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Dubai’s Luxury Market: A Magnet for the Wealthy

Dubai’s luxury real estate market has been experiencing a remarkable surge in recent years, solidifying its position as a global hub for opulent living. Renowned for its architectural marvels, world-class amenities, and unparalleled lifestyle offerings, the city has become a magnet for the world’s elite, with a regular influx of high net-worth individuals since 2020. Despite the surge in property prices for luxury properties, the city offers superior value compared to other cities worldwide. 

Concentration of High-Net-Worth Individuals

Dubai has solidified its reputation as a global hub for wealth, with over 72,000 millionaires now calling the city home, according to the World’s Wealthiest Cities Report 2024 by Henley & Partners. Boasting the highest concentration of affluent individuals in the Middle East, Dubai’s wealthy residents collectively hold a net worth exceeding Dh3.7 trillion.
 

Property Price Surge Amidst High Demand

“Dubai’s prime residential market has seen remarkable growth, expanding by 26.3 percent over the past 12 months. This follows a 16.3 percent rise in 2023 and an extraordinary 44.4 percent surge in 2022, solidifying its position as one of the fastest-growing prime residential markets in the world,” stated Faisal Durrani, partner and head of Middle East research at Knight Frank.
 
According to a report communicated through Khaleej Times, Dubai’s luxury market witnessed 2405 ready and off-plan sales transactions for properties valued above AED 15 million as of November 2024, witnessing slightly over 2% increase from the past year. The most expensive apartment sold for AED 240.5 million and the most expensive villa sold for AED 203 million. Both properties are located on Palm Jumeirah. 
 
A compelling factor driving Dubai’s luxury real estate market is its relative affordability. For instance, a million-dollar investment can secure a substantial 1,000-square-foot property in prime locations, making it a lucrative proposition for high-net-worth individuals.
 

Why European Millionaires Are Gravitating to Dubai

Luxury Developments Set for 2025

In the upcoming years, Dubai’s luxury market is set to witness a drastic transformation as many high-end developments hand over. The most anticipated luxury developments, set to be ready by this upcoming year, include: 
 

1. One Crescent at Palm Jumeirah 

One Crescent, a prestigious landmark, graces the iconic Palm Jumeirah. This refined development features an exclusive collection of just 25 luxury residences, including 3 to 6-bedroom penthouses, sky villas, and sky mansions. Designed by the acclaimed Shaun Killa, the ground plus nine-storey masterpiece offers breathtaking views of the Palm and the ocean. This development is scheduled for handover in Q1 2025.

dubai's luxury market: magnet for the wealthy
 
 

2. Eden House the Canal at Jumeirah 2

Eden House The Canal is a six-story low-rise architectural gem, featuring 88 meticulously designed residences. The offerings range from cozy studios to luxurious 4-bedroom suites and spacious garden duplexes. The development also includes seven exclusive villas, complete with pool terraces, private gardens, staff quarters, and dedicated parking.
 
dubai's luxury market: magnet for the wealthy

 

3. Beach Mansion at Emaar Beachfront 

Beach Mansion at Emaar Beachfront presents an exclusive collection of 1, 2, 3, and 4-bedroom apartments, townhouses, and duplex penthouses, all featuring premium amenities. It offers breathtaking Marina views and will soon stand as the last tower adjacent to the district’s only park. This development is scheduled for handover towards the end of 2025. 

dubai's luxury market: magnet for the wealthy

 

 
 
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