One of the leading real estate agencies in Dubai, Unique Properties revealed that the property sector of the city has reached yet another milestone.
According to the agency, a total of 176 high-end property units were sold in the first half of this year, which had a value of about AED 3.1 billion.
Data from Knight Frank, the global real estate consultancy, shows that in the same price range, the total number of units sold stood at 219.
This makes Dubai the world’s fourth most active city for ultra-luxury real estate.
Wealth population
Not only has the city solidified its top spot, but it is also improving its position of having the most wealth population living in Dubai in the entire Middle East.
According to recent data, the total number of millionaires living in Dubai stand at 68,400, while there are 15 billionaires.
In addition, the total number of centi-millionaires, who are people who have a net worth of about AED 367 million, has also reached 206.
This indicates that from 2012 to 2022, the number of ultra-high net-worth individuals (UHNWIs) living in Dubai has risen by a total of 62%.
UHNWIs
There is a 24% growth expected in the number of UHNWIs living in the Middle East in the next five years across the Middle East, with the primary catalyst being Dubai.
Therefore, luxury residential units will see a notable rise in their delivery and supply.
Data from Knight Frank showed that the total number of UHNWIs who are currently based in the Middle East has reached 9,717 and by 2026, this number will rise to 12,000.
Most of these people will shift to Dubai for their primary residence and will not only make contributions to the city’s property sector, but also the overall economy.
Dubai’s potential
The CEO and Founder of Unique Properties, ArashJalilisaid that Dubai has always delivered more than what people expect when they come to the city from all around the globe.
Expats can take advantage of top luxury units, along with good investment opportunities for a safe and comfortable lifestyle and they can also get a good return on their investment.
Not only is Dubai becoming the top destination in all of Middle East, it is also becoming the preferred destination of the highly-affluent people all across the globe.
Therefore, it is not just millionaires who are entering the property sector in Dubai, but also centi-millionaires as well as billionaires because they want to invest in high-end areas and villas.
Some of the regions that have drawn their interest include Emirates Hills and Palm Jumeirah.
The commitment of Dubai to deliver security and constant growth will continue drawing in the richest people in the world to get them to invest, no matter what the price.
Unique Properties has a team of experienced, international and multilingual consultants who have been contributing to Dubai’s property sector by providing a range of services.
These not only include the company’s off-plan projects, along with the huge number of properties for leasing and sale.
