Dubai: Global millionaires to spend over Dh9 billion in property market in 2023

Dubai: Global millionaires to spend over Dh9 billion in property market in 2023

Downtown and Palm Jumeirah emerging as top favourites

A view of Downtown Dubai. Demand for Dubai’s prime and ultra-luxury properties has grown exponentially in the past couple of years. — KT file

Published: Wed 31 May 2023, 6:55 PM

Global millionaires, are poised to spend $2.5 billion (Dh9.17 billion) in Dubai’s growing real estate market this year.

According to global property consultancy Knight Frank’s inaugural Destination Dubai survey report, 22 per cent of respondents are prepared to commit $5-10 million, while eight per cent are ready to spend over $80 million, with Downtown and Palm Jumeirah emerging as top favourites for millionaires.

For millionaires from the UK, European and North America, Palm Jumeirah and Emirates Hills emerge as preferred locations for residential purchases. For East Asian investors, Downtown is a definite favourite followed by Business Bay.

“Dubai has reached a tipping point and instead of jostling for recognition, the city is going toe to toe with the world’s long-established hubs as a magnet for the world’s wealthy. Outstanding transport infrastructure, unrivalled global connectivity and exceptionally forward-thinking leadership has catapulted Dubai’s reputation and status globally, as evidenced by the unrelenting demand from international high net worth individuals to own second homes here, or indeed relocate to the