{"id":26534,"date":"2023-03-02T17:31:51","date_gmt":"2023-03-02T13:31:51","guid":{"rendered":"http:\/\/spinvestment.com\/?p=26534"},"modified":"2023-03-02T17:31:51","modified_gmt":"2023-03-02T13:31:51","slug":"dubais-luxury-property-market-is-closing-in-on-new-york-los-angeles","status":"publish","type":"post","link":"https:\/\/www.spinvestment.com\/es\/dubais-luxury-property-market-is-closing-in-on-new-york-los-angeles\/","title":{"rendered":"Dubai\u2019s luxury property market is closing in on New York, Los Angeles"},"content":{"rendered":"

\"Dubai\u2019s<\/a><\/p>\n

Demand for Dubai property is booming as its visa policies attract more foreign buyers<\/h2>\n

Dubai: Dubai is the world\u2019s busiest luxury property market behind New York, Los Angeles and London after a deluge of wealthy investors flocked to the city when it emerged as a safe haven amid geopolitical and economic uncertainty elsewhere.<\/p>\n

The Middle Eastern business hub racked up 219 sales of properties worth $10 million or more last year, according to property consultant Knight Frank. By comparison, New York registered 244 deals worth $10 million or more, Los Angeles, 225 transactions and London, 223. Dubai was also the fifth most active city for sales worth $25 million and above with 26 transactions.<\/p>\n

\u201cDubai has arrived,\u201d said Faisal Durrani, head of Middle East research at Knight Frank. \u201cThe growing concentration of wealth in the city has been catalyzed by the confluence of factors, ranging from the government\u2019s decisive response to the pandemic, to the roll-out of a range of new residency visa options.\u201d<\/p>\n

Demand for Dubai property is booming as the government\u2019s handling of the pandemic and its liberal visa policies attract more foreign buyers. The luxury end of the emirate\u2019s real-estate market – including waterfront villas on the city\u2019s man-made palm-shaped islands – is benefitting from an influx of wealthy investors.
\nHedge fund traders<\/p>\n

The city is also emerging as a favored destination for hedge fund traders who are drawn by its ease of doing business, tax-free status and allure as a global travel hub. Just over one third of ultra-high-net-worth individuals in the Middle East grew their wealth in 2022 by more than 10 per cent, according to Knight Frank.<\/p>\n

Still, Dubai is one of the world\u2019s most \u201caffordable\u201d luxury home markets, ranking 16th in Knight Frank\u2019s 20 global prime residential markets. In today\u2019s market, $1 million will secure 1,130 square feet (104.98 square meters) of residential space in prime districts such as the Palm Jumeirah, Emirates Hills, or Jumeirah Bay Island four times more space than in New York, London, or Singapore.<\/p>\n

And the boom isn\u2019t showing any sign of slowing. The price of Dubai\u2019s most luxurious homes are expected to increase the most globally this year \u201c- at about 13.5 per cent after surging 44 per cent last year, according to the consultant.<\/p>\n

\u201cDubai\u2019s market still represents outstanding relative value,\u201d said Andrew Cummings, head of prime residential at Knight Frank. \u201cIt is this value that continues to drive UHNWI buyers into our market, most of whom are seeking a sun-sand-sea lifestyle that is now synonymous with Dubai. The city\u2019s appeal stretches right across the world.\u201d<\/p>\n

The number of cash buyers in Dubai is also increasing. In 2022, about 80 per cent of property transactions by value were in cash in Dubai, compared with 40 per cent in 2021 and 50 per cent in 2007, according to Durrani.<\/p>\n

Russians were the biggest international buyers of Dubai real estate last year, Dubai-based brokerage Betterhomes said in January.<\/p>\n

Source<\/a><\/p>\n

 <\/p>\n

Related Article<\/strong><\/p>\n

These are shaping up to be the best and worst luxury real estate markets for 2023<\/a><\/p>\n

Why Dubai will overtake New York when it comes to branded residences<\/a><\/p>","protected":false},"excerpt":{"rendered":"

Demand for Dubai property is booming as its visa policies attract more foreign buyers Dubai: Dubai is the world\u2019s busiest luxury property market behind New York, Los Angeles and London after a deluge of wealthy investors flocked to the city when it emerged as a safe haven amid geopolitical and economic uncertainty elsewhere. The Middle Eastern business hub racked up 219 sales of properties …<\/p>","protected":false},"author":1,"featured_media":26535,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"footnotes":""},"categories":[115,58],"tags":[],"class_list":["post-26534","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-dubai-properties","category-real-estate"],"yoast_head":"\nDubai\u2019s luxury property market is closing in on New York, Los Angeles - SP Real Estate Investment<\/title>\n<meta name=\"description\" content=\"Dubai is the world\u2019s busiest luxury property market behind New York, Los Angeles and London after a deluge of wealthy investors\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.spinvestment.com\/es\/dubais-luxury-property-market-is-closing-in-on-new-york-los-angeles\/\" \/>\n<meta property=\"og:locale\" content=\"es_ES\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Dubai\u2019s luxury property market is closing in on New York, Los Angeles - 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