Demand for ultra-luxury real estate has never been higher.
Despite a significant increase in rates during the post-pandemic period, prime property prices in Dubai are still 20 to 80 percent less expensive than those in big cities like Monaco, Hong Kong, New York, London, Geneva, Paris, Beijing, and Tokyo, among others.
In comparison to 17 square meters in Monaco, 21 square meters in Hong Kong, 33 square meters in New York, 34 square meters in London, 43 square meters in Paris, 60 square meters in Tokyo, and 87 square meters in Melbourne, 105 square meters in Dubai may be purchased for $1 million (Dh3.67 million).
The post-pandemic period has seen an unparalleled demand for ultra-luxury real estate. Other record-breaking agreements were also made in 2022, including the sale of the most expensive flat ever in Dubai for Dh410 million. One property has a price tag of Dh800 million, making it the most expensive one to ever sell.
Dubai has risen from second place during the pre-Covid period to become the most connected city in the world in 2022 as the aviation industry and the emirate's general economy recovered from the pandemic.
According to predictions, the emirate's prime property prices will increase by 13.5% in 2023, the highest rate among all the world's major cities. Other cities are probably going to experience modest single-digit growth. The forecast places Dubai at the top, with prime prices expected to increase 13.5% in 2023 due to the city's accessibility, relative affordability, and growing global appeal.
Dubai has created a highly practical strategy for luring wealthy inhabitants, and it has made a lot of effort to improve a perceived weakness, specifically length of stay. Prior to the Golden Visa program, the majority of visa possibilities were temporary and tied to employment. Now, longer-term residence is a possibility. And for the second consecutive year in 2022, the emirate took the top spot in terms of prime property price growth, recording an increase of 44% out of 100 markets.
This rising trajectory is expected to continue for the foreseeable future with top estates delivering the highest return on capital and Dubai’s sustained reputation as a worldwide destination for residents and investors alike.