Dubai continues to be a magnet for the super wealthy with the city expected to attract over 4,000 HNWIs this year alone – an increase of over 208% vs. 2019 according to a report that tracks private wealth and investment migration trends worldwide. The war in Europe and Dubai’s position as a safe and secure destination and the government's business-friendly regulations has contributed to HNWIs and investors relocating or snapping up secondary properties at record levels.
A few years ago, there would only be a handful of properties above AED 100M. Last year, the most expensive villa sold was in the AED 120M range and just last month a villa was sold for AED 285M.
Developers are reacting to this demand and adding more luxury and unique features to their developments to cater to their high-profile clientele. Since the start of this year, the number of super-luxury properties from AED 15M and above has quadrupled and this segment will continue to grow in the last quarter of this year and beyond.
Properties on Palm Jumeirah and other beachfront locations including Marsa Al Arab, Jumeirah Bay, Pearl Jumeirah, Emirates Hills and Golf communities are seeing the highest demand with prices on the Palm recording an increase of over 50% compared to other parts of the city.