The UAE’s luxury real estate sector is poised for substantial growth, driven by an anticipated 24.6 percent increase in high-net-worth individuals by 2025, propelling the ultra-luxury segment to unprecedented levels. Notably, Dubai has secured the fifth position globally for the highest number of homes sold at $25 million and above in 2023.
According to industry experts, the surge in high-net-worth individuals relocating to the UAE is expected to create a robust demand for luxury properties. Developers, such as Ujjwal Goel, the Director of boutique developer Teraciel Group, emphasize their pivotal role in meeting this escalating demand.
Goel underscores the significance of Dubai’s association with luxury and commends the substantial investments made by high-net-worth individuals in the city’s real estate landscape. He states, “This demographic has significantly contributed to revitalizing the market and the overall economy in the post-pandemic era.”
Moreover, Goel believes that through innovative design, meticulous attention to detail, and the incorporation of cutting-edge technologies, developers can set new benchmarks, redefining the landscape of luxury living and playing a key role in the economic success of the UAE. He highlights the need for developers to continually push boundaries to appeal to the world’s elite, positioning Dubai as a premier destination for luxury real estate investments.
The market dynamics have already led to record-high prices for villas and penthouses in prime areas like The Palm Jumeirah and Emirates Hills due to undersupply. Industry analysts predict a 5 percent increase in property values next year, making these locations attractive to investors.
Furthermore, recommended locations include the new Dubai Hills development, where Teraciel’s The Imperial achieved a record for the highest price per square foot for a non-golf residence in December of the previous year.
Publish Feb 26, 2024
Source: https://www.arabianbusiness.com/industries/real-estate/uae-real-estate-luxury-property-market-to-boom-as-wealthy-individuals-flock-to-nation
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