Investors from around the globe are flocking to Dubai, drawn by its iconic developments, economic stability, attractive pricing, tax benefits, and booming tourism
high-end residential units costing upwards of $10 million in the first six months of the year, and topping London, New York and Paris for the first time, Knight Frank’s Destination Dubai 2023 report revealed.
The market saw 176 high-end property sales that exceeded $10 million during the January-June period, including some of the headline-grabbing deals such as a whopping Dh410 million deal for a penthouse in the Bulgari Lighthouse residence on Jumeirah Bay Island.
The increased global focus on Dubai has also led to a boom in the off-plan sales market, raising its share to about 50 per cent of all property sales, in the first half of 2023, the Allsopp and Allsopp H1 2023 market report said.
According to Petri Mannila, Head of Luxury, Penthouse.ae, the UAE has emerged as a quintessential global destination, renowned for its unique blend of culture, innovation and luxury. The country, especially the city of Dubai with its reputation as a vibrant and cosmopolitan hub, combined with iconic attractions and a diverse lifestyle, has made it a magnet for high-net-worth individuals (HNWIs) seeking exclusive properties that offer both comfort and prestige.
