Monday, January 30

70,000 millionaires in UAE

According to Unique Properties, Dubai is seeing an increase in the number of luxury branded properties. With over 70,000 millionaires, the UAE is expected to see a 22% increase in high-net-worth families by 2027.

Dubai’s property market has capitalised on luxury and lifestyle living to become a lucrative destination for high-net-worth individuals. These features, according to Unique Properties, have contributed to Dubai’s rise as the world’s greatest site for branded properties.

“The rise of Dubai’s branded residence segment started with Armani Residences in Burj Khalifa in 2010. Luxury brands and developers have gradually realised the concept’s mutual benefit – but there has been a significant uptick as of late,” said Arash Jalili, Founder and Chief Executive Officer of Unique Properties, UAE HQ.

“In the first half of 2022 alone, more than 3,300 transactions worth over AED160 billion were recorded. The demand for branded residences is becoming increasingly apparent, demonstrating great potential for the foreseeable future and the country’s overall real estate sector is projected to receive added investment with the Qatar World Cup officially underway.

“The branded residences segment is among these beneficiaries. According to FIFA, nearly three million tickets have been sold until now and with the overwhelming demand witnessed by visitors from across the globe, this will drive a huge influx of visitors to neighbouring countries – with Dubai arguably being the preferred destination of choice,” he concluded.

According to a Webster Pacific analysis, the top five residential districts with the highest concentration of HNWIs are Jumeirah First, Al Barsha, Jumeirah, Arabian Ranches, and Al Thanyah. More than 35% are concentrated in Jumeirah and Al Barsha.

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