The Shift of Global Businesses to Dubai
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Dubai isn't just a place famous for buying fancy apartments anymore. Now, people see Dubai as a global hub where new ideas are born, and new technolog..
Luxury Trends
Four main areas of demand growth in Dubai luxury real estate
- Oct 04, 2022
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It’s no secret that Dubai is a luxury destination. The city is home to some of the world’s most luxurious hotels, restaurants, and shopping malls. And now, Dubai is hoping to attract more high-end buyers with its new development plans.
The luxury residential market soared to new heights throughout H1 2022. Recent government initiatives, increased stability and regulations in Dubai have prompted a surge in luxury transactions.
As the pandemic drastically changes the global landscape, businesses and individuals are reevaluating what is most important to them. This has prompted numerous individuals to reconsider where they wish to live and work. Exponential growth in high-net-worth individuals is sure to increase the demand for the luxury real estate market in four main areas;
Betterhomes experienced a 59% rise in luxury* villa sales and a staggering 200% increase in luxury apartment sales in H1 2022 compared to H1 last year. Among the most remarkable sales by the brokerage for the first half of the year was a seven-bed villa in District One that went for AED 54 million.
Restored confidence in Dubai’s property market as well as and the steady rise in prices impacted the average selling price. Both apartments and villas saw around a 50% rise in H1 2022 compared to H1 2021.
Overall, the luxury sector noticed an increase in demand from investors who understand the value for money Dubai properties offer, compared to other leading real estate markets in Europe and the US.
Top luxury communities by sales transactions, Betterhomes.
- The Palm Jumeirah is home to luxurious hotels and resorts and offers an exclusive beachfront lifestyle.
- Emirates Living is an exclusive gated community with villas.
- District One is a meticulously designed luxury residential destination in Dubai, with a crystal lagoon nearby.
- Bluewaters Island is a vibrant lifestyle destination and home to Ain Dubai.
Look at the four main areas of demand growth likely to continue till 2022.
1. Demand for private residences
Buyers often look for greater security and privacy in luxury homes with ultra-monnn architecture. We’re noticing increased enquiries for ultra-modern luxury residences such as villas, penthouses and private islands.
2. Properties linked to luxury hotel brands
Luxury property brands include The Address, Dorchester Collection, Fairmont, Four Seasons, Ritz-Carlton, Six sense apartments, and others. These models are also becoming popular in Asia, the Middle East, and North America
3. Cutting-edge amenities
Those desiring a more extravagant life are increasingly choosing locations that provide seclusion and top-of-the-line amenities. Buyers are more oblivious to size than amenities, as seen by the new luxury homes currently being constructed. Luxury communities offer more indoor and outdoor space, and features that make life easier include jogging and cycling paths, tennis courts, retail stores, concierge services and housekeeping services.
4. Nature-centric locations
Luxury home buyers believe their living environment is essential to fostering a sense of overall wellness—homes with gardens or private pools, health and wellness facilities, leisure spaces, and other amenities. Spas, pools, and gyms are becoming more and more common. Still, the modern definition of wellness goes far beyond physical activity and fitness to address many holistic health and environmental issues.
