The real estate sector in the UAE represents a destination for wealthy people from all over the world, whether for the purposes of living and housing, doing business, or investing in this promising sector.
The UAE has established a strong regulatory framework for the real estate sector, which enhances its attractiveness to capitalists and wealthy people from around the world, and guarantees them a worthwhile investment, in addition to providing many preferential benefits that include income tax exemption, golden visas, and a luxurious lifestyle.
International reports and studies confirm the status of the real estate sector in the UAE, as a factor that attracts wealthy people on the one hand, and a beneficiary of other attractive factors enjoyed by the country’s economy, on the other hand.
The reports pointed to the exceptional and safe investment opportunities enjoyed by the real estate sector in the country, and to the optimistic expectations for its growth in the coming years, due to the increasing and exceptional demand, as the UAE ranked among the top 10 places for those planning to buy a home, according to the wealth report issued by the international “Knight Frank”. Real estate consultancy.
Dubai maintained its position, according to the company’s latest report, as the highest global market in terms of the number of home sales worth more than $10 million, and New York and Hong Kong came in second and third place, respectively.
High-net-worth individuals are preparing to spend $4.4 billion on residential real estate in Dubai this year, according to a survey conducted by Knight Frank, which included 317 high-net-worth individuals, including 217 millionaires from various parts of the world, and 100 residents of the Gulf Cooperation Council countries. .
The survey indicates that high-net-worth individuals around the world are preparing to spend $408.3 million on residential real estate in Abu Dhabi, and $388.5 million in Ras Al Khaimah, for a total of $797 million.
The net worth of high-net-worth survey participants is $5.4 billion, and they own 1,147 homes around the world.
It is expected that the size of the real estate market in the UAE will reach more than $700 billion (2.56 trillion dirhams) by the end of 2024, with the residential real estate sector occupying the lead, amid expectations that it will exceed the barrier of $400 billion (1.46 trillion dirhams) in the same period. According to a report by the global “Statista” platform, it indicated that the real estate market in the Emirates is witnessing a boom in demand for luxury real estate, due to the increasing number of high-net-worth individuals searching for investment opportunities, as it is expected to achieve a constant annual growth rate of 3.03% between the years 2024 and 2028, leading to a market size of about $800 billion (2.93 trillion dirhams) then.
The UAE market recorded growth in prices and transaction volumes in 2023, amid expectations that transaction volumes will continue to grow in Abu Dhabi until the end of 2024, and prices will continue to grow in the apartment and villa sectors in Dubai, according to CBRE International Real Estate.
The residential market in the country has maintained an upward trajectory, marked by unprecedented levels of transactions in 2023, and the trend is expected to continue during the current year, according to Deloitte Professional Services and Consulting.
The global company Henley & Partners believes that the UAE topped the list of leading destinations for the world’s wealthy again in 2024, as more than 6,700 millionaires are expected to flock to the country, a number that exceeds any other country in the world, according to the company’s latest report.
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