Latest news with #FaisalDurrani
Yahoo
6 days ago
- Business
- Yahoo
Dubai remains top market for homes transacted for over US$10 mil: Knight Frank
View from a villa at Palm Jumeirah, Dubai (Picture: Knight Frank) Following robust activity in 2024, the Dubai real estate market is expected to continue attracting demand from among the wealthy. According to a research report by property consultancy Knight Frank, high-net-worth individuals (HWNIs) surveyed around the world have indicated interest in purchasing a property in Dubai, with an estimated US$10.3 billion ($13 billion) in private capital potentially being channelled towards the emirate's residential market. The steady demand has bolstered activity in Dubai's residential market, which logged record residential sales of nearly 170,000 homes last year worth a total of US$100 billion, says Knight Frank. That momentum has carried over into this year, with AED100 billion ($35 billion) in home sales already achieved as of March 4. Dubai property prices have also continued to rise, surging 19.1% in 2024 to hit an average of AED1,685 psf. At the same time, Dubai remains the world's busiest market for sales of homes priced over US$10 million, the report states. Last year, a total of 435 transactions in this bracket were recorded in Dubai, almost equalling the number of such deals logged in London and New York combined. Between January and March this year, 111 homes were sold for over US$10 million in Dubai. Read also: Christie's International Real Estate returns to Singapore'The super-rich remain laser-focused on purchasing luxury homes in the city, and this unrelenting demand has been a critical driver of Dubai being the world's busiest US$10 million+ homes market for the second year running,' says Shehzad Jamal, partner for strategy and consultancy at Knight Frank MENA (Middle East and North Africa). In its latest Destination Dubai report, Knight Frank surveyed 387 global HNWI across the UK, India, Saudi Arabia and East Asia (China, Hong Kong and Singapore) to gauge their appetite for investing in United Arab Emirates real estate. Over half of the respondents (52%) indicated they are interested in buying property in the UAE. "As we have found in our research in previous years and mirroring the experience of our teams, the strongest appetite for a real estate purchase in the UAE comes from those with the greatest wealth and is a testament to the success of the government's programmes to strengthen the emirate's appeal as a place for the world's wealthy to live and invest,' says Faisal Durrani, partner and head of research for Knight Frank MENA. Saudi Arabia and India HNWIs registered the strongest interest, with 66% and 41% of respondents indicating an intent to purchase a UAE property in 2025. For the UK and East Asia HNWIs surveyed, 17% of each cohort indicated a potential UAE property purchase this year. Knight Frank adds that among the East Asia HNWIs, those in Hong Kong displayed the strongest appetite, with 22% of respondents signalling the intent to buy UAE property in 2025. According to the survey, residential properties remain the biggest draw for global HNWI as compared to the commercial and retail segments. Additionally, Dubai remains the top target destination, with 71% of respondents naming Dubai as their preferred emirate. Read also: Dubai's real estate market on a hot streak See Also: Singapore Property for Sale & Rent, Latest Property News, Advanced Analytics Tools New Launch Condo & Landed Property in Singapore (COMPLETE list & updates) Christie's International Real Estate returns to Singapore Dubai's real estate market on a hot streak Navigating the real estate market: From Singapore to Bali, Dubai, Japan and the UK En Bloc Calculator, Find Out If Your Condo Will Be The Next en-bloc HDB Resale Flats Up For Sale, Affordable Units Available
Business Times
21-05-2025
- Business
- Business Times
Singapore's ultra-rich among wealthy Asians snapping up property in Dubai
[SINGAPORE] Property cooling measures may have dampened housing demand here, but Singapore's ultra-rich are among high net-worth individuals (HNWI) around the world that are flooding into Dubai. In the first quarter alone, the United Arab Emirates' most populous city saw the sale of 111 residential properties valued at over US$10 million each. This comes after Dubai recorded 435 sales for luxury homes worth over US$10 million each in 2024 – almost equalling the total number of such sales in London (224) and New York (269) combined – ranking the city as the world's busiest market for sales in this exclusive bracket for the second consecutive year. The value of these residential sales for Dubai amounted to some US$6.9 billion last year. For comparison, Singapore was ranked 10th globally, with 89 of such luxury residential properties worth a total of US$1.4 billion changing hands in 2024. And this year, some US$10.3 billion of private capital around the world could be planning to invest in Dubai's property market, according to a report by property consultancy Knight Frank. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up 'The strongest appetite for a real estate purchase in the UAE comes from those with the greatest wealth and is a testament to the success of the government's programmes to strengthen the emirate's appeal as a place for the world's wealthy to live and invest,' said Faisal Durrani, partner and head of research for the Middle East and North Africa at Knight Frank. For the 2025 edition of its Destination Dubai report, Knight Frank, in partnership with YouGov, surveyed 387 HNWI based in Singapore, China, Hong Kong, India, Saudi Arabia, and the United Kingdom – each with an average net worth of US$22 million. Some 44 per cent of Singapore respondents expressed interest in purchasing property in Dubai, with another 17 per cent saying they were undecided. Globally, 61 per cent of HNWI said they would like to secure a home in the emirate for personal use – almost double the 31 per cent in the previous report. About a quarter of this group said they were looking to purchase purely for investment or capital gains. 'While we have anecdotal evidence of end-users being the most active buyer group in the market, our research has revealed a number of other key tell-tale signs. For instance, we have also found that 83 per cent of global HNWI are interested in purchasing land in Dubai to build their own home,' Durrani said. The interest in Dubai's residential property has driven prices up. According to Knight Frank, property values rose 19.1 per cent to an average of 1,685 dirham (S$592) per square foot (psf) in 2024 – pushing prices to 13.3 per cent above the 2014 peak. Villa sale prices also surged 19.6 per cent year on year to 2,088 dirham psf as at the end of Q1 – more than doubling from Q1 2020. Knight Frank said this illustrates the strong appeal of stand-alone villas, beachfront homes and branded residences that provide instant access to the Dubai lifestyle. According to the survey, the average allocated budget for a home purchase in Dubai by global HNWI is US$32 million.
Gulf Insider
21-05-2025
- Business
- Gulf Insider
Dubai Tops Global Luxury Real Estate Market
Dubai's real estate market has continued to grow throughout 2024, with transaction values across all sectors reaching $207 billion, according to Knight Frank's 2025 Destination Dubai report released on Wednesday. The report reveals residential sales of nearly 170,000 properties totalled $100 billion in 2024, with momentum carrying into 2025 as home sales hit AED 100 billion by 4 March – the fastest pace on record. Dubai maintained its position as the world's busiest market for homes priced over $10 million for the second consecutive year, with 435 sales in this category during 2024 – nearly matching the combined total of London and New York. An additional 111 homes in this price bracket sold during Q1 2025, the highest number for any January to March period. 'As we have found in our research in previous years and mirroring the experience of our teams, the strongest appetite for a real estate purchase in the UAE comes from those with the greatest wealth and is a testament to the success of the government's programmes to strengthen the emirate's appeal as a place for the world's wealthy to live and invest,' Faisal Durrani, Partner – Head of Research, MENA said. Knight Frank's survey of 387 high-net-worth individuals (HNWIs) from India, Saudi Arabia, the UK and East Asia, with an average net worth of $22 million, showed that $10.3 billion of private capital is targeting Dubai's residential market. The UAE's residential sector ranks as the top target for Saudi HNWIs (79 per cent), followed by East Asian HNWIs (68 per cent) and UK investors (67 per cent). Branded homes emerged as the second most sought-after real estate sector at 49 per cent, with the office market (47 per cent) completing the top three preferences. Dubai was named as the preferred emirate for real estate acquisition by 71 per cent of respondents, with this figure highest among Saudi HNWIs (80 per cent), followed by British (74 per cent), Indian (69 per cent) and East Asian (61 per cent) buyers. 'The depth of demand from these nationalities is also reflective of our own market experience. Indeed, during 2024, Saudi, Indian and British nationals accounted for just over 50 per cent of homes sold by Knight Frank in Dubai,' Will McKintosh, Regional Partner – Head of Residential, MENA said. Dubai Marina was identified as the top target neighbourhood for residential purchases among HNWIs (28 per cent), with Dubai Hills Estate (24 per cent) and Emirates Hills (23 per cent) in second and third positions respectively. 'The super-rich remain laser-focused on purchasing luxury homes in the city, and this unrelenting demand has been a critical driver of Dubai being the world's busiest $10 million+ homes market for the second year running,' Shehzad Jamal, Partner for Strategy & Consultancy in MENA added. For ultra-high-net-worth individuals with personal wealth exceeding $50 million, Dubai Marina (43 per cent) holds the most appeal, followed by Dubai Hills Estate (30 per cent) and Emirates Hills (22 per cent). Residential property values in Dubai increased by 19.1 per cent in 2024, reaching an average of AED 1,685 per square foot – 13.3 per cent above the 2014 peak. The market continued to strengthen in 2025, with prices climbing a further 3.7 per cent during Q1, pushing values to 17.6 per cent above the 2014 peak. Villa prices grew by 19.6 per cent in the 12 months to the end of Q1 2025, reaching AED 2,088 per square foot – representing a 107.6 per cent increase since Q1 2020. Knight Frank highlights a shift in the current property cycle towards genuine end-users rather than speculators, evidenced by reduced inventory across the city. In the AED 50 million+ segment, available homes decreased by 48 per cent in 2024 compared to 2023. Durrani added: 'While we have anecdotal evidence of end-users being the most active buyer group in the market, our research has revealed a number of other key tell-tale signs. For instance, we have also found that 83 per cent of global HNWIs are interested in purchasing land in Dubai to build their own home. This appetite is high almost irrespective of nationality. Dubai has matured quickly throughout this property cycle and this is clearly evidenced by the desire of potential global HNWI home buyers to settle in the city.' The survey found that global HNWIs are prepared to spend an average of $32 million on Dubai properties. Among those with personal wealth exceeding $50 million, 54 per cent would consider purchases above $80 million. Saudi investors have the highest average budget at $45.7 million, followed by Indian buyers ($44.6 million) and British investors ($30 million). East Asian HNWIs reported the lowest average budget at $23 million. The research was conducted in partnership with YouGov, surveying 387 HNWIs across the UK, India, Saudi Arabia and East Asia (China, Hong Kong, Singapore) with an average net worth of $22 million, excluding their primary residence. Also read: Dubai to Slash Journey Times on Major Road With New Bridge
Arabian Business
21-05-2025
- Business
- Arabian Business
Dubai tops global luxury real estate market with $10bn investment surge: Report
Dubai's real estate market has continued to grow throughout 2024, with transaction values across all sectors reaching $207 billion, according to Knight Frank's 2025 Destination Dubai report released on Wednesday. The report reveals residential sales of nearly 170,000 properties totalled $100 billion in 2024, with momentum carrying into 2025 as home sales hit AED 100 billion by 4 March – the fastest pace on record. Dubai maintained its position as the world's busiest market for homes priced over $10 million for the second consecutive year, with 435 sales in this category during 2024 – nearly matching the combined total of London and New York. Dubai tops investor preferences An additional 111 homes in this price bracket sold during Q1 2025, the highest number for any January to March period. 'As we have found in our research in previous years and mirroring the experience of our teams, the strongest appetite for a real estate purchase in the UAE comes from those with the greatest wealth and is a testament to the success of the government's programmes to strengthen the emirate's appeal as a place for the world's wealthy to live and invest,' Faisal Durrani, Partner – Head of Research, MENA said. Knight Frank's survey of 387 high-net-worth individuals (HNWIs) from India, Saudi Arabia, the UK and East Asia, with an average net worth of $22 million, showed that $10.3 billion of private capital is targeting Dubai's residential market. The UAE's residential sector ranks as the top target for Saudi HNWIs (79 per cent), followed by East Asian HNWIs (68 per cent) and UK investors (67 per cent). Branded homes emerged as the second most sought-after real estate sector at 49 per cent, with the office market (47 per cent) completing the top three preferences. Dubai was named as the preferred emirate for real estate acquisition by 71 per cent of respondents, with this figure highest among Saudi HNWIs (80 per cent), followed by British (74 per cent), Indian (69 per cent) and East Asian (61 per cent) buyers. 'The depth of demand from these nationalities is also reflective of our own market experience. Indeed, during 2024, Saudi, Indian and British nationals accounted for just over 50 per cent of homes sold by Knight Frank in Dubai,' Will McKintosh, Regional Partner – Head of Residential, MENA said. Top luxury neighbourhoods revealed Dubai Marina was identified as the top target neighbourhood for residential purchases among HNWIs (28 per cent), with Dubai Hills Estate (24 per cent) and Emirates Hills (23 per cent) in second and third positions respectively. 'The super-rich remain laser-focused on purchasing luxury homes in the city, and this unrelenting demand has been a critical driver of Dubai being the world's busiest $10 million+ homes market for the second year running,' Shehzad Jamal, Partner for Strategy & Consultancy in MENA added. For ultra-high-net-worth individuals with personal wealth exceeding $50 million, Dubai Marina (43 per cent) holds the most appeal, followed by Dubai Hills Estate (30 per cent) and Emirates Hills (22 per cent). Dubai property market soars Residential property values in Dubai increased by 19.1 per cent in 2024, reaching an average of AED 1,685 per square foot – 13.3 per cent above the 2014 peak. The market continued to strengthen in 2025, with prices climbing a further 3.7 per cent during Q1, pushing values to 17.6 per cent above the 2014 peak. Villa prices grew by 19.6 per cent in the 12 months to the end of Q1 2025, reaching AED 2,088 per square foot – representing a 107.6 per cent increase since Q1 2020. Knight Frank highlights a shift in the current property cycle towards genuine end-users rather than speculators, evidenced by reduced inventory across the city. In the AED 50 million+ segment, available homes decreased by 48 per cent in 2024 compared to 2023. Durrani added: 'While we have anecdotal evidence of end-users being the most active buyer group in the market, our research has revealed a number of other key tell-tale signs. For instance, we have also found that 83 per cent of global HNWIs are interested in purchasing land in Dubai to build their own home. This appetite is high almost irrespective of nationality. Dubai has matured quickly throughout this property cycle and this is clearly evidenced by the desire of potential global HNWI home buyers to settle in the city.' Global wealth flocks to Dubai The survey found that global HNWIs are prepared to spend an average of $32 million on Dubai properties. Among those with personal wealth exceeding $50 million, 54 per cent would consider purchases above $80 million. Saudi investors have the highest average budget at $45.7 million, followed by Indian buyers ($44.6 million) and British investors ($30 million). East Asian HNWIs reported the lowest average budget at $23 million. The research was conducted in partnership with YouGov, surveying 387 HNWIs across the UK, India, Saudi Arabia and East Asia (China, Hong Kong, Singapore) with an average net worth of $22 million, excluding their primary residence.
Khaleej Times
21-05-2025
- Business
- Khaleej Times
Dh117.5 million average budget for a Dubai home: World's richest bet big on luxury real estate
Dubai continues to be the most sought-after address for luxury real estate, with high-net-worth individuals (HNWIs) allocating increasingly higher budgets to purchase homes in the city. According to the 2025 edition of the Destination Dubai report by global property consultancy Knight Frank, a global HNWI now budgets an average of $32 million (Dh117.5 million) for a home in the emirate. More than half (54 per cent) of ultra-wealthy individuals — those with personal wealth exceeding $50 million — are willing to spend over $80 million. This surge in demand reflects a broader trend that has seen Dubai become the busiest market in the world for $10 million+ home sales. Not just villas The property consultancy told Khaleej Times that Dubai currently has 150 homes priced above Dh100 million on the market. 'And it's not just villas that the global super rich are looking for either. 80 per cent of those with a net worth of $15-20 million are looking for an apartment … We need to ensure we get the balance right between ultra luxury villas and apartments — and key of course to the attractiveness and success of these developments is their exclusivity.' The strongest appetite for a real estate purchase in the UAE comes from those with the greatest wealth, said Faisal Durrani, Partner and Head of Research for Mena at Knight Frank. One of the many key defining features of the current property market cycle is the shift in the profile of buyers, with genuine end-users becoming more active than speculative purchasers. 'They are largely genuine end users, purchasing homes for personal use. This is a sharp reversal in the 'buy-to-flip' investor profile that dominated the city's two previous property cycles. Indeed, our data has revealed that 55 per cent of global HNWIs are keen to purchase real estate in Dubai for personal reasons, be it a holiday home, a second home, or indeed a main residence.' According to Durrani, 83 per cent of global HNWIs are interested in purchasing land in Dubai to build their own home. 'This appetite is high almost irrespective of nationality. Dubai has matured quickly throughout this property cycle and this is clearly evidenced by the desire of potential global HNWI home buyers to settle in the city.' $10.3-billion future Knight Frank estimates that the ultra-rich are poised to inject $10.3 billion into Dubai's residential market. This projection is based on a survey of 387 HNWIs from India, Saudi Arabia, the UK, and East Asia (China, Hong Kong, and Singapore), each with an average net worth of $22 million. The UAE's residential market is especially attractive to regional and global investors. Among Saudi HNWIs, 79 per cent target the UAE for residential purchases, followed by East Asians (68%) and UK buyers (67%). Branded residences are the second-most preferred segment, attracting 49 per cent of survey respondents. Overall, 71 per cent of global HNWIs identified Dubai as their preferred emirate for real estate investment. That preference was highest among Saudis (80%), followed by British (74%), Indians (69%), and East Asians (61%). 'The depth of demand from these nationalities is also reflective of our own market experience,' said Will McKintosh, Regional Partner and Head of Residential, Mena at Knight Frank. 'Indeed, during 2024, Saudi, Indian and British nationals accounted for just over 50% of homes sold by Knight Frank in Dubai.'
