Dubai's Super Luxury Home Prices Reach Unprecedented Altitudes

Dubai’s lifestyle always attracts everyone, so the property here is selling too fast. The demands for super-luxury homes are mostly escalating amongst HNWIs (high-net-worth individuals) and it is recorded that residences are selling for up to $4,000 per square foot.

The year has started and the Dubai Property market has seen unbelievable growth. A report was released on Friday, that the prices of super-luxury residences went up to $4,000 (AED 14,692). This amount is equivalent to a monthly rent for a furnished flat in Dubai. If you are looking for a premium home in Dubai, then a one-bed furnished apartment would cost you approx. AED 14,000 as of January 12, 2024, which is equivalent to the same square foot for a luxury property on sale.

Influx Of Millionaires

Dubai has now become the hot zone for expats as their permanent residence, and this changeover has been seen after COVID-19 lockdowns. High-net-worth buyers across the globe from Europe, the UK, France, and Germany are relocating to Dubai. Mostly, buyers are quite attracted towards the real estate tax policies, freehold zone advantages, availability of a wide range of property options, quality of property & quality of lifestyle as well as value for money as compared to other cities like the UK, Hongkong, France, Singapore, etc.

Dubai’s properties offer the same level of luxury lifestyle and services as compared to other cities in an affordable price manner and even investors can get better than this. That is the reason, property demands are skyrocketing. The property prices in Dubai increased 16.9% on average in the** 1st Q of the last year stated in a report, including 17.2% for apartments and 15.1% for villas**.

Despite the increased price, millionaires around the world flock to Dubai. The reason is buyers or investors have to pay two or three times the price per sq. ft in other cities but in Dubai, it is tax-free. According to Google data, 5,200 HNWIs relocated to the UAE in 2022 and 4,500 HNWIs relocated in the last year.