Statistics show that in luxurious Dubai, the demand for luxury real estate is growing. According to Knight Frank, in the first quarter of 2024 home sales over $10 million were up 6% compared to last year. 105 of these lots were sold.
The main locations of exclusive properties that are in great demand: Palm Jumeirah, Jumeirah Bay Island and Dubai Hills Estate.
International investors and buyers are attracted by Dubai's infrastructure and business capabilities, as well as its selection of luxury properties. By the way, despite signs of a slowdown in the real estate market as a whole after the consumer boom, the luxury real estate segment remains stable.
Investors who do not need a mortgage predominate. Many people consider Dubai as a second home rather than buying for investment purposes.
Faisal Durrani, head of research at Knight Frank in the Middle East and Africa, is confident that the level of business activity in Dubai is only increasing, as is the flow of wealthy people who want to buy the most expensive lots.
“Dubai has been helped by the relative affordability of luxury homes, where wealthy buyers can buy about 980 square feet of living space (91 sq.m.) for $1 million. That's about three or four times what you could afford for that amount in most major cities in the world,” says Durrani.
In addition, Dubai developers are expanding their portfolio of properties in the affordable housing segment, given the constant increase in the number of expats aiming for a career in Dubai and relocation. The construction of apartments costing up to one million dirhams ($272,300) has intensified.
In the UAE, foreigners can get a mortgage and buy an apartment with a post handover payment plan - payment after receiving the keys.
Previously, developers were focused on building apartments priced at Dh2 million and above, which could qualify for a golden visa. But sales of housing under construction increased by almost 30% month-on-month, reports the portal prian.ru. Developers offer low down payments and installment plans. The residential areas of Jumeirah Village Circle and Sobha Hartland are especially in demand.
Areas in Dubai with the highest sales under construction in February 2024: Jumeirah Village Circle, Dubai Maritime City, Business Bay, Bu Kadra, Al Furjan.
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Dubai real estate catalog: stayproperty.ae