Dubai is coming up to New York and Los Angeles in terms of luxury real estate.
Dubai is the busiest luxury real estate market in the world, followed by New York, Los Angeles, and London, as a result of the influx of wealthy investors looking for safety from the geopolitical and economic upheaval occurring throughout the world.
The Middle Eastern economic powerhouse sold 219 properties last year for $10 million or more, according to real estate firm Knight Frank. In contrast, New York reported 244 agreements totalling $10 million or more, Los Angeles 225 contracts, and London 223 agreements. Dubai was the sixth busiest city for sales of $25 million or more, with 26 transactions.
traders for hedge funds
The city is also becoming a popular choice for hedge fund traders, who are enticed by its tax-free status, simplicity of conducting business, and attraction as a center for international travel. According to Knight Frank, little over one-third of Middle Eastern people with the ultra-high net worth will see an increase in wealth of more than 10% in 2022.
Even yet, Dubai is among the “cheap” luxury house markets in the world, coming in at number 16 among Knight Frank’s top 20 global prime residential markets. In today’s market, $1 million will buy 1,130 square feet (104.98 square meters) of residential space, four times as much room as in New York, London, or Singapore, in prestigious neighborhoods like the Palm Jumeirah, Emirates Hills, or Jumeirah Bay Island.
And there are no signs that the boom will slow down. According to the consultant, the price of Dubai’s most opulent residences is anticipated to rise the highest globally this year, by roughly 13.5% after rising by 44% last year.