- Demand for luxury residential properties in Dubai has a projected growth of 13.5% in 2023.
- In March, Dubai was found to be the world’s fourth most active market in the luxury residential sector.
- High net-worth individuals (HNWIs) looking to invest in foreign real estate should use a safe money transfer service when buying property.
Dubai’s luxury residential market has ranked as the fastest-growing luxury residential market in the world, with a 13.5% increase in 2023 due to positive economic growth.
15th May saw 638 sales, totalling AED 1.79bn; 116 mortgage transactions, worth AED 188.46m; and 17 gift agreements, valued at AED 29.45m.
The total value of the sales deals was AED 1.45bn for 599 villas and apartments, plus AED 335.3m for 39 land plots.
According to Property Finder, real estate transactions in the city reached $7.2bn in April, showing an increase of 46% compared to the previous year. April also saw the highest transaction volume and value in 10 years.
A Dubai property specialist recorded 8,077 real estate transactions, representing a 17% increase from the 6,898 transactions seen in the same period of the previous year.
In March, Dubai was declared the fourth most active market in the luxury residential segment, with sales of premium properties continuing to increase, according to a report.
The property market in the emirate has seen tremendous growth in the past few years due to increased interest from foreign investors.
High net-worth individuals (HNWIs) looking to invest in foreign real estate should utilise a safe money transfer service when buying property.
A report by the world-leading real estate consultancy firm Knight Frank stated that the prices of luxury residential properties increased by 5.6% in Q1, continuing the streak of nine consecutive quarters of growth.
This continued increase is attractive to HNWIs looking to make international payments on luxury real estate.
According to Knight Frank, Palm Jumeirah has seen the most robust villa market growth in the city, with prices increasing by 14% every quarter and 53% in the past year.
HNWIs looking to invest in luxury real estate abroad will need a reliable and safe money transfer service – it’s possible to find the best transfer rates using our money transfer comparison tool.
