- Property sales in Dubai are projected to exceed $80bn in 2023 due to the influx of affluent investors.
- Dubai is topping the list for Middle Eastern high net-worth individuals (HNWIs) and continues to attract affluent investors.
- The number of HNWIs living in Dubai has risen by 62% in the last 10 years, showing the region’s global economic strength.
Property sales in Dubai are forecasted by global real estate firm, Unique Properties, to reach a total of over $82bn (Dh 300bn) in 2023 as HNWIs invest in the region’s real estate market. Dubai’s real estate market hit $80bn in sales in 2022.
Due to the United Arab Emirates’ successful pandemic management, strong economic standing and strategic geographic position, Dubai has become a desirable place of residence for HNWIs.
Dubai’s real estate market is forecasted to grow 46% in 2023. Attractive tax incentives and supportive government policies have drawn in global investors, despite the volatility of the global real estate market.
The demand for luxury housing in Dubai is leading to a significant increase in the price of high-end homes, rising from 6% to 7.9% in 2023.
According to Unique Properties, daily transactions of over $270,000 are still being documented in the city despite this increase.
Unique Properties reported that the number of HNWIs living in Dubai has risen by 62% in the last 10 years, with an estimated total of 68,400 now resident. There has been a significant increase in property investments from HNWIs between 2012 and 2022.
Dubai is positioned at the top of the rankings for HNWIs in the Middle East and continues to display an upward trajectory. HNWIs wishing to purchase foreign real estate in Dubai should use a safe money transfer system when investing.
Recent economic turbulence in foreign countries has led to more Europeans moving to the UAE. This trend is anticipated to continue, with a noticeable rise in Chinese investors activating Dubai’s high-end real estate sector.
The overall growth of this market is predicted to be 14% in the coming year, with the communities of Downtown Dubai, Palm Jumeirah and JBR playing a significant role in the city’s growth.
HNWIs interested in making international payments for luxury real estate should look to Dubai as an attractive location.
Arash Jalili, the founder and CEO of Unique Properties, declared that Dubai’s real estate sector had preserved its vigour since the pandemic.
The March report from Al Arabiya English, the Arabic media company, stated that Dubai had become the world’s fourth most active luxury property market, closely following New York, Los Angeles and London.
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