Dubai Real Estate: Multi-millionaires from the emerging markets are – get this – heading to Dubai! They are in a pursuit of cheap real estate and higher prospects of growth in the city. Knight Frank’s most recent annual survey forecasted that the residential sales in Dubai reached 119 thousand homes with nearly AED 350 billion of total value in the year 2023.
This survey showed you the type of property investment in Dubai that is of interest to millionaires
Knight Frank’s global research included 217 participants from 11 different countries with a minimum net worth of $20 million. The result ranks that the United States, China, Canada, United Kingdom, and India as the largest investors by millionaires who plan to invest in the property sector of Dubai.
So, without further ado, here are the 15 areas in Dubai millionaires are buying homes in:
- 34% – Dubai Marina
- 33% – Downtown Dubai
- 27% – Business Bay
- 20% – Dubai South / Expo City
- 20% – Dubai Canal
- 19% – Dubai Hills Estate
- 16% – Palm Jumeirah
- 15% – Emirates Hills
- 13% – Jumeirah Bay Island
- 9% – Jumeirah Golf Estate
- 9% – The World Islands
- 9% – Al Qudra
- 7% – Tilal Al Ghaf
- 7% – MBR City
- 6% – Emaar South / Emaar Valley
The survey also mentions the top 3 areas for GCC-based millionaires and global ones
For GCC-based high net-worth individuals (HNWI), the top areas are:
- Dubai Marina
- Business Bay & Downtown Dubai
- Dubai South / Expo City
For global HNWI, the top preferences are:
- Downtown Dubai
- Dubai Marina
- Business Bay
Source: Millionaires – Knight Frank
