Wealthy individuals, millionaires and entrepreneurs will continue to stimulate the growth of the luxury real estate market during the second half of 2022.
Due to the limited inventory of premium properties and the inability to meet the growing demand, the luxury housing sector will continue to grow in Dubai during the remaining half of 2022. Market experts and leading analysts say that the demand for first-class apartments and villas in Dubai has been growing since the beginning of the year, as wealthy individuals (HNWI), millionaires and entrepreneurs seek to move or purchase secondary real estate in the emirate.
By the end of 2022, it is expected that about 4,000 HNWIs will move to the UAE. Now the country is actively fueling interest and simplifying long-term visa programs for interested foreigners. A significant contribution was also made by the successful fight against COVID-19, and the successful Expo-2020 in Dubai.
Luxury is still on trend
Market experts note a noticeable increase in demand for luxury residential real estate since the fourth quarter of 2020. In fact, in 2021, the largest number of transactions on the secondary market over the last decade was recorded, exceeding 10 million dirhams, with the most properties sold on Palm Jumeirah Island – about 35% of transactions.
This trend of steady demand for luxury housing continues in the first quarter of 2022, while the volume of transactions in the primary market exceeded 10 million dirhams, which is 140.2% more than in the same quarter of 2021.
