Unique Properties, one of Dubai\u2019s leading real estate agencies, cites that Dubai is closing in on becoming the most sought-after market for luxury properties in the world. The emirate ranked first on the Prime International Residential Index (PIRI 100) of property consultancy Knight Frank for the second consecutive year; Dubai registered a 44.2% price increase in its luxury residential segment last year, the highest price surge globally.<\/p>\n
Dubai transacted 219 luxury property sales valued at $10 million and upwards in 2022 to reach an estimated total of $3.8 billion, yet, investors remain unphased. This momentum is expected to continue throughout 2023. After an ultra-luxury apartment sold for AED 410 million, and a prime villa sold for AED 600 million last year, the second week of this month saw noteworthy transactions of its own with an apartment and a villa selling for AED 65 million each.<\/p>\n
Interest in high-end areas such as The Palm, Emirates Hills, and Jumeirah has seen Dubai also rank as the fifth most active city for property sales worth $25 million or more, with 26 transactions logged in 2022. The government\u2019s meticulous handling of the pandemic and its liberal visa policies have successfully attracted more foreign buyers, translating to a significant increase in both Dubai\u2019s real estate prices and sales transactions.<\/p>\n
This progress exemplifies a strong and growing demand for ultra-luxury property in the UAE, especially when considering the influx of European investors who are increasingly looking to the country as a safe haven to protect their finances amidst ongoing global turmoil. Developers are accordingly launching new projects to meet the market\u2019s expectations as recent reports suggest that affluent buyers are absorbing the existing supply at an unprecedented level.<\/p>\n
Arash Jalili, Founder and Chief Executive Officer of Unique Properties<\/strong>, commented: \u201cDespite global economic instability, experts expect Dubai\u2019s real estate sector to remain stable throughout the year. Rising interest rates, inflation, and the devaluation of emerging currencies may cool the demand for residential real estate on a global level but the UAE\u2019s real estate market has the best chance of being an outlier. This is particularly true when taking into account the UAE\u2019s forecasted population growth of between 3-4%, and the wise leadership\u2019s forward-thinking initiatives which prioritize economic growth and the best interests of the country\u2019s residents and citizens.\u201d<\/p>\n Dubai\u2019s ultra-luxury property market is a relatively new real estate segment within the country. An inflow of high-net-worth investors is accelerating the growth of the emirate\u2019s prime property segment and some experts predict that the market may exceed transactions worth $35 billion as soon as this year. Unique Properties\u2019 extensive market knowledge is steering several transactions across Dubai\u2019s residential off-plan segment; the full-service award-winning agency facilitates resale property, sales and commercial, and rental transactions with international expert teams.<\/a><\/p>\n","protected":false},"excerpt":{"rendered":" Unique Properties, one of Dubai\u2019s leading real estate agencies, cites that Dubai is closing in on becoming the most sought-after market for luxury properties in the world. The emirate ranked first on the Prime International Residential Index (PIRI 100) of property consultancy Knight Frank for the second consecutive year; Dubai registered a 44.2% price increase […]<\/p>\n","protected":false},"author":1,"featured_media":54388,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-54387","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/blog.dubaicityguide.com\/site\/wp-json\/wp\/v2\/posts\/54387","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/blog.dubaicityguide.com\/site\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/blog.dubaicityguide.com\/site\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/blog.dubaicityguide.com\/site\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/blog.dubaicityguide.com\/site\/wp-json\/wp\/v2\/comments?post=54387"}],"version-history":[{"count":1,"href":"https:\/\/blog.dubaicityguide.com\/site\/wp-json\/wp\/v2\/posts\/54387\/revisions"}],"predecessor-version":[{"id":54389,"href":"https:\/\/blog.dubaicityguide.com\/site\/wp-json\/wp\/v2\/posts\/54387\/revisions\/54389"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/blog.dubaicityguide.com\/site\/wp-json\/wp\/v2\/media\/54388"}],"wp:attachment":[{"href":"https:\/\/blog.dubaicityguide.com\/site\/wp-json\/wp\/v2\/media?parent=54387"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blog.dubaicityguide.com\/site\/wp-json\/wp\/v2\/categories?post=54387"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blog.dubaicityguide.com\/site\/wp-json\/wp\/v2\/tags?post=54387"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}