Where in Dubai ultra-wealthy investors spend their money on luxury homes

According to a new report, super-rich investors continue to invest in Dubai's real estate, spending serious amounts of money on luxury homes in developed communities.

According to Property Finder, this year, from January to October, wealthy investors bought more than 200 apartments and villas priced from US 2.72 million.

The most sought after locations included Downtown Dubai's central area, where 34 apartments were sold, and the man-made island of Palm Jumeirah, where 31 transactions were recorded. Together, these two districts are responsible for more than half of all premium property sales recorded during the current year to October.

The chic apartments at Royal Atlantis Resort and Residences on Palm Jumeirah seem to be a clear favorite among luxury home buyers: they accounted for 13 out of 31 transactions with luxury apartments in the first 10 months of the year, respectively. Alef Residences also managed to sell eight of its apartments on the Palm island, worth several million UAE dirhams each.

This year also, a penthouse in the exclusive The One development on Palm Jumeirah, was handed to a buyer for a staggering US$ 20,150,000, which was the second largest amount ever paid for property in Dubai in 2019.

Other locations also attracted quite high investors’ interest: five deals were registered in Business Bay worth over US$2.72 million. In other popular areas of Jumeirah, Jumeirah Beach Residence and Dubai Creek Harbor buyers concluded four deals with elite housing in each.

New projects, such as Bluewaters Island, Sparkle Towers and Emaar Beachfront Living, SE7EN Palm Residences and SE7EN CITY JLT have also sparked investors’ interest. As for luxury villas, investors' interest in residential real estate, both in developed and in new communities, including Dubai Hills Estate, allowed to clos 47 transactions worth more than US$2.72 million each in the latter. Then comes the Palm Jumeirah (43 luxury villa sales in 2019), MBR City (32 villa sales), Emirates Hills (22 villa sales) and Jumeirah Golf Estates (13 luxury villa sales).

Other new luxury villa projects include Jumeirah Bay Island, Dubai Waterfront and Akoya by Damac.

Traditional favorites such as Umm Suqeim, Al Barari and Polo Homes at Arabian Ranches have also been among the preferences of luxury real estate seekers for investment.

In general, the Dubai real estate market has recently witnessed an increase in the number of transactions, in particular, thanks to government initiatives aimed at increasing investor confidence. In September, a Higher planning Committee was established in Dubai to minimize the risk of oversupply in the real estate market. Subsequently, the Dubai Land Department (DLD) announced an increase in the volume and value of transactions in recent months as a result of the new bodies and initiatives at work.

However, Dubai’s real estate market is largely dependent on investor sentiment, Asteco said, adding that positive and encouraging government statements often lead to short-term activity peaks.

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