Global high-net-worth individuals (HNWIs) are expected to spend $4.4 billion in buying Dubai property this year, up 76 per cent compared to last year, as demand for luxury homes from the world’s super-rich continues to remain strong in the emirate amid appreciation of prices.
GCC-based residents HNWIs are projected to spend $3.1 million to buy a house in Dubai while the global ultra-rich will allocate $36.5 million on average on property deals, according to a new report by the global property consultancy Knight Frank.
Knight Frank interviewed 317 wealthy people as part of the survey, with an average net worth of $20 million globally and $8 million in the Gulf region.
“The appetite for investing in Dubai is still exceptionally high,” said Faisal Durrani, partner and head of Middle East research at Knight Frank.
“The level of interest to invest in Dubai rises with the level of personal wealth growing, from 28 per cent for those with $2 to $5 million, topping out at 70 per cent among those worth more than $15 million.”
Fifty-one per cent of respondents with a net worth between $10 to $15 million said they are “very interested” in purchasing a property in Dubai, while 78 per cent of respondents in the category of more than $15 million net worth were also keen to a home in the emirate.
Source: TRADE FINANCE