High-net-worth-individuals (HNWIs) around the world are prepared to spend $4.4 billion on residential real estate in Dubai, says a new report.
According to Knight Frank’s 2024 Destination Dubai report, which surveyed 317 high-net-worth individuals (HNWIs) – 217 globally and 100 GCC-based expat HNWIs, the respondents collectively have a net worth of $5.4 billion and own 1,147 homes worldwide.
“Dubai has taken pole position as the most preferred emirate in the UAE for HNWI’s globally to purchase real estate,” the report noted.
It added that,” Abu Dhabi ranks second overall, while Sharjah has secured third place this year.”
According to Knight Frank, Dubai’s prosperity has been fuelled by its transformation into a global commerce hub over the last 50 years. This, coupled with investments in infrastructure, and a focus on social mobility, has fostered a continuously rising standard of living and exceptional public safety. “Overall, the city’s high-quality infrastructure ranks as the number one factor that makes Dubai an attractive place to acquire real estate, according to the 317 HNWI that we surveyed. Indeed, the UAE’s infrastructure quality was ranked fourth globally in the World Economic Forum’s (WEF/Davos) 2023 competitiveness report published this January,” said Durrani.
Knight Frank pointed out that Dubai’s residential market had evolved over the last two decades to offer ‘destination communities’, each with unique offerings and pull-factors, designed to cater to the city’s international expat community. While many facilities and amenities such as schools, community malls, clinics and sports facilities have become the norm, there has been a rise in demand for homes with access to green space, or parks, it stated.
