With its world-class amenities, stunning architecture, and unparalleled luxury, Dubai remains a top destination for high-end real estate buyers. Dubai’s diverse and fast-growing economy, is attributed by its strategic location, which serves as a gateway between the East and the West. This has helped to make it a major hub for international trade. This economy, characterized by trade, real estate and financial services, has grown rapidly over the past few decades. Moreso, because of its pro-business environment, supportive government policies, and strategic investments in infrastructure and technology.
The city's thriving economy, high standard of living, and cosmopolitan culture has created a massive pool of the diverse population of expats from all over the world living and working in Dubai. In fact, European investors have been drawn to increase their investments in Dubai’s high-end housing property assets this year due to high inflation rates in their home countries. While the Russian-Ukrainian crisis captivated high-net-worth Russians who continue to invest heavily in Dubai’s high-end real estate sector in 2022, the share of international buyers in the most sought-after luxury housing segment is projected to see a sharp rise in 2023.
This has been to such a high degree, that in the wake of lifting of Covid-related restrictions in their country, wealthy Chinese investors have come in, increasing the influx of fresh international investors. This emerging trend is predicted to lead to a 14 percent jump in the emirate’s luxury property segment this year, according to a recent market study.
The emirate’s luxury real estate segment has been cashing in on the global slowdown, with the likes of Roman Abramovich - Russian billionaire and owner of Chelsea Football Club, who owns a $165 million mansion on Palm Jumeirah. Roberto Cavalli - Italian fashion designer, also owns a $33 million villa in the same city’s artificial tree-shaped island and Giorgio Armani-Italian fashion designer, who owns a number of luxurious properties in Dubai including a $20 million apartment in the Burj Khalifa. Currently, prime properties in Dubai are selling for around $800 per square foot, making it one of the more affordable luxury residential markets in the world.
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