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As rightfully said, “To me, luxury is defined as the best that life has to offer: an endless supply of amenities, a legendary setting, wondrous tranquility, spectacular scenery and the opportunity to embrace each moment because every need has been satisfied.” All of these can best describe one place, Dubai.
According to a recent news article, research based on the country’s population of 9.34 million shows that every 125th person in the UAE is a millionaire. Home to 72,100 millionaires, the UAE stands as the country with the second highest number of millionaires in the Middle East. It also shows the Middle East as one of the fastest growing high net worth individual (HNWI) markets in the world.
Connected to Asia, Europe and Africa, Dubai is recognised today as a global investment hub and a key market, featuring amongst the world’s strongest performing and fastest growing luxury property markets.
The Indians, British and Pakistanis have been known as one of the top investors, here, but now many wealthy Chinese are increasingly investing and are considered one of the fastest growing investors in the emirate.
Given that the property prices in China are much higher, Dubai as an ever-evolving property market will remain attractive to investors.
The Global Luxury Residential Real Estate Report 2015 shows that Dubai is an important hub for real estate investments.
It still is under the dominance of the markets of London, New York and Paris, but there have been changes according to the report. In the past few years, Dubai has positioned itself as a strong contender.
With the Expo 2020 in the horizon, Dubai is expected to continue to see growth and remain an important investment destination.
What attracts HNWIs to invest in the emirate? Its favorable tax-free environment, amazing lifestyle, architectural excellence, good quality construction, being a safe haven and much more, but obviously it is an educated decision as well based on long-term financial strategy.
Luxury real estate is like fine art. It is both about passion and investment.
“Enjoy your morning tea with a view of the marina from the terrace of this penthouse. This home offers everything the discerning guest could be looking for,” says a long-time real estate investor, connoisseur and collector of luxury real estate in Dubai.
According to statistics, the locations most chosen or preferred by luxury property investors are Downtown Dubai, Dubai Marina and Palm Jumeirah.
If you are looking to relax, you are close to the endless shorelines. If you are looking for a good lifestyle, you are in one of the most warm and multi-culturally diverse cities. If you are looking to shop, are adventurous or if you are looking for the best restaurants, you are in the right place. And all of these at much lower prices compared to other global locations.
The Wealth Report 2013, produced by Knight Frank, reported that Dubai’s prime luxury properties were over 10 times lower than Monaco, the world’s most expensive residential property market. Dubai’s prices are much more affordable compared to the top cities in the world.
Given Dubai’s ever-changing and ever-evolving landscape, it is recommended to hold on to your property.
In the years to come, Dubai, in terms of its skyline, demographics and economic performance, will be different from what it is today.
Source: Rakesh Mirchandani, Director, KGR Real Estate