Luxury Real Estate Boom: Rich Individuals Set to Spend Millions on Homes in the UAE

The ultra-rich are set to splurge hundreds of millions of dollars on luxury homes in the United Arab Emirates, with Dubai being the most favored destination, according to a new report by Knight Frank.

The global property consultancy surveyed over 300 high-net-worth individuals (HNWIs) to understand their preferences and trends in UAE real estate investment. The results revealed that Dubai is the top choice for residential real estate deals, with an estimated spending appetite of $4.4 billion.

Faisal Durrani, Partner and Head of Research at Knight Frank, highlighted Dubai’s appeal to the wealthy, stating that the city’s high-quality infrastructure and global tourist destination status were key factors for investment. He also noted that the desire to own property in Dubai increases significantly among those with higher net worth, with some willing to spend as much as $80 million on a home in the city.

When it comes to choosing a location within Dubai, access to green spaces, proximity to healthcare facilities, and beachfront living were cited as the top priorities for HNWIs. The report emphasized the growing importance of personal well-being and lifestyle amenities in property selection for the ultra-rich.

Overall, the findings point to a growing trend of wealthy individuals investing in luxury real estate in Dubai, driven by the city’s attractive offerings and amenities. With billions of dollars expected to be pumped into the UAE property market, the future looks bright for the high-end real estate sector in the region.