Mashable: High-net-worth individuals worldwide are projected to inject over Dh16 billion ($4.4 billion) into Dubai's property market in 2024, solidifying the emirate's status as a premier investment destination. Knight Frank, a global real estate consultancy, highlights Abu Dhabi and Sharjah as secondary destinations for high-net-worth individuals (HNWIs) following Dubai.

Dubai's property market has garnered significant attention from HNWIs in the post-pandemic era due to its attractive combination of high returns, competitive prices, top-notch infrastructure, safety, and economic growth. Both property prices and rentals have surged to unprecedented levels, surpassing the peaks witnessed in 2014.|

High-net-worth-individuals (HNWIs) around the world are prepared to spend $4.4 billion on residential real estate in Dubai, according to Knight Frank’s 2024 Destination Dubai report. Read more https://t.co/sNgxG9b8Zj#UAE #Dubai #DubaiLife #DubaiRealEstate pic.twitter.com/wWpAIlO9C5 — Economy Middle East (@Economy_ME) May 22, 2024

With thousands of millionaires relocating to Dubai from various regions, the emirate has become a hub for the affluent. According to Henley & Partners, Dubai is home to 72,500 millionaires, 212 centi-millionaires, and 15 billionaires.

Faisal Durrani, partner and head of research for Mena at Knight Frank, emphasizes Dubai's allure for the global HNWI community, noting the city's popularity for luxury property acquisitions. Durrani highlights the substantial budgets of ultra-high-net-worth individuals, with a notable percentage willing to invest upwards of $60-80 million in Dubai real estate.

 London's Wealth Exodus

In 2023, the UK lost around 12,500 more high-net-worth individuals (HNWls) 

Their favorite destinations:
1.  Dubai
2.  Los Angeles
3.  Bay Area
4.  New York
5.  Monaco
6.  Amsterdam
7.  Paris pic.twitter.com/G7R6gMX9WA — CitizenX (@CitizenX) April 7, 2024

The market activity in the first quarter, as reported by Knight Frank and Reidin, indicates robust sales in prime areas such as Palm Jumeirah, Palm Jebel Ali, Business Bay, Al Wasl, and Jumeirah Bay Island. Notably, transactions include sales of homes valued at $10 million and above, with a select few surpassing $25 million.

Ramjee Iyer, chairman and managing director of Acube Developments, underscores the evolving demands of residents, emphasizing the need for value-added features and spacious accommodations. Iyer anticipates a stabilization of rental prices as the market adapts to meet growing demands.

High-net-worth individuals (HNWIs) are set to invest $4.4 billion in Dubai’s residential real estate, according to Knight Frank’s 2024 Destination Dubai report.
Source: Middle East Economy #rangedxb #bluevisa #dubaigoldenvisa #breakingnews #newsalert #realestatenews pic.twitter.com/h2gcfmUpJ6 — RANGE International Property Investments (@rangedxb) May 22, 2024

Emad Saleh, founder and chairman of Amwaj Development, highlights the increasing preference for green spaces, entertainment amenities, and child-friendly environments among prospective buyers. These factors play a pivotal role in the decision-making process for homebuyers in Dubai.