’re one of the many considering making the move to Dubai this year, you might be wondering where you can find the perfect property, and the good news is that there are several locations and developments that fit the bill when it comes to both square footage and price point. Palm Jumeirah, Emirate Hills, Bluewaters and Arabian Ranches are all great places to start – but understandably, they’re in high demand.
Wherever you choose to invest, one thing is for certain – a move to Dubai is the key to the luxury lifestyle dreams are made of. And, while some view the current surge of elite relocations as a temporary trend, there’s every reason to think that it could be set to continue indefinitely as the world’s high-net-worth individuals continue to recognize the virtues of an opulent life in the sun.
