Dubai luxury homes continue to be in demand in 2022

March 10, 2022

According to real estate experts, there is still enough demand for Dubai luxury homes from the world’s wealthy.

The initial weeks of January may have been relatively quiet when it came to high-end luxury home transactions but the beginning of March saw a rise in the demand despite the Russia-Ukraine conflict and fallout.

2022 has all the markings to make the super-premium end of the villa and mansion category just as strong as it was in 2021 and even better – both for those built and those on the way.

Dubai discovered

“I believe investors are still upbeat on the future of Dubai real estate, and given the fact that Dubai is becoming a hotspot for global finance and trade – even being more preferred than some other financial centers – this trend is bound to go up,” stated Nisarg Trivedi, Director of Schroders Investment.

The series of actions the UAE took against the pandemic to get it under control had much to do with the Dubai real estate recovery. Additionally, when Dubai re-opened travel in July of 2020, the globally rich started to frequent Dubai because there were no other places that were open. The city became their winter getaway destination which transformed into being their second home.

According to Knight Frank, a UK property consultancy, there were 93 homes worth $10 million or over that sold in Dubai last year – the value adding up to more than what the previous five years combined delivered.

Dubai Luxury Homes – a category of its own

The good news: there is something available for all sorts of investors. From affordable housing to ultra-luxury residences.

When it comes to the ultra-luxury homes in Dubai however, it’s a sellers’ market. According to Firas Al Msaddi, they have received interest from a buyer to purchase a Dh180 million home but the owner is selling it not lesser than Dh250 million. Based on the feedback from the market, this particular seller won’t need to wait long before a buyer comes and agrees to his selling price.

Dubai’s property developers are busy preparing ultra-luxury properties for launch. With the ongoing world issues, there will be factors like the higher cost of building but the premium end of the market is confident that the demand will remain robust.