Unique Properties, one of Dubai’s leading real estate agencies, cites that a 62% increase in high-net-worth individuals (HNWIs) from 2012 to 2022 has placed Dubai’s real estate market on a trajectory to achieve AED 300 billion in sales this year; the emirate houses over 68,400 HNWIs and with such individuals increasingly flocking to the UAE, the country’s prime real estate segment is flourishing.

Dubai has become a preferred destination for the world’s highly affluent to settle down in largely due to the UAE’s deft handling of the pandemic and the country’s convenient geographic location. However, tax advantages and favourable policies, which global investors are becoming increasingly aware of, are also major contributing factors that have forecasted Dubai’s real estate market to witness 46% growth in 2023.

Sitting atop the Middle East’s HNWI rankings, Dubai’s esteemed reputation is continuing to attract wealthy investors. Overseas turmoil has seen an influx of Europeans migrate to the UAE and this trend is expected to continue while a predicted uptick in Chinese investors is also set to further drive growth in the luxury property segment of Dubai; the cosmopolitan city’s prime real estate market is on pace to see growth of nearly 14% throughout the year.

Downtown Dubai, The Palm Jumeirah, and JBR are among the major districts spurring this growth. Increased demand for luxurious residences in these areas is seeing the price of high-end homes in Dubai spike from 6% to 7.9% in 2023 to represent the highest value increase worldwide. Despite this surge, transactions over AED 1 million are being observed daily.

Arash Jalili, Founder and Chief Executive Officer of Unique Properties, commented: “Dubai’s real estate market has maintained its post-pandemic momentum and this has unlocked the potential to shatter last year’s historic growth with HNWIs consistently relocating to the UAE. Real estate has already surpassed AED 12 billion since the beginning of the year and with total property transactions in April increasing by more than 16% when compared to the same period one year ago,the emirate remains on an upward trajectory.”

According to the most recent data, total property transactions in April stood at 7,615 and real estate prices increased by an annual average of 14.5% with the off-plan market spearheading this growth. Unique Properties has contributed to the country’s real estate growth for the past 15 years and it continues to facilitate several transactions across Dubai’s residential off-plan segment amidst the country’s post-pandemic renaissance. The full-service, award-winning agency facilitates resale property, sales and commercial, and rental transactions with its international expert teams and extensive market knowledge.