With constant growth, Dubai continues its irresistible rise. The real estate sector represents a third of its economy. The city plans to double its GDP within 10 years. The French are the second largest Western community after the British. Indeed, many Europeans invest in Dubai, including the English and the French.
During the first quarter of 2023, 88 transactions exceeded $10 million for a total amount of 1.48 billion euros. The Henley Private Wealth Migration Report 2023 estimates that 4,500 millionaires moved to the UAE during the last year.
Dubai is now positioned at the forefront of the most active luxury markets in the world, rivaling London, New York or Miami and with prices that remain competitive. In the past year, the number of sales of homes worth $10 million or more exceeded 300, according to the Dubai Land Department.
A stable environment that causes prices to explode
There are almost 80,000 HNWIs (High Net Worth Individuals) in Dubai. In the growing city state of the Middle East, political and financial stability, tax advantages, quality of infrastructure and services attract investors and wealthy clients from all countries.
« The economic slowdown in Europe and international tensions reinforce the safe haven of Dubai, declares Khadija El Otmani, real estate investment advisor to French-speaking clients within Driven Properties. The villas which were offered for sale at 50 million dirhams are now worth 250. Those who followed my advice are rubbing their hands.»
Great added value at stake
For ten years, the young woman has been supporting wealthy clients in their real estate projects in Dubai. Apartments in Downtown or in the City Walk district, villas on the Palm or on the billionaire spot Jumeirah Bay Island, new residences signed by fashion labels or in partnership with luxury hotel brands, here, the The offer is abundant and the requests numerous.
On the prestige market, products that tick all the boxes for a demanding clientele nevertheless remain rare. “ I do not hesitate to dissuade my customers from purchasing when I have the slightest doubt,” she explains. Those who have chosen to trust her have been following her for several years and now do not hesitate to abandon the stock market or other investments to make significant capital gains in real estate in Dubai. The Bulgari residence, located on the Jumeirah Bay peninsula, is one of them. Prices since the launch of this program have increased almost fourfold. The real estate agency Driven Properties achieved a new record sale there with a 4-bedroom penthouse for more than 30 million euros. In the City Walk district where apartments are more accessible, capital gains can be as significant after a few months of acquisition.
Prices continue to rise
The price of transactions in the high-end market continues to rise. New luxury hotel brands such as Aman Resorts or Baccarat Hôtel have announced their arrival. Villas on the Palm Jumeirah and apartments in Downtown have seen prices increase by 20% in one year. The VEFA (new development programs) market is very dynamic in Dubai. Prices in this segment have increased by almost 15%.
In the prestige real estate niche, Dubai has a supply that is even lower than demand. Also, when Lamar Development, the subsidiary of Driven Properties, launched the marketing of Sea Mirror, the 18 waterfront villas designed by the international cream of architects and designers such as Marcio Kogan and Patricia Urquiola, the units at 20 million dollars were sold in just one month.
2024-01-29 08:48:31
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