Awash with opulent hotels, lavish high-end supercars and designer shops and boutiques, Dubai has long been synonymous with luxury, and has made a name for itself as the stomping ground of the uber-rich. It’s not just fast becoming the preferred holiday destination for the elite, but the permanent residence of choice for a growing number of high-net-worth individuals, too, attracting multi-millionaires and billionaires from across the globe seeking out glamorous properties to call their own.
Dubai’s residential property market is booming, with the UAE’s impressive handling of the Covid-19 pandemic having sparked an impressive comeback that has seen property sales soaring this year. While 2021 was a remarkable twelve months in terms of deal volume, 2022 has surpassed all expectations, and the Dubai real estate market saw a 25 per cent sales increase in the second quarter, with the numbers already appearing to be stacking up similarly in the second half of the year.
From opulent penthouse apartments to lavish private island villas, almost any type of property you could dream of exists in Dubai, and it’s been estimated that around 20 billionaires have already snapped up some of the most impressive examples on offer this year alone. Although real estate booms have happened here before, in the past, properties like these were seen as investments – but now, families are actually relocating themselves in order to live in them full-time, and are leaping at the chance to purchase off-plan properties long before they are even finished.
Buyers are flocking in from around the world, but according to data from leading licensed real estate agencies in Dubai, it seems that the majority are coming from the U.K., Switzerland and Germany. Then, there are those not just moving to enjoy a slice of the good life, but to expand their businesses, too – the lion’s share of whom appear to be hailing from the US, UK, Singapore and Hong Kong.
While there’s no denying that the nation’s handling of the pandemic – which included a speedy vaccine rollout – has been seen as a sign of Dubai’s excellent organisation and efficiency, it hasn’t all been smooth sailing. The city was hit hard as skilled expats headed home to their families and jobs and spending dried up, and the government had to react quickly to address the issue. One way of doing so has been offering ten-year ‘golden visas’ to high-achieving individuals, such as top-performing medical and business students, in a bid to encourage them to stay after graduating from Dubai’s top universities.
100,000 visas have also been made available to computer coders as Dubai strives to establish itself as a technology hub and keep up with the likes of Europe and Silicon Valley, as well as to a host of wealthy actors and musical artists from across the globe.
However it may have been achieved, it seems that Dubai has made all the right moves required to come out on top, and as we head into the final quarter of the year and the Dubai economy continues to surge, at least in this part of the world, things are looking up.
When it comes to the types of properties in the highest demand, sprawling villas are number one on the list. While historically, price has been the definitive marker of luxury, today’s buyers are prioritising square footage, no matter what the cost, as they seek more space for them and their families to move around in – which means penthouses are out, and enormous villas are in.
Perhaps the ongoing lockdowns, which saw families around the world confined to their homes together for extended periods of time, have been responsible for this new sense of unwillingness to compromise on roominess, but either way, the demand has reportedly sent square footage prices soaring by as much as 28 percent. Nevertheless, you can still get considerably more for your money here than in cities like New York, where spacious properties are few and far between and where they do exist, come at an eye-watering cost for relatively little.
If you’re one of the many considering making the move to Dubai this year, you might be wondering where you can find the perfect property, and the good news is that there are several locations and developments that fit the bill when it comes to both square footage and price point. Palm Jumeirah, Emirate Hills, Bluewaters and Arabian Ranches are all great places to start – but understandably, they’re in high demand.
Wherever you choose to invest, one thing is for certain – a move to Dubai is the key to the luxury lifestyle dreams are made of. And, while some view the current surge of elite relocations as a temporary trend, there’s every reason to think that it could be set to continue indefinitely as the world’s high-net-worth individuals continue to recognise the virtues of an opulent life in the sun.
