28 November 2024

Palm Jumeirah and Jumeirah Bay Island Remain Favorites Among Wealthy Investors

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Palm Jumeirah and Jumeirah Bay Island continue to dominate as favorites among affluent investors, accounting for 48% of all transactions worth over AED 50 million (more than $13.6 million) in the first ten months of 2024. These insights were provided by Metropolitan Premium Properties (MPP).

Popular Areas for Luxury Housing

In addition to Palm Jumeirah and Jumeirah Bay Island, Mohammed Bin Rashid City, Tilal Al Ghaf, and Dubai Hills Estate are also experiencing high demand. The total transaction value in the real estate segment priced at AED 50 million or more (around $13.6 million) reached an impressive AED 13.3 billion (approximately $3.6 billion) by October 2024.

Factors Driving Market Growth

The growth of the ultra-luxury real estate market is driven by an increasing number of high-net-worth individuals relocating to Dubai, enhanced investor confidence, a stable economy, and the city’s appeal as a hub for business and luxury living.

Nikita Kuznetsov, CEO of Metropolitan Premium Properties, commented: “The sustained growth of Dubai’s ultra-luxury real estate market reaffirms the city’s status as one of the most sought-after investment destinations. We’ve seen a significant increase in both transaction volume and value in the AED 50 million+ segment. MPP’s market share has grown by more than 50%, reaching 3.5% in transaction value and 4.3% in transaction volume during the first ten months of the year.”

Who Buys Luxury Properties?

Leading the way among buyers of properties priced at AED 50 million+ are British citizens, followed by investors from the United States, Canada, Germany, and the UAE. This underscores the global interest in Dubai’s luxury real estate market.

Dubai’s ultra-luxury real estate market continues to show robust growth, making it one of the most attractive investment opportunities worldwide. Don’t miss your chance to own a prestigious property in one of the city’s most exclusive areas. Contact us today to learn more about current offerings!