High-net-worth individuals (HNWIs) and overseas investors continue to be drawn to Dubai’s luxury real estate market, which has led to a surge in prices as a consequence of the demand and limited supply. Three of the most expensive residences ever sold were in Dubai, according to Zoom Property Insights. 30% of all real estate sales in the luxury market category took place on the Palm Jumeirah, with the villas being the ultra-wealthy investors’ and HNWIs’ favourite option. While Tilal Al Ghaf has emerged as one of the most sought-after neighbourhoods for premier houses in 2023, other significant localities for ultra-luxury residences in Dubai include Jumeirah Beach Residence and Emirates Hills.
The CEO of Zoom Property, Ata Shobeiry, anticipates that the increased demand from HNWIs, end-users, and international investors would cause prices of ultra-luxury homes to rise even more in 2023. He also thinks that Dubai’s economic expansion, which advertises itself as a secure choice for investors, is a factor in the success of the city’s real estate market.
One Canal, Dubai Water Canal, Bulgari Lighthouse, Dubai Island 2, Aire Dubai, Al Wasl, and Aire Dubai, Al Wasl followed in order of the highest luxury apartment transactions signed, each for AED 410 million (AED 62 million). The priciest villas sold, however, were in Tilal Al Ghaf (AED 90.1 million), Emirates Living, and Palm Jumeirah (valued at AED 125 million and AED 183 million) (AED 70 million and AED 45 million).
According to Shobeiry, there may be fewer sales as a result of the luxury market’s limited supply and high demand for residential apartments.
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