Dubai, a dynamic city known for its opulence and grandeur, has once again made waves in the global real estate arena. Unique Properties, a leading player in Dubai’s real estate landscape, recently announced a significant achievement that underscores the city’s prowess in the high-end property market.
Ultra-luxury property in Dubai
Strong Performance in 2023: The first half of 2023 witnessed a remarkable surge in high-end property sales in Dubai. An impressive total of 176 exquisite property units, valued at a staggering Dhs3.1 billion, changed hands. This surge solidifies Dubai’s position as a prime destination for luxury real estate.
Global Recognition: Data from Knight Frank, a renowned global real estate consultancy, confirms Dubai’s standing as the fourth most active city worldwide for ultra-luxury real estate transactions. Over the past year, 219 homes within the same exclusive price range were sold, further emphasizing the city’s prominence in this sector.
Attracting Affluence: Dubai continues to attract wealth on an unprecedented scale. Recent statistics reveal a robust community of 68,400 millionaires, alongside 206 centi-millionaires and 15 billionaires. Notably, there has been a remarkable 62% increase in ultra-high-net-worth individuals (UHNWIs) between 2012 and 2022.
High-end Dubai Real Estate
Driving Middle Eastern Growth: Dubai’s influence extends beyond its borders. The Middle East is set to witness a 24% surge in UHNWIs over the next five years, with Dubai playing a pivotal role in driving this growth. The city’s appeal as a hub for luxury living is a primary factor in this projection.
Rising Luxury Residential Units: As the demand for high-end properties surges, the supply of luxury residential units is expected to rise significantly. This uptick in supply corresponds with the increasing number of affluent individuals seeking opulent living spaces.
Unique Properties
Unique Properties, distinguished by its multilingual and internationally experienced consultants, has actively contributed to Dubai’s real estate growth. The agency offers a comprehensive range of services, including off-plan projects and an extensive portfolio of properties available for sale and lease.
Significant Contributions: In 2022, Unique Properties played a role in shaping Dubai’s real estate landscape. The agency accounted for 2% of the total “off-plan” sales volume and approximately 1% of the overall real estate transactions in the city.
Conclusion:
Dubai’s real estate market continues to showcase remarkable growth in the high-end property sector. Unique Properties, along with other market players, contributes to this surge in luxury property transactions. As Dubai’s reputation as a global hub for luxury living solidifies, the city stands poised to redefine the benchmarks of opulence and extravagance in the realm of real estate. High-end property in Dubai is not just a transaction; it’s an embodiment of the city’s grand vision and undeniable allure.
tanvir@dubainewsweek.com
