Dubai: Luxury property set to double its market share in 2022

Dubai: Luxury property set to double its market share in 2022

Dubai's luxury property market will continue to rise in the second half of the year as limited stock of prime and ultra-prime residential units are unable to cater to the rising demand from both end-users and foreign buyers, experts say.

Industry specialists, analysts and market experts said the demand for prime and ultra-prime properties in Dubai is on the rise since the beginning of the year as high net worth individuals (HNWIs), millionaires and entrepreneurs looking to relocate or buy a secondary home in Dubai.

Referring to the recent report, they said 4,000 HNWIs are expected to relocate to the UAE this year as the country demonstrated its ability in managing the Covid-19 pandemic, successfully hosting Expo 2020 Dubai, offering excellent connectivity and 100 per cent foreign ownership of companies and introducing range of visa reforms.

They further said the Russia-Ukraine conflict is also drawing liquidity and investments into Dubai from the affected regions.

Luxury a resilient segment

Prathyusha Gurrapu, head of Research and Advisory at real estate consultancy Core, said the prime and ultra-prime residential market has been relatively resilient compared to the affordable and mid-market segment during 2014-2020.

"We have observed a marked increase in demand for prime residential properties since fourth quarter of