{"id":47423,"date":"2024-10-03T15:41:27","date_gmt":"2024-10-03T08:41:27","guid":{"rendered":"https:\/\/porticoandbridge.com\/?p=47423"},"modified":"2024-10-03T15:41:27","modified_gmt":"2024-10-03T08:41:27","slug":"dubai-real-estate-market-a-magnet-for-the-ultra-rich","status":"publish","type":"post","link":"https:\/\/porticoandbridge.com\/en\/dubai-real-estate-market-a-magnet-for-the-ultra-rich\/","title":{"rendered":"Dubai Real Estate Market: A Magnet for the Ultra-Rich"},"content":{"rendered":"

In recent years, Dubai has established itself as a premier destination for high-net-worth individuals seeking real estate investment opportunities, according to a report from Knight Frank. Faisal Durrani and Shehzad Jamal, two senior partners at the firm, share insights on the increasing allure of Dubai for the ultra-wealthy.<\/p>\n

The latest report, Destination Dubai<\/em>, reveals that global elites have committed to investing up to $4.4 billion in Dubai\u2019s housing market, a 76% increase compared to 2023. This report is based on a survey of 317 high-net-worth individuals (HNWIs), including 217 international HNWIs and 100 GCC-based HNWIs, aimed at gaining a deeper understanding of their perspectives and investment desires in Dubai’s real estate.<\/p>\n

The study sheds light on interesting information regarding the budgets and preferences of wealthy investors. On average, GCC-based HNWIs plan to spend around $3.1 million on a home in Dubai, while international HNWIs have an average budget of up to $36.5 million. This figure rises to $58.5 million for ultra-high-net-worth individuals (UHNWIs).<\/p>\n

GCC-based HNWIs or GCC-based expatriates refer to foreigners living and working in the Gulf Cooperation Council (GCC) countries. The GCC includes six countries: Saudi Arabia, Kuwait, Bahrain, Qatar, Oman, and the United Arab Emirates (UAE). These individuals often come from other countries to work or reside long-term in the GCC nations, attracted by job opportunities, high living standards, and the region’s robust economic development.<\/p>\n

Why Choose Dubai?<\/h3>\n

Dubai’s rise as a top investment destination is not coincidental. The city’s strategic location makes it an attractive international hub for both business and tourism. In fact, Dubai International Airport has maintained its position as the busiest international airport for ten consecutive years and currently ranks second in the world when considering both domestic and international flights.<\/p>\n

Continuous investments in infrastructure and connectivity have laid a solid foundation for economic development and high quality of life.<\/p>\n

Most global HNWIs appreciate the quality of Dubai’s infrastructure, considering it a top factor that makes the city an ideal choice for real estate investment. According to the World Economic Forum\u2019s Global Competitiveness Report for 2023, the UAE’s infrastructure quality ranks fourth worldwide.<\/p>\n

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Another key factor is Dubai’s status as a leading tourist destination. With 17.1 million visitors in 2023, Dubai is the third most visited city globally, following London and Istanbul. The large influx of tourists not only boosts the economy but also affirms the city’s vibrant and diverse culture.<\/p>\n

The Rise of Ideal Residential Communities<\/h3>\n

Dubai’s housing market has evolved to serve its international expatriate community by developing ideal residential communities. These areas are designed to meet the unique needs of predominantly foreign residents, offering a range of unique amenities.<\/p>\n

While amenities such as quality schools, shopping centers, golf courses, and sports facilities have become popular, there is a growing demand for homes with green spaces and wellness centers.<\/p>\n

In fact, 88% of global HNWIs consider access to parks and green spaces a \u201cmust-have\u201d when contemplating purchasing property in Dubai. Proximity to hospitals or healthcare centers ranks as the second most important factor, reflecting the global trend towards personal health care. It will be interesting to see how this trend impacts the development of residential areas as the city continues to evolve.<\/p>\n

Currently, Aldar’s Athlon projects and Emaar’s Heights at Dubai South are leading this trend by developing residential communities focused on personal health.<\/p>\n

Beach access has become the third most important criterion. This is not surprising, as Dubai has become a symbol of beachfront living, boasting JBR Beach, ranked eighth in the world according to Beach Atlas 2024.<\/p>\n

 <\/p>\n

Jumeirah Islands: The New Hotspot<\/h3>\n

The demand for beachfront properties and green spaces is driving Jumeirah Islands to join the ranks of high-end residential areas in Dubai, as this region offers both elements. The competition for space during the pandemic has driven property prices in Dubai to soar, and Jumeirah Islands has benefited from this trend. In Q1 2024, this area officially entered the exclusive list alongside Emirates Hills, Jumeirah Bay Island, and Palm Jumeirah.<\/p>\n

To be considered high-end, an area must have at least 10% of total transactions exceeding the AED 10 million mark for three consecutive years.<\/p>\n

Over the past 12 months, property prices in Jumeirah Islands have increased by 67.5%. Simultaneously, the number of homes available for sale in this community has decreased by 28%. This decline indicates that buyers are seeking these homes for use as primary residences or vacation homes. Once transactions are completed, these properties are no longer on the market, reflecting the stability and growth of this area.<\/p>\n

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In recent years, Dubai has established itself as a premier destination for high-net-worth individuals seeking real estate investment opportunities, according to a report from Knight Frank. Faisal Durrani and Shehzad Jamal, two senior partners at the firm, share insights on the increasing allure of Dubai for the ultra-wealthy. The latest report, Destination Dubai, reveals that … Read moreDubai Real Estate Market: A Magnet for the Ultra-Rich<\/span><\/a><\/p>\n","protected":false},"author":24,"featured_media":47411,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"_uf_show_specific_survey":0,"_uf_disable_surveys":false,"footnotes":""},"categories":[97,93],"tags":[],"class_list":["post-47423","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-other-immigration","category-real-estate"],"acf":[],"_links":{"self":[{"href":"https:\/\/porticoandbridge.com\/en\/wp-json\/wp\/v2\/posts\/47423","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/porticoandbridge.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/porticoandbridge.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/porticoandbridge.com\/en\/wp-json\/wp\/v2\/users\/24"}],"replies":[{"embeddable":true,"href":"https:\/\/porticoandbridge.com\/en\/wp-json\/wp\/v2\/comments?post=47423"}],"version-history":[{"count":1,"href":"https:\/\/porticoandbridge.com\/en\/wp-json\/wp\/v2\/posts\/47423\/revisions"}],"predecessor-version":[{"id":47424,"href":"https:\/\/porticoandbridge.com\/en\/wp-json\/wp\/v2\/posts\/47423\/revisions\/47424"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/porticoandbridge.com\/en\/wp-json\/wp\/v2\/media\/47411"}],"wp:attachment":[{"href":"https:\/\/porticoandbridge.com\/en\/wp-json\/wp\/v2\/media?parent=47423"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/porticoandbridge.com\/en\/wp-json\/wp\/v2\/categories?post=47423"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/porticoandbridge.com\/en\/wp-json\/wp\/v2\/tags?post=47423"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}