2 days ago
Rising influx of super-rich spurs Dubai luxury property market surge
Dubai's luxury real estate sector is enjoying a spectacular boom, turbocharged by a rising influx of global high-net-worth individuals (HNWIs) relocating to the city.
Among the most prominent beneficiaries of this surge are Sobha Realty, Emaar, Nakheel, Damac and Condor Developers. This trend underscores Dubai's transformation into a top destination for wealth migration and investment. A combination of tax-friendly policies, political stability, a world-class lifestyle, and high asset yields is attracting record numbers of international investors — particularly from Europe.
In May, Dubai's real estate market continued to witness unprecedented growth, smashing records with Dh66.8 billion in sales, a 49.9 per cent surge from the previous year, according to fäm Properties. Despite concerns of a potential price correction, the market's fundamentals remain rock-solid, with an undersupply of office space and a steady influx of high-net-worth individuals driving sustained growth
'European investors are entering the market in large numbers, seeking stability, growth, and a low-tax environment. This has significantly bolstered sales and investment in projects like Golf Links 18,' said Vidhyadharan Sivaprasad, chairman and CEO of Condor Developers, whose flagship project, Golf Links 18 at Dubai Sports City, has already sold nearly 70 per cent of its premium golf-facing residences — even before completion.
Set to be completed before Q1 2026, Golf Links 18 is a Dh300 million luxury residential development offering over 250 upscale units across a 47,000 square-foot plot. It boasts an impressive range of 18 premium lifestyle amenities including two infinity pools, a rooftop yoga deck, Sky Retreat, jacuzzi, open-air cinema, and fitness facilities such as a gymnasium, sauna, and steam rooms.
The rapid uptake in sales reflects a broader pattern: Dubai's residential property market is seeing unprecedented demand from global elites. According to the Knight Frank Wealth Report, the UAE welcomed 7,200 new millionaires in 2024 alone, building on 4,700 in 2023 and 5,200 in 2022. As of December 2024, the country was home to approximately 130,500 dollar millionaires, ranking it as the 14th-largest wealth hub globally.
Most of the inbound HNWIs came from India (31 per cent), followed by the Middle East (20 per cent), Russia and the CIS (14 per cent), and the UK and Europe (12 per cent). The typical non-GCC high-net-worth investor spends Dh134 million ($36.5 million) on Dubai property, either for residence or investment.
Henley & Partners' 2024 Wealth Migration Report also names the UAE as the world's top destination for millionaire migration, with 6,700 new millionaires moving to Dubai last year alone. This influx is set to rise, with New World Wealth projecting a 39 per cent increase in the number of HNWIs in the UAE by 2026.
Real estate remains the cornerstone of investment strategies for both wealthy individuals and families. 'Real estate continues to be a key asset class for UHNWIs. It provides long-term value, income generation, and capital preservation, especially in markets like Dubai,' notes the Knight Frank report.
According to Sivaprasad, these trends have directly contributed to the significant increase in both asset values and rental yields across the emirate. 'We've seen property asset values rise by 20 to 30 per cent in the last year, depending on location. Rental yields are strong, averaging around 10 per cent,' he said.
European buyers now form the majority of purchasers at Golf Links 18, led by investors from the UK, Russia, France, Slovakia, and the UAE. Many are relocating from countries with high taxes and cumbersome fiscal regimes, drawn by the UAE's business-friendly ecosystem and simple, low-tax regulations.
'The demographic of our buyers is rapidly diversifying,' Sivaprasad added. 'Dubai's global appeal, combined with strategic government initiatives, has reshaped the real estate landscape. It's no longer just a regional market — it's a global destination for wealth.'
Condor Developers is poised to expand aggressively. With a project pipeline worth Dh2.5 billion across Dubai Islands, Al Majan, and Jumeirah Village, the company is gearing up to meet the continued demand from the rising tide of international investors, he said.
