According to the experts, demand for Dubai’s luxury property market has remained resilient in 2023, with the city acting as a ‘magnet’ for the ultra-wealthy. Indeed, 176 homes worth at least $ 10 million changed hands in the first half of the year (source, Knight Frank), with Dubai topping the list as the world’s busiest market for properties worth over $10m USD during the first half of the year, surpassing Hong Kong and New York.
Despite historic rises, Dubai’s property remains relatively ‘well priced’ compared to other global hotspots, with average prices hovering around 1,800 USD per square foot. This has meant that the Emirate has been able to cash in on interest from the global Ultra and High-Net-Worth communities, with its well-documented rise driven by COVID and the war in Ukraine, coupled with rising interest rates and inflation in Europe. Recently, China has also entered the market, which are replacing the Russians and emerging as the key players in the residential luxury market.
In 2022, the UAE attracted 4,000 new millionaires according to the immigration consultancy Henley & Partners. But where does the global elite choose to live in Dubai? Laguna’s experts look at the top three destinations.
1. Palm Jumeirah
Around one-third of all luxury homes sold are on the Palm Jumeirah, with its iconic trunk and fronds acting as an icon of aspirational living the world over. The Palm is home to a breathtaking number of luxury hotels, including the Royal Atlantis, Raffles, and the St Regis, along with beautiful and vibrant beaches, packed with the most exclusive beach clubs and dining venues.
Palm Jumeirah villa prices are the most expensive in Dubai, reaching 4,000 AED per square foot. The most notable address is Front G, said to be the most exclusive street in Dubai, which regularly achieves selling prices of over $35m. Earlier this year, a villa on this frond set records with an incredible transaction of $82m.
Contact the team to discuss our current sales portfolio on Palm Jumeirah.
2. Emirates Hills
Styled on Beverly Hills in Los Angeles, Emirates Hills is a private enclave that hosts some of the most desirable villas in the Emirate, overlooking the prestigious Address Montgomerie golf course, created by golfer Colin Montgomerie. Developed by Emaar, Emirates Hills is home to celebrities, politicians, diplomats, and the cream of the business community. Some named residents over the years include the late Benazir Bhutto.
With its high levels of safety and inspirational views, it is little wonder that prime residential prices here have risen up to 89% over the past 12 months. Currently, villas start from around $8m USD but regularly reach hundreds of millions for the largest properties. Villas tend to be lavish in style, each with lush private gardens and pools, offering residents the privacy that they crave.
Contact the team to discuss our current rental portfolio in Emirates Hills.
3. Jumeirah Bay
Jumeirah Bay is a less well-documented, and new opportunity for the rich and famous, with demand driven by the fact that there are only 100 beachside plots to buy. Developments are therefore private and entirely bespoke, offering residents the freedom to create the homes of their dreams – if a plot can be acquired at all.
In April of this year, Jumeirah Bay set records for the most expensive plot ever sold in the UAE, with a transaction of $34m, or 5,100 AED per square foot. The plot was sold to an unnamed international buyer and will be used for a custom-designed mansion.
With demand, this strong, Dubai truly is the number one destination for the international real estate elite. Speak to the Laguna team today to learn how we can help you achieve the home of your dreams.
