From the world’s tallest tower – Burj Khalifa to the man-made archipelago – The Palm, Dubai never fails to mesmerize. The thriving metropolitan is known for its opulent lifestyle, awe-inspiring architecture, majestic skyline, contemporary attractions and also building its reputation as a top financial hub. Dubai real estate remains one of the most preferred investment options to generate wealth and now with the introduction of new rules and regulations – Dubai has become more lucrative than ever – attracting investors from all over the world.
Dubai – A millionaires’ investment field
2022 remained a year of millionaires, with a large number of investors invested in luxury properties for sale in Dubai. The robust demand conduces to the launch of luxury projects in Dubai to meet the insatiable desire of wealthy investors. According to an estimate, Dubai is home to more than 67,000 millionaires, and this number is set to increase by 52 per cent in the next 10 years, with higher numbers of millionaires expected to move to this city.
According to Knight Frank, “The number of HNWIs in the UAE is expected to rise from 163,000 in 2021 and reach more than 228,000 by 2026, reflecting a 39 per cent increase.”
Dubai luxury properties – Elegant and high-tech
Dubai, a city known for its gold-standard luxury living, is complemented with modern and state-of-the-art facilities. And this is what appeals to the luxury property buyers the most in Dubai real estate sector. And not just the demand for luxury properties increased soon after the country bounced back from COVID-19 induced global pandemic but a sharp rise was also observed in property sales prices last year.
A spike recorded in ultra-luxury property deals
Another notable trend observed in Dubai property market is millionaires and high-net-worth individuals’ ever-increasing love for ultra-luxury properties in Dubai. According to data released by Dubai Land Department (DLD), 219 luxury properties were sold in Dubai that are valued at $10 million and above.
Recently, Dubai set a new record with an apartment sold for $112 million, located at Jumeirah Bay. It is a penthouse apartment planned in the Bulgari Lighthouse and spread across 38,970 sq. ft.
Dubai off plan properties to witness robust growth in 2023 and it is worth noticing that Bulgari Lighthouse is an off plan development by Meraas, designed by a renowned architectural firm Antonio Citterio Patricia Viel.
Transactions recorded on week ending February 3, 2023
Real estate property news for the week ending 3 February 2023 states that property deals amounted AED 7.31 billion recorded. There were a total of 2,157 transactions consisting of:
- 1,695 units
- 142 buildings
- 320 lands
Akoya Oxygen recorded the highest sales in all four weeks of January. Here are the details of the properties that were sold this week:
- Flats in Akoya Oxygen, in areas of Damac Hills (2) Viridis, were sold for AED 3,240,170.
- Hotel apartments in Akoya Oxygen, Damac Hills (2) Viridis, were sold for AED 1,991,980.
- Third top sale in this week was in Al Barari, flats in Seventh Heavens, that went for AED 11,200,000.
Transactions recorded on week ending February 10, 2023
During the week ending 10 February 2023, real estate and property deals amounted to AED 5.97 billion. There were a total of 2,309 transactions consisting of:
- 1,654 units
- 257 buildings
- 398 lands
Let’s have a look at the top three sales from 6th February to 10th February 2023. Here are the details of the properties that are sold this week:
- Flats in Akoya Oxygen, in areas of Damac Hills (2) Viridis, were sold for AED 2,454,550.
- Hotel apartments in Akoya Oxygen, Damac Hills (2) Viridis, were sold for AED 1,579,290.
- Third top sale in this week was in Al Barsha First, flats in Al Barsha First (Non-project), that went for AED 1,365,000.
Transactions worth AED14 bn recorded in first half of February 2023
Following the previous trends, first 15 days of February 2023 proved to be promising. Previously, 2022 also concluded on a positive note for Dubai real estate sector, after which an upward growth trajectory has been recorded for Dubai real estate sector. Not just the demand but the value of Dubai properties also grew at a steady pace.
And with a large number of properties sold in the first half of February, the future of Dubai real estate is promising. Knight Frank, a real estate consultancy firm, forecast a price growth of 13.5 per cent for Dubai properties, in 2023. In the first half of February 2023, more than 4,500 transactions were recorded, which are valued at AED14.47 billion.
According to the latest data released by the Dubai Land Department (DLD), total 4,777 properties for sale in Dubai were recorded in the first half of February 2023. The growing numbers depict a positive response from both local and international potential investors, and show their utmost confidence in Dubai real estate sector.
This bi-weekly performance indicates that the emirate can outperform any other fully-established real estate market around the world. Upon fractional analysis, we found out that 3,516 residential apartments and villas, 447 buildings and 814 plots were sold during this period. Akoya Oxygen by DAMAC, Al Barari and Al Barsha remained the top three areas with the highest demand.
Call us today!
Not just January but February is also proving to be spectacular in terms of growth and the number of property transactions. If you are also interested to be a part of this growing market and plan to invest in Dubai real estate, get in touch with HFRE sales experts. Give us a call at +971 4876 2473 or can also write us at info@hfre.ae, and one of our representatives will get back to you to discuss your investment plan and hand-picked investment options in the market.