How many luxurious metres can you purchase in Dubai for USD1 million?

11.03.2018

Global HNWIs increase demand for USD 10 mln plus ultra-luxurious Dubai property units. Read more to find what you can afford buying in Dubai’s upper prime property market having $1mln to spend.

“The luxury real estate investor base in Dubai is twice as diverse as in London or New York - that breadth of demand will provide some stability,” said Liam Bailey, Global head of Residential Research at Knight Frank consultancy which has revealed its latest report on te global prime property market.

“Alternative investments, including real estate, continue to take in demand from wealthy individuals. The best safe haven in an extremely uncertain times is real estate,” Bailey said.

According to the report, Dubai is placed on the 85th rank among the top 100 global cities for premium real estate sales. Dubai’s high-end residential market saw prices decrease by 3.3 per cent over a 12-month period up to December 2017, but now it seems to gain it back again.

Investors’ interest in Dubai real estate now is not limited by residential market only, spreading also to commercial assets such as industrial property, warehouses etc. And besides, a great number of luxuriuos developments being handed over in Dubai also should fuel investors’ interest, experts claim.

Bulgari-branded mixed-use development off Jumeirah was the focal point for such interest last year. And this year ultra-prime projects like that on the Bluewaters Island, as well as the Palm Jumeirah’s Atlantis Residences, One Palm (with its AED 102 million penthouse) are likely to sustain the demand. In the high-end villas clusters, Dubai Hills Estate and Hartland villas projects in MBR City are among the most sought after.

The report also tags Palm Jumeirah man-made island as one of the “peak performers” in terms of Dubai’s most wanted prime areas. With the development of The Pointe and Nakheel Mall, offering 5.9 mln sqft of entertainment, dining and retail the Palm Island now has it all to lure even more high net worth investors. A two-bedroom apartment on Palm Jumeirah is available for sale now at USD 750,000, while garden homes and villas start at USD 3 million, says the report.

According to Maria Morris, Partner at Knight Frank, “Dubai’s prime real estate is going through a transition and there are now various opportunities that were not there even five years ago.”

So, how much luxurious square feet of property one can purchase in Dubai having USD1 million in their pocket?

Someone with USD 1 million to spend will find that it can fetch up to 138 square metres of premium real estate in Dubai. The same in Monaco would only get 16 square metres, 22 square metres in Hong Kong, and 25 square metres in New York, according to Knight Frank’s Wealth Report.

IMEX Real Estate can offer you various types of luxury real estate units in different areas of Dubai, including the exclusive man-made island of Palm Jumeirah — from villas and townhouses to penthouses and ultra-luxurious duplexes in the most famous Dubai skyscrapers. 

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