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Dubai’s ultra-rich population growth to drive up demand not only for high-end properties, but in the whole industry, experts comment. Read more for professional estimate of the expected positive impact of UHNWIs coming up to Dubai on property sector.
“The growing number of Ultra High Net Worth Individuals (UHNWIs) will mean extra demand for luxury real estate in Dubai. Hence, developers should be conscious that products in their pipeline cater to this expected growth,” said Taimur Khan, from Knight Frank consultancy.
Knight Frank’s Annual Wealth Report for Dubai, issued in March, forecasted a 60 per cent growth in Dubai’s population of UHNWIs (residents with USD 30 million plus personal capital) by 2026.
“Last year, there were 1,060 UHNWIs, and this is set to increase to 1,696 by 2026,” said Khan.
The research rated Dubai as the 25th among global cites with the biggest UHNWIs population. The report also emphasizes that the city has the highest number of millionaires, multi-millionaires (USD 10 million plus) and UHNWIs in the Middle East and accounts for 63 per cent of the UAE’s wealthy residents.
Supply and demand ratio in Dubai’s luxury real estate sector
10-years residency permits and 100 per cent ownership of businesses for international investors can change the overall luxury property market in Dubai attracting global entrepreneurs and businesspeople to the UAE.
Now both, prime real estate market and middle-priced segment, except for maybe only the affordable sector, remain subdued on the back of overall correction, experts claim.
However, the arrival of UNHWIs to Dubai can become a strong positive factor for a city as they bring economic activity with them including employment and consumption, so their growth in Dubai is great news for the city, real estate researchers resume.
Latest offers of ultra-prime luxury real estate units at Dubai property market includebespoke penthouses at The 118 Downtown, Volante along the Dubai Canal and Il Primo, in the Opera District.
Among beachfront high-end residential communities, the latest supply is expected to bring luxury beach lifestyle at Meraas’ and Nikki Beach Residences.
On the , a lot of new supply close to handover can also satisfy each UNHWI’s demand for luxury housing, like, for example, the , part of W Hotel, offering 104 penthouse apartments, private residence club and a 500-metre private beach.
Palme Couture, with only 14 VVIP Residences serving the needs of the ultra-rich is being prepared for completion in the coming months, as well as The One Palm by Omniyat offering a private beach and fantastic skyline views.
New luxury villa projects will soon enter the market at Dubai Hills, including the nine-figure- priced mansions that can be individually designed, coming with a huge plot.
Real estate unit is classed as prime property, if it costs above 3.7 million UAE dirhams (USD1.01 million) and a super prime if it costs 7 million dirhams ($2 million) and more. IMEX Real Estate has a wide range of various property offers both in and in affordable category. Address the professionals and get your personal property purchase/sell advice! Our contacts:
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