Dubai Leads Luxury Property Sales
The UAE real estate market is poised to reach a staggering AED2.6 trillion by the end of 2024, reveals recent Statista data. This growth surge is primarily fueled by the increasing interest of high-net-worth individuals (HNWIs) in investing in luxury properties within the city.
Dubai, in particular, has witnessed remarkable activity in its luxury real estate sector. In the first quarter of 2024 alone, the city recorded the sale of 105 luxury homes, edging closer to surpassing the previous year’s record of 431 transactions valued at over $10 million each. This growth trajectory outpaces prime real estate markets like New York and London.
With a projected 24.6 percent rise in the number of HNWIs expected by 2025, Dubai’s real estate market, both in the ultra-luxury and overall segments, is poised for further expansion.
Georgina Atkinson, Managing Partner at Origin Private Office, commented on this trend, emphasizing Dubai’s dominance in sales volume and surging price growth. She noted a significant demand from both regional and international investors, particularly from Asia and the UK/Europe, who are opting to relocate or establish a presence in Dubai.
Atkinson also highlighted the consultancy’s role in advising developers operating in the ‘true’ ‘ultra-prime’ segment, citing their global expertise and anticipation of contributing to Dubai’s dynamic real estate landscape with exceptional residential development offerings.