Dubai has attracted billions of dollars in luxury real estate investment in 2023. In the third quarter of 2023 alone, buyers invested $1.59 billion in Dubai luxury apartments.

According to Knight Frank LLP, a consultancy firm, there were 277 sales of homes worth $10 million or more in Dubai in the first nine months of this year. This allowed the Emirate to surpass such global financial centers as New York and Hong Kong.

New buildings are much more expensive than secondary apartments. The decade results in the real estate market in Dubai. Analytics from REALTING

One of the leading real estate consultants, Faisal Durrani, Head of Middle East Research at Knight Frank, notes that demand for luxury homes in Dubai remains consistently high, while supply has not kept pace.

Among the areas of Dubai most popular with affluent buyers is Palm Jumeirah Island, which attracted more than half of all sales in the luxury real estate sector. Emirates Hills, Jumeirah Bay Island, and the traditional Umm Suqeim 3 are also seeing significant demand.

Why Dubai?

1. Government policies

The government is introducing measures to encourage the inflow of foreign investment and the development of the real estate sector. These include liberal visa policies and tax incentives.

2. Strong economy

Dubai's economy is going through a golden era, with 2022 recording the highest GDP growth in a decade. This has triggered a booming demand for luxury real estate assets from both local and foreign buyers.

3. A safe haven

Global investors are increasingly looking to Dubai as a place to store their assets with confidence.