Over 70,000 millionaires reside in the UAE. Within the next five years, there will be a 22% increase in the number of high-net-worth households in the nation.
According to Unique Properties, there is a growing demand for upscale, branded properties in Dubai. A 22 percent increase in high-net-worth households is expected in the UAE by 2027, which is home to roughly 70,000 millionaires.
Luxury and lifestyle living have been combined in Dubai’s real estate market to create a lucrative location that draws high-net-worth individuals. These elements, in the opinion of Unique Properties, have helped Dubai establish itself as the top location for branded residences worldwide.
With the opening of Armani Residences in the Burj Khalifa in 2010, the branded residence market in Dubai began to grow. According to Arash Jalili, founder and CEO of Unique Properties, UAE HQ, “luxury brands and developers have gradually realized the concept’s mutual benefit, but there has been a significant uptick recently.
“The country’s entire real estate sector is expected to experience more investment now that the Qatar World Cup is officially started because of the growing demand for branded apartments, which shows significant promise for the near future”
The residential real estate price index in Dubai reached a ten-year high in June 2022. AED 22.75 billion, or $6.27 billion, worth of sales transactions have been reported with the Land Department. When purchasing real estate in the nation, foreign investors can receive a UAE residency visa. A visa may be granted for 3 years or 5 years, depending on the item’s value.
Property sales in Dubai increased by 46% from 2021 until now.
In Dubai, 22,504 sales transactions were recorded between April and June 2022. AED 59.15 billion, or $16.1 billion, was the total value of the trades. The volume of real estate sales grew by 45.9% from the same time
The Mo’asher House Price Index is determined by the Dubai Land Department. This indicator, which is updated each month, quarter, and year, enables you to periodically evaluate the health of the residential real estate market. For the purpose of computing the index, the data from 2012 were used as the starting points.
In the second quarter, the index for rental property prices was 0.968, and the index price was AED 52,133, or $14,370 annually.
AED 133,085 ($47,764) is the price for villas and townhouses;
AED 47,764 ($13,166) this is for apartments
A total of AED 22.75 billion, or $6.27 billion, in purchase and sale transactions were recorded in June 2022. Since 2012, there have been more purchases and sales in June than ever before. In the secondary market, real estate purchases accounted for 60% of all reported sales transactions.
Read more information here..