Why is the demand for luxury real estate in Dubai rising?

Promotional features / Tue 14th Mar 2023 pm31 03:35pm

HARBOUR LIGHTS in Dubai is a residential development located in the mixed-use community of Dubai Maritime City. The 52-storey building will include 1-3 bedroom apartments and a wide range of sports, wellness, leisure, and entertainment facilities. The complex is under construction under the leadership of the leading development company Damac Properties.

Over the past two years, real estate in the United Arab Emirates has been in high demand among foreign buyers. On an annualized basis, the price of an flats in Dubai increased by 7.54% in 2022; this growth does not scare buyers considering not only mid-priced housing options but also luxury villas and apartments. According to experts’ forecasts, the number of dollar billionaires and millionaires in the UAE will grow by 40% within 10 years. Many wealthy people come to the country from India and the Middle East.

Photo by David Rodrigo on Unsplash

Property in Dubai Maritime City, Dubai, UAE

Dubai Maritime City (DMC) is a mixed community with residential, office, and commercial properties. The 2.27 million m2 multifunctional business district is a major commercial and industrial hub for the maritime industry and offers residents a dynamic urban lifestyle.

The area is located on the territory of an artificial peninsula, so the buildings here offer beautiful views of the waters of the Persian Gulf.

Harbor Lights, under construction, will be located in a residential area of the community with 14 high-rise buildings and many retail outlets, restaurants, and entertainment venues.

Limited supply in the luxury real estate market

Dubai Premium properties are not built in mass quantities. Often there will be one or two penthouses in a high-rise residential complex. Small complexes with villas designed by famous designers are also being built in prestigious areas. At the same time, the number of premium objects is always limited, which increases the demand and price for such a real estate segment. Many luxury homes are sold out at the development stage.

Popular areas for buying luxury housing

Among the popular areas for buying luxury real estate are the following:

  • Emirates Hills;
  • Palm Jumeirah;
  • Downtown Dubai;
  • Dubai Marina;
  • Business Bay.

Luxury villas

Many wealthy buyers choose villas due to their large area and other advantages of a private house. Properties for sale off plan in Dubai come with a private pool, landscaped backyard garden, a spacious underground level that can be customized to your liking, rooftop terraces, and other amenities.

Luxury apartments

Among the premium real estate, there are also apartments. They can be located in large residential complexes in the central part of the city, in coastal areas, or on the islands of Palm Jumeirah. Luxury apartments and duplexes are available for purchase, occupying half a floor or even an entire floor of an apartment building. Often, these apartments have a private elevator, a private lobby, and various technical rooms, such as a laundry room. Separately, it is worth highlighting the penthouses, which occupy the top two floors of a high-rise building. The layout of such an apartment often includes a terrace with a swimming pool, jacuzzi, and other amenities.

Reasons for the growth in demand for luxury real estate in Dubai

Currently, the number of transactions with luxury real estate in Dubai is gaining momentum. Prices have yet to reach their maximum values, suggesting you can now buy housing in the emirate to save and increase your capital. Due to this market trend, the high demand for premium apartments and houses is maintained. An important aspect of the growth of demand is also limited supply. Even though new residential complexes are being actively erected in Dubai, each announcement of luxury housing causes a rush.

Choosing a property with Emirates.Estate

Buying property in Dubai is a great way to protect your capital from inflation. To find out what housing options are available, visit the website Emirates.Estate. Here you can find offers from builders (developers) and real estate agencies in different price ranges. For your convenience, prices are indicated in euros, dollars, and dirhams. All this will help you to choose the most suitable option for a profitable purchase comfortably.

Print Friendly, PDF & Email

No Comments for Why is the demand for luxury real estate in Dubai rising?:

Leave a Comment Below:

Your email address will not be published. Required fields are marked *