Global HNWIs to pour $2.5bn in Dubai property in 2023: Knight Frank

Global HNWIs to pour $2.5bn in Dubai property in 2023: Knight Frank

Global high-net-worth individuals (HNWIs) will spend $2.5bn on Dubai property in 2023, as the city is going toe-to-toe with the world’s long-established hubs as a magnet for the world’s wealthy. Property consultancy firm ’s inaugural report revealed that about 22 per cent of the 183 HNWIs that it surveyed globally are prepared to commit $5m to $10m on real estate in Dubai, while 8 per cent are ready to spend more than $80m. This group of global HNWIs own 851 homes around the world, have a combined net worth of $3.2bn and each with a net worth of over $3m. “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,” said Faisal Durrani, partner – head of Middle East Research at Knight Frank. “Outstanding transport infrastructure, unrivalled global connectivity and an exceptionally forward-thinking leadership has catapulted Dubai’s reputation and status globally, as evidenced by the unrelenting demand from international HNWIs to own second homes here, or indeed relocate to the emirate.” The world’s wealthy have been increasingly targeting Dubai’s luxurious homes, primarily situated in the city’s most desirable districts.