15 Dubai areas where billionaires are buying homes revealed

More than half of buyers don’t want to wait to take delivery of the property – ‘they want to move in now’, experts say

new luxury community Dubai may be growing in popularity, but three classic neighborhoods still rank high on the billionaires’ list: Dubai Marina, Downtown and Business Bay.

New research released Tuesday shows these are the three main residential areas where billionaires are buying real estate.

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Millionaires from emerging markets are flocking to Dubai for its low prices and fast growth, according to an annual survey by property consultancy Knight Frank.

The top markets where billionaires plan to buy property in Dubai are the US, China, Canada, UK and India, according to a survey of 217 respondents from 11 countries valued at $20 million. I understand.

According to Knight Frank, these areas are among the top 15 places billionaires bet on buying prime real estate. Destination Dubai 2024:

Faisal Durrani, partner and head of research at Knight Frank, said luxury home market prices in the UAE rose by 18.2% in the first quarter. It is expected to rise 5% over the year, making it the third-fastest growth rate in the world after Auckland and Mumbai.

“Investment appetite for Dubai remains very high. Uber’s wealthy continue to target Dubai as their second home,” Durrani said.

“Around 56% are looking to buy a completed or new-build property, while only 14% are interested in the off-plan market. This has interesting implications for a market which has seen a lot of off-plan projects launched over the past 18 months. It means that 56% of people don’t want to wait to hand over their property; they want to move in now, which has resulted in a sharp drop in the number of completed homes for sale,” he added.

Dubai remained at the top with 431 transactions valued at $10 million or more last year, followed by London (240) and New York (211).

Business Houses close to green areas are popular

The study also found that ultra-high net worth individuals are “very interested” in investing in Dubai’s real estate market, which is led by billionaires with assets of more than $15 million.

Interestingly, 31 percent of ultra-high net worth individuals purchase property for personal reasons, and 64 percent purchase property for investment. They prefer homes close to parks and green spaces, hospitality and healthcare centres, beaches and ocean views, and shopping malls, according to Knight Frank research.

Durrani said Dubai’s real estate market has already seen two distinct market cycles, and is currently in its third market cycle, which has just entered its fifth year of price growth.

“Prices rose 20% year over year in the first quarter, and our forecast for the overall housing market is 3.5%. There has been a slowdown compared to last year and the year before, but still not bad. This is the fifth year of price increases. Therefore, it is inevitable that prices will slow down and plateau, but it is difficult to say when prices will fall or plateau. All KPIs do not suggest a slowdown. There’s no cliff-hanger moment that we see,” Durrani said.

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