Staff Writer: ZAWYA

August 26, 2023

Dubai’s property market raked in billions of dirhams in sales of ultra-luxury properties in just six months as the population of the wealthy continued to grow.

During the first half of 2023, at least 176 high-end property units with a combined value of AED 3.1 billion ($844 million) were snapped up, real estate agency Unique Properties reported on Thursday.

Real estate consultancy Knight Frank also recorded 219 homes that were sold for the same price range over the last year or so, making Dubai the fourth most active city in the world for ultra-luxury real estate.

Top Luxury, Strong Investments

The city has been attracting more millionaires, solidifying its position as a top destination for wealthy individuals in the Middle East.

The UAE has topped the world in terms of wealth migration, with around 4,000 millionaires moving to the UAE in 2022, according to the Henley Global Citizens Report.

Henley has also ranked Dubai among the top 20 cities with the biggest millionaire population.

It is estimated that Dubai is home to 68,400 millionaires, or those with around $1 million worth of assets, 238 residents boasting more than $100 million in fortunes, and 15 billionaires.

The Middle East is home to 9,717 UHNWIs in the Middle East, according to Knight Frank. The number is projected to grow to 12,000 by 2026, with the majority likely to move to Dubai.

The growth in the number of wealthy residents has helped drive up sales in luxury real estate.