From January to August 2024, Bayut recorded over 1.8 million detailed page views for high-end homes, signalling unprecedented interest in Dubai’s luxury market. As the UAE’s economic and real estate landscape evolves, the city is increasingly recognised as a premier destination for high-net-worth individuals (HNWIs) seeking exclusive, opulent properties.
Reports suggest that by the end of 2024, 6,700 millionaires are expected to relocate to the country, making it the top global destination for high-net-worth individuals, nearly doubling the number moving to the US.
Several factors contribute to Dubai’s allure for the ultra-wealthy. Its strategic location at the crossroads of Europe, Asia, and Africa positions it as a global hub for business and travel, supported by its top-tier airports, Dubai International (DXB) and Al Maktoum International (DWC), which enhance connectivity.
Another significant draw is Dubai’s tax-free environment. The absence of income and wealth taxes, coupled with favourable corporate tax policies, allows the wealthy to preserve their fortunes and invest in luxury real estate.
Beyond the luxury and wealth, Dubai offers a safe, stable environment with a high standard of living. Its advanced healthcare, education, and security services make it an ideal choice for those seeking a secure and comfortable lifestyle.
Dubai’s luxury real estate market is renowned for its extravagant offerings, ranging from private island villas to penthouses in iconic skyscrapers.
Recent developments like the Armani Residences on Palm Jumeirah, Elysian Mansions in Tilal Al Ghaf, and properties in Emaar’s The Oasis exemplify high-end living, featuring bespoke amenities that attract affluent investors.
The expected influx of millionaires to UAE in the coming months has dramatically boosted demand for luxury properties, particularly those priced at Dhs10m and above. From January to August 2024, Bayut has recorded over 1.8 million detailed page views for high-end homes, signalling unprecedented interest in Dubai’s luxury market.
urther data from Bayut reveals that 70 per cent of these transactions in the first eight months of the year were for off-plan properties, reflecting buyers’ eager interest to invest in future developments. These high-value homes, set to be ready in the next three to four years, are fuelling optimism for Dubai’s luxury real estate market.
Bayut’s insights indicate a 62 per cent increase in transaction volume year-over-year, with 710 luxury property transactions in 2024, compared to 430 during the same period in 2023. While average transaction prices were higher last year, the volume of transactions has significantly increased this year. For instance, 62 per cent of transactions in 2024 are for villas, with an average price of Dhs30m, compared to 63 per cent for apartments in 2023 at an average price of Dhs41m.
The UAE’s investment in smart city development, sustainability, and infrastructure further enhances its appeal, ensuring that Dubai remains a top destination for global investors and professionals seeking both stability and long-term investment opportunities.
