The number of rich persons in Dubai, also called high-net-worth individuals (HNWIs), has increased by 62% from 2012 to 2022. According to a real estate agency, Unique Properties, this growth has put Dubai’s real estate market on a path to achieve AED 300 billion in total sales this year.
Dubai hosts over 68,400 HNWIs, and many others are expected to move to the city in the future. This increase is primarily due to the city’s effective handling of the pandemic, location, tax benefits, favorable policies, and other benefits.
Based on these factors, experts have predicted that the real estate market in Dubai will experience a 46% growth this year.
CEO of Unique Properties, Arash Jalili, remarked that Dubai’s property market has retained its post-pandemic pace and is likely to break previous records of rich individuals moving to Dubai.
He said that the city’s real estate sales have already exceeded AED 12 billion this year, with total deals in April rising by over 16%, as compared to the same period last year.
Political and economic issues in other countries have made HNWIs choose Dubai as their primary destination for investments. Many Europeans have also relocated to the city following the Ukraine-Russia conflict and mismanagement of COVID-19 in their countries.
Certain areas in Dubai, like Downtown Dubai, The Palm Jumeirah, and JBR, have experienced remarkable growth.
People are looking for fancy homes causing luxury house prices to increase massively. In 2023, the prices of high-end homes are expected to increase by 6% to 7.9%, which is the highest increase compared to other places globally.
