Dubai’s luxury real estate market is poised for growth
Ajmal Saifi, CEO at Prestige One Developments, speaks with Middle East Economy, on Dubai’s luxury real estate market being poised for growth. The article contents can be found at https://economymiddleeast.com/news/dubais-luxury-real-estate-market-is-poised-for-growth and are as follows: …
Dubai’s reputation as a secure destination has recently attracted a surge of wealthy investors seeking stability amidst geopolitical and economic uncertainties. This trend has been particularly noticeable among high-net-worth individuals who are looking for safe and reliable locations to preserve their wealth, invest in real estate, and moor their yachts. The increased interest from these investors is a testament to Dubai’s growing prominence as a desirable destination for those seeking financial security and stability.
UAE’s real estate sector is continuously evolving to meet the growing demand for high-quality residential properties. Noteworthy advancements include sustainable living, flexible payment plans, and technology integration. Community living is also becoming popular, and developers are designing residential projects with integrated community spaces like parks, communal gardens, and shared amenities.
Savills, a real estate consultancy, predicts that the surge in prices for high-end homes in Dubai will continue in 2023, with a rise of 6% to 7.9%, the highest in the world. However, the expected capital value growth is lower than the 12.4% increase in 2022, comparable to Singapore. Despite the two-year increase, Dubai’s prime property prices remain 80% cheaper than other major cities worldwide.
The luxury real estate market in the UAE is a flourishing sector that requires specialized expertise and knowledge to navigate. Despite the challenges posed by the pandemic, UAE’s luxury real estate market has demonstrated remarkable resilience and growth, driven by an influx of high-net-worth individuals to the region. Additionally, the market is characterized by a diverse range of high-end properties, including luxurious villas, penthouses, and apartments in iconic skyscrapers. Dubai, in particular, boasts some of the most prestigious and sought-after properties in the region.
Industry experts predict that while the short term may see a shortage of high-end properties in the UAE luxury real estate market, leading to increased competition and a potential impact on demand, the sector will continue to experience growth in the long run. Dubai’s reputation as a business-friendly destination and its advanced infrastructure are expected to be the key drivers of this growth. Although rising interest rates may slow down the market towards the end of the year, experts still believe that Dubai’s luxury real estate sector will maintain an upward trajectory.
The real estate sector will significantly contribute to Dubai’s economy by creating job opportunities and improving the UAE’s economic landscape globally.
Prestige One Developments is thrilled to play a vital role in shaping this growth. By prioritizing sustainability, affordability, and timelessness, we strive to contribute to Dubai’s economy while alos integrating eco-friendly features like parking for electric cars, intelligent lighting systems, and renewable energy for air conditioning units.