PHOREE Real Estate is excited to share insights from a recent article published on khaleejtimes.com, revealing the top 10 most popular areas in Dubai where millionaires are buying properties.
According to a report by Knight Frank, Downtown, Palm Jumeirah, and Dubai Hills Estate are the three most popular areas among millionaires for property purchases in Dubai. For instance, if we consider a percentage representation, 37% of the wealthy individuals surveyed showed a preference for Downtown, while 30% favored Palm Jumeirah.
The study surveyed 183 high-net-worth individuals (HNWIs) across the UK, North America, Switzerland, France, Italy, Saudi Arabia, and India. Each individual had a net worth of over $3 million, excluding their main home or primary residence. This group collectively owns 851 homes around the world and has a combined net worth of $3.2 billion.
Other popular neighborhoods among millionaires include Business Bay, Emirates Hills, Dubai Marina, Dubai Canal, Jumeirah Gold Estate, Jumeirah Bay Island, and Mohammed bin Rashid City. These areas are attracting homebuyers who are looking to enjoy the safe and luxurious lifestyle offered by Dubai.
The report also highlighted that luxury property prices have increased substantially due to strong demand and the inflow of millionaires. For example, the most expensive submarkets, Palm Jumeirah and Downtown, have experienced the strongest growth in the last 12 months since Q1 2022, at 25% and 15% respectively. To illustrate, if a property was valued at $1 million in Q1 2022 in Palm Jumeirah, it would now be worth $1.25 million, reflecting a $250,000 increase in value.
Despite these price increases, Dubai's prime real estate still offers more space for the money compared to other global cities. For instance, $1 million buys 1,130 sqft of prime space in Dubai, compared to just 184 sqft in Monaco.
PHOREE Real Estate believes that these insights will be valuable for investors and stakeholders in the real estate sector.
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