As Dubai continues to attract global investors, high-net-worth individuals (HNWIs) are expected to invest over AED 16 billion in the Dubai real estate market by 2024.
According to the latest data from Henley & Partners, Dubai is home to 72,500 millionaires (with assets exceeding USD 1 million), 212 centimillionaires (with assets of USD 100 million or more), and 15 billionaires.
Faisal Durrani, Partner and Head of Middle East and North Africa Research at Knight Frank, noted, “For HNWIs with net assets between USD 2 million and USD 5 million, 28% are looking to own property in Dubai. This percentage rises to 78% for ultra-high-net-worth individuals (UHNWIs) with net assets exceeding USD 15 million.”
"Up to 25% of these wealthy individuals are planning to purchase property in Dubai, with budgets ranging from USD 60 million to USD 80 million. Additionally, 16% are willing to spend over USD 80 million. The average budget for this wealthy demographic is USD 58.5 million, highlighting the immense potential of Dubai's real estate market."
In the first quarter of this year, approximately 105 properties worth USD 10 million were sold in Dubai, primarily located in Palm Jumeirah, Palm Jebel Ali, Business Bay, Al Wasl, and Jumeirah Bay Island. Additionally, 12 ultra-luxury homes valued at over USD 25 million were also sold during the same period.
Comments