The UAE real estate market is expected to be worth AED2.6 trillion by the end of next year, according to recent Statista data.
The extended growth is attributed to the interest of high-net-worth individuals (HNWIs), specifically their desire to invest in luxury properties in the city.
In the first quarter of 2024, Dubai sold 105 luxury homes, bringing the city closer to matching last year’s record of 431 transactions of properties worth more than $10 million, outpacing prime markets such as New York and London.
As the number of wealthy individuals entering Dubai grows, with a projected 24.6 percent increase in HNWIs by 2025, the city’s ultra-luxury and overall real estate markets are poised for further expansion.
Georgina Atkinson, Managing Partner, Origin Private Office said, “We have seen the regional real estate market witness continued growth with the Dubai real estate market proving to be the leader when it comes to sales volume and surging price growth. In the ultra-prime segment of the market, we have seen significant demand from both regional and international investors with many of our UHNW clients from the likes of Asia and the UK/Europe choosing to relocate or have a presence in Dubai.”
“On the consultancy side, we are very fortunate to be advising developers that operate in the ‘true’ ‘ultra-prime’ segment of the market, of which there really are only a handful. Our highly talented team have a wealth of global expertise having advised on some of the most iconic buildings around the world – we look forward to our contribution in bringing forward outstanding residential development offerings to the dynamic real estate market of Dubai,” she added.
