High-net-worth-individuals (HNWIs) globally are projected to spend $4.4 billion on residential real estate in Dubai, according to a new report by Knight Frank. The 2024 edition of the signature report in the Destination Dubai series, which surveyed 317 high-net-worth individuals (HNWIs) – 217 around the world and 100 GCC-based expat HNWIs, revealed that the Gulf jurisdiction remains the number one destination for the global HNWI community.
“Not only has the city cemented its status as the busiest $10 million+ home sales market in the world, but HNWIs continue to clamour for the ‘Dubai life’ and property at the upper echelons of the price spectrum in the emirate is a hotly contested commodity. This is best evidenced by the fact that the desire to own a home in the city jumps from 28% for those with a net-worth of US$2-5 million to 78% for those with a net-worth in excess of US$15 million” Faisal Durrani – partner and head of research, MENA, Knight Frank, said.
Overall, the city’s high-quality infrastructure ranks as the number one factor that makes Dubai an attractive place to acquire real estate, according to the 317 HNWI that the property consultants surveyed. Dubai’s position as a global tourist destination is the second biggest consideration to HNWI. The emirate has experienced a meteoric rise from being a small fishing village in the early 1800’s to the world’s third most visited city, with 17.1 million arrivals in 2023 (behind London at 18.8 million visitors and Istanbul, which welcomed 20.2 million tourists).
Dubai’s residential market has evolved over the last two decades to offer ‘destination communities’, each with unique offerings and pull-factors, designed to cater to the city’s international expat community. While many facilities and amenities such as schools, community malls, clinics and sports facilities have become the norm, there has been a rise in demand for homes with access to green space, or parks, the report added.
The report comes at a time when the real estate market in Dubai is showing resilience amid strategic initiatives, regulatory reforms, economic diversification efforts and infrastructure development which have created a positive environment for buying and selling properties.
