Unique Properties observes significant growth and price increase in UAE luxury real estate sector
One of Dubai’s leading real estate agencies, Unique Properties, has observed a consistent trend of luxury property purchases increasing in the UAE. Dubai saw an 18% rise in high-net-worth individuals (HNWIs) over the year's first six months. The emirate is projected to overtake the US and UK in attracting the highest net inflow of millionaires, globally, by the end of 2022. Unique Properties anticipates investment in Dubai’s luxury real estate segment will keep climbing as more HWNIs make the UAE their home.
Recent data shows that Dubai’s real estate market ranked fourth in the world, in terms of the growth in the cost of luxury properties during the first half of 2022; prices increased by 4.7% compared to an average of 2.4% in 30 cities across the globe. Dubai was the only foreign city to place in the top five alongside New York, San Francisco, Los Angeles, and Miami.
Price increases in the luxury property segment are a welcome sign as demand has continued to rise. The UAE’s appealing tax benefits, paired with instability in the European region, have attracted the attention of many HWNIs. Russian, Indian, Chinese, British, Pakistani, and French buyers have especially increased in Dubai’s luxury real estate segment.
Arash Jalili, Founder and Chief Executive Officer of Unique Properties, UAE HQ, commented on this: “Most buyers of the ultra-luxury housing market are making purchases for lifestyle reasons: additional space and overall better quality of life. With the UAE government’s highly sought after Golden Visa program, real estate regulations that safeguard investors’ interests, and full business ownership incentives, real estate investment in the luxury segment will continue to rise as HNWIs become increasingly prevalent.”
Even with the increase in real estate prices, Dubai still ranks as the 23rd most popular city in the world for ultra-wealthy residents with over 65,000 millionaires living in the city. As more HNWIs make the UAE their home, this will accelerate Dubai’s breakthrough to become one of the top 20 wealthiest cities in the world by 2030 and contribute to injecting further investment into the country’s luxury real estate segment.