Millionaires Ready to Spend $4.4 Billion on Luxury Homes in Dubai
Wealthy individuals from around the world are planning to invest $4.4 billion in residential real estate in Dubai, according to Knight Frank. Dubai has become the most active market for homes priced over $10 million.
Luxury coastal homes in the emirate are particularly popular. A Knight Frank survey revealed that 20% of affluent individuals are prepared to invest more than $60 million in a home in Dubai, while 8% are willing to spend over $80 million. On average, they plan to spend $46.8 million on personal residences.
The wealth of the 217 surveyed individuals, including 100 from Gulf Cooperation Council (GCC) countries, totaled $3.6 billion, with $660 million attributed to GCC representatives.
Dubai leads in the sale of homes worth over $10 million, with 431 units sold amounting to $7.6 billion in 2023, surpassing London and New York. Demand for coastal homes continues to grow despite a 39% price increase since 2020.
Areas such as Palm Jumeirah, Jumeirah Bay Island, and Dubai Hills Estate are of particular interest. In the first quarter of 2024, 105 homes worth more than $10 million were sold in Dubai, a 15% increase compared to 2023.
The desire to purchase property in Dubai is growing among wealthy individuals worldwide, especially among those from Asia, where 74% plan to buy in the UAE within the next five years.
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