Dubai Emerges As Global Leader in Luxury Real Estate Market

real estate

| LAST UPDATE 03/30/2023

By Tracy Morrison
Dubai global luxury property
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Dubai, the shining city in the UAE, is quickly securing its place as the world's leading luxury real estate market. With unparalleled growth and impressive sales, Dubai is now ranked as the most sought-after global luxury property market for the second year in a row, according to the Prime International Residential Index (PIRI).

Last year, Dubai's luxury property segment saw a staggering 44.2% price surge - the highest globally. This impressive growth trend shows no signs of slowing down, as Dubai registered 219 luxury property sales valued at $10 million or more, using a total of $3.8 billion in 2022. Luxurious locations, including The Palm, Emirates Hills, and Jumeirah, continue to see high-end investors flocking for their next exotic home. Impressively, these sales figures include an apartment and a villa that sold for AED 65 million ($17.7 million) each, in the second week of this month alone.

Dubai real estate 2023
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The demand for luxury property in Dubai has brought a new influx of foreign buyers. With the successful handling of the COVID-19 pandemic and its liberal visa policies, the city is welcoming many luxury property investors, including those from Europe. Dubai's reputation as a safe haven investment and its rapidly growing population set it apart from its competition on a global level. Arash Jalili, Founder and CEO of Unique Properties, said: "Despite global economic instability, Dubai's real estate sector is expected to remain stable throughout the year, with experts predicting that the UAE's real estate market has the best chance of being an outlier. This is particularly true when taking into account the UAE's economic growth initiatives, forecasted population growth, and wise leadership."

Dubai's affluent buyers are absorbing the existing supply of luxury property at unprecedented levels. High-net-worth investors' inflow is driving the growth of the emirate's prime property segment, with some experts predicting the segment's total transactions may exceed $35 billion this year. Unique Properties, as one of Dubai's leading real estate agencies, is driving this growth by facilitating resale property, sales and commercial, and rental transactions with international expert teams. The agency's extensive market knowledge and forward-thinking initiatives ensure that they secure prime properties, facilitating transactions across Dubai's residential off-plan segment. Dubai is the new standard for luxury, boasting breathtaking modern architecture and world-class amenities. It's no surprise that the city's luxury real estate has caught the eye of high-end investors worldwide. With significant growth expected to continue throughout 2023, Dubai's innovative leadership and vibrant culture make it the clear choice for the luxury property market.

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