High net worth individuals and foreign investors still show interest in Dubai's luxurious real estate market, reports Zoom Property.
Dubai's real estate sector still draws in high-net-worth individuals and overseas investors with their opulent, premium properties. Dubai's Zoom Property Insights disclosed that three of the priciest assets sold in 2022 were situated in the city.
Additional findings from the Insights data showed that each of the three villas were situated within Palm Jumeirah, which is still the top pick for affluent investors and high net worth individuals in Dubai. It made up 30 percent of total real estate deals in the luxury market category (with a value of Dh20 million and higher) this year.
In addition to Palm Jumeirah, there are other regions in Dubai that are renowned for their opulent properties such as Jumeirah Beach Residence and Emirates Hills. This year, Tilal Al Ghaf has also gained prominence as one of the favored residential areas for upscale properties.
According to the CEO of Zoom Property, Ata Shobeiry, the cost of luxurious real estate will continue to rise by the year 2023.
He stated that the prime property sector and overall Dubai property market are thriving due to an increase in demand from high net worth individuals, end-users, and international investors. Additionally, the emirate's economic growth is also playing a role in the success of its real estate market by providing a secure option for potential investors.
"2023's Top costly real estate transactions"
Based on the Zoom Property Insights report, the most pricey transaction for high-end flats was concluded at Bulgari Lighthouse, located in Island 2 of Dubai, fetching a sum of AED 410 million. Additionally, the project registered another deal for an exclusive apartment valued at AED 119 million.
Next on the list were Aire Dubai, costing AED 119 million, Al Wasl with a price tag of AED 119 million, One Canal, which cost AED 73 million, Dubai Water Canal, coming in at AED 73 million, and finally Aire Dubai, Al Wasl, which carried a price of AED 62 million.
The famous spot called Palm Jumeirah has recently seen two significant purchases of opulent villas worth AED 125 million and AED 183 million. Other regions were also able to sell costly homes like Tilal Al Ghaf, which garnered AED 90.1 million in sales, and Emirates Living, which sold properties for AED 70 million and AED 45 million.
Shobeiry came to the conclusion that the luxury housing market might be hampered by the limited number of units available. This could result in a decrease in the volume of real estate transactions.
