HomeOther Property TopicsDubai Luxury Real Estate Sees Super Rich Snap Up US$25 Million Homes
Dubai Sees Global Super Rich Snaps Up US$25 Million Luxury Real Estate

Dubai Luxury Real Estate Sees Super Rich Snap Up US$25 Million Homes

Dubai Luxury Real Estate Sales Of $25 Million Properties Doubled in 2023

According to property consultancy, Knight Frank LLP, wealthy individuals from around the world are converging into Dubai turning it into an elite hotspot with the city’s lifestyle and relatively affordable luxury real estate estate being among the factors for the influx.

These affluent buyers spent $2.27 billion on luxury homes last year with the most expensive transaction for a US$136 million apartment. The total transaction value was up from 28 properties worth $1.24 billion in 2022. Most of those properties, 22, were on Dubai’s man-made palm-shaped Palm Jumeirah island and 15 were on the seahorse-shaped Jumeirah Bay island. 

Dubai’s government has made major strides in developing the city’s infrastructure and creating an environment that is conducive for businesses to thrive. The government has invested heavily in developing its transportation, healthcare, education, and technology sectors, making it an attractive destination for businesses and entrepreneurs. The city has also launched D33 – a 10-year economic agenda aimed at doubling the size of the economy in the coming decade, to position Dubai as a top global financial services and talent hub along with New York, London, Hong Kong, and Singapore, and to bolster its other key sectors, including logistics, trade, manufacturing, and tourism.

Foreign expats view Dubai as having the top amenities that make the quality of life a big draw for companies and their employees, namely, great: housing, schools, healthcare, and recreation, all in a temperate climate. With a stable government and a “can do” attitude towards technology, growth, and a progressive tax environment, Dubai might not have the natural resources of its regional cousins but has the “cool factor” and is seen as the place to be.

Dubai is home to the most in demand luxury real estate market in the region with some of the most opulent buildings in the whole world from stunning beachfront mansions to ultra-modern penthouses with panoramic city views.

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