Ultra-rich investing billions in Dubai property

Global high-net-worth individuals (HNWIs) are expected to spend $4.4 billion on Dubai property this year, a 76% increase compared to last year. GCC-based HNWI residents are projected to spend an average of $3.1 million on a house in Dubai, while global ultra-rich will allocate $36.5 million on property deals. The appetite for investing in Dubai remains exceptionally high, with 70% of those worth more than $15 million expressing interest in purchasing a property in the emirate.

The UAE property market has been booming in recent years, driven by government initiatives such as residency permits for retired and remote workers, and the expansion of the 10-year golden visa program. Dubai's luxury prime market hit a record last year, with sales of $10 million-plus homes nearly doubling to $7.6 billion, outperforming London and New York. Prices of these ultra-prime properties in Dubai grew at one of the fastest rates globally at 26% in 2022.

The growing demand for luxury properties in Dubai is fueled by the influx of high-net-worth individuals from other global locations and an increase in the number of billionaires residing in the UAE. Twenty-five percent of surveyed ultra-rich with a net worth of more than $20 million are planning to spend $60 to $80 million on a single acquisition in Dubai, while 18% are committed to spending $40 to $60 million. Developers are responding to this demand by unveiling new projects, such as Emaar Properties' $15 billion development near the Al Maktoum International Airport.