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Arabian Business
4 days ago
- Business
- Arabian Business
Dubai real estate: Property market soars 46% in Q2 2025, says Betterhomes report
Dubai 's property market maintained its upward trajectory in the second quarter of 2025, with total sales value rising 46 per cent year-on-year to AED151.8 billion and transaction volumes increasing 25 per cent to 50,485 units. The market demonstrated resilience during June's regional unrest, reinforcing Dubai's position as a destination for both capital and lifestyle buyers, according to Betterhomes' latest quarterly report. 'Dubai's real estate market maintained its momentum in Q2, with transactions up 25 per cent year-on-year and total value rising 46 per cent. Apartments and off-plan led activity, while the luxury segment hit record highs. Even during June's regional unrest, the market remained resilient; reinforcing Dubai's position as a safe, stable destination for capital and lifestyle buyers alike,' Louis Harding, Chief Executive Officer of Betterhomes said. Apartments drive 80% of Dubai property market as off-plan sales jump 30% in Q2 2025 Apartments accounted for 80 per cent of all transactions with over 40,000 units sold, generating AED81 billion in sales value. The sector continued growth with both secondary and off-plan transactions rising 21 per cent year-on-year. Off-plan apartment sales increased 30 per cent quarter-on-quarter, with developers launching new projects to meet market demand. Two-bedroom apartments contributed 33 per cent of off-plan transaction value, while one-bedroom apartments made up 30 per cent and studios 10 per cent. The average price per square foot for off-plan transactions stood at AED2,023, compared to AED1,600 for secondary apartments. Jumeirah Village Circle led off-plan apartment transactions with 12.2 per cent of the total, followed by Business Bay at 6.4 per cent and Dubai Residence Complex at 5.3 per cent. Dubai villa prices soar 90% above pandemic lows The villa and townhouse segment recorded contrasting performance between secondary and off-plan sales. Secondary properties saw 66 per cent growth year-on-year and 23 per cent quarterly growth, while off-plan villa transactions declined 23 per cent year-on-year and 46 per cent quarter-on-quarter. Secondary villa and townhouse sales reached AED62.4 billion, up from AED34.6 billion in Q2 2024, representing an 80 per cent year-on-year increase. 'With approximately 20,000 new units delivered in the first half of 2025 and a further 70,000 expected by year-end, Q3 is shaping up to be an exciting phase for Dubai's property market,' Christopher Cina, Director of Sales at Betterhomes said. The Valley accounted for 29.7 per cent of off-plan villa and townhouse transactions, followed by EMAAR South with 15.5 per cent. Four-bedroom homes represented 49 per cent of off-plan transaction value in this segment. Price growth continues across segments Dubai's citywide average property price reached AED1,582 per square foot, representing a 6 per cent increase compared to the second half of 2024 and standing 90 per cent above pandemic-era lows of AED833. Off-plan apartment prices recovered to AED 2,023 per square foot in Q2 2025, marking a 12.5 per cent increase since early 2023. Secondary apartment prices rose more consistently, climbing 23 per cent over the same period to AED 1,599. Villa and townhouse prices showed strength, with secondary market prices reaching AED1,557 per square foot (up 9 per cent quarter-on-quarter) and off-plan prices at AED1,368 per square foot (up 4 per cent quarter-on-quarter). Over 20,000 residential units were delivered in the first half of 2025, with 70,000 additional units expected in the second half. The delivery pipeline extending into 2026 and 2027 includes over 200,000 units. Jumeirah Village Circle led community handovers in H1 2025, accounting for 20 per cent of total completions with over 4,130 units. Sobha Hartland followed with 2,200 units (11 per cent) and Mohammed Bin Rashid City with 1,600 units (8 per cent). Over 1,300 villas and 3,000 townhouses were delivered in H1 2025, already surpassing half of 2024's total deliveries. An additional 3,800 villas and 9,000 townhouses are expected in H2 2025. Luxury market reaches record heights The prime market witnessed record-breaking activity with 1,417 transactions valued at AED15 million or above, marking a 67 per cent quarter-on-quarter increase and 113 per cent year-on-year growth. Secondary luxury properties significantly outperformed with 1,153 transactions, 4.5 times more than off-plan sales in the same quarter. This represents a 137 per cent year-on-year surge. In the first half of 2025 alone, 2,268 luxury units transacted, representing 87 per cent of 2024's full-year volume and nearly double 2022's total. Rental market shows resilience A total of 107,830 rental contracts were recorded in Q2 2025, reflecting a 2 per cent increase year-on-year. Across the first half of 2025, Dubai registered 236,315 rental contracts, broadly in line with H1 2024's total of 240,270. Renewals consistently made up 60-65 per cent of contracts, while new leases remained steady at approximately 40 per cent. 'Leasing activity at Betterhomes grew by 33 per cent quarter on-quarter, highlighting the sustained demand across Dubai s rental market. Villa and townhouse demand rose significantly by 30 per cent and 98 per cent respectively reflecting a growing preference for spacious, family-oriented living,' Rupert Simmonds, Director of Leasing at Betterhomes added. International Buyer Interest Shifts The United Kingdom claimed the top spot among international buyers at Betterhomes, overtaking India with 56 per cent quarter-on-quarter growth. India and Pakistan maintained second and third positions respectively, while Poland entered the top five. Russian buyer activity eased and fell out of the top 10, while Ireland debuted at sixth place, highlighting growing European interest in Dubai real estate. The UAE's economy, the second largest in the GCC, recorded 3.8 per cent GDP growth in 2024, with forecasts projecting increases to 4.2 per cent in 2025 and 5 per cent in 2026. Dubai's population grew from 3.8 million to 4.1 million residents, now housing one-third of the UAE's population. Private school enrollment increased 6 per cent while universities experienced a 29 per cent surge in international students. Tourism sector growth supported the property market, with visitor numbers rising 7 per cent year-on-year until April 2025, led by a 22.7 per cent surge in April. Hotel occupancy levels reached 84 per cent in the first four months, up 7 per cent year-on-year. Betterhomes recorded strong growth across both sales and leasing. Sales transactions rose 17 per cent quarter-on-quarter, with townhouse deals more than doubling and average sale prices growing 28 per cent year-on-year. The leasing market saw transactions more than double year-on-year, with one and four-cheque payments accounting for nearly 60 per cent of new leases. 'As we move into Q3, the fundamentals remain strong. Population growth is steady, infrastructure continues to expand, and while more supply is coming online, demand is still outpacing it in most areas. We expect to see more negotiation, more realistic pricing, and a little more competition, which, frankly, is no bad thing,' Harding said.
Arabian Business
19-07-2025
- Business
- Arabian Business
Dubai real estate: Property market sales surge 46% as market value hits $41.3bn in Q2 2025
Dubai 's property market recorded total sales value of AED151.8 billion in the second quarter of 2025, representing a 46 per cent increase year-on-year, a new report finds. Transaction volumes rose 25 per cent to reach 50,485 units during the same period, Betterhomes Shaping Skylines | Q2 2025 Dubai Residential Real Estate Market The figures build on growth from the first quarter, with quarter-on-quarter increases of 33 per cent in value and 19 per cent in volume. The performance reinforces Dubai's position as a key property hub in the region. Dubai real estate transactions rise 25% year-on-year with 50,485 units sold 'Dubai's real estate market maintained its momentum in Q2, with transactions up 25 per cent year-on-year and total value rising 46 per cent. Apartments and off-plan led activity, while the luxury segment hit record highs. Even during June's regional unrest, the market remained resilient; reinforcing Dubai's position as a safe, stable destination for capital and lifestyle buyers alike,' Louis Harding, Chief Executive Officer at Betterhomes said. Apartments accounted for 80 per cent of total transactions, contributing over 40,000 units sold and generating AED81 billion in sales value. The segment showed growth of 21 per cent year-on-year across both secondary and off-plan transactions. Off-plan apartment sales increased 30 per cent quarter-on-quarter, with secondary apartments rising 23 per cent in value to reach AED21.17 billion. Off-plan transactions totalled AED60.15 billion, representing 37 per cent growth compared to Q2 2024. Jumeirah Village Circle emerged as the top performer for off-plan apartments, accounting for 12.2 per cent of total off-plan transactions. Business Bay followed with 6.4 per cent, while Dubai Residence Complex contributed 5.3 per cent. Two-bedroom apartments represented the highest contribution to off-plan transaction value at 33 per cent, with one-bedroom apartments at 30 per cent and studios at 10 per cent. The average price per square foot for off-plan transactions stood at AED2,023. In the secondary apartment market, JVC led with 11.2 per cent of transactions, followed by Business Bay at 7.5 per cent and Dubai Marina at 5.8 per cent. Two-bedroom apartments again dominated value contribution at 36 per cent, with the average price per square foot at AED1,600. Dubai villa sales jump 80% as secondary market outperforms off-plan developments Secondary villa and townhouse sales recorded 80 per cent year-on-year growth, reaching AED62.4 billion. Quarter-on-quarter growth reached 49 per cent compared to Q1 2025. Off-plan villa and townhouse sales declined 2 per cent year-on-year to AED8.06 billion and fell 32 per cent quarter-on-quarter from AED11.8 billion in Q1 2025. 'With approximately 20,000 new units delivered in the first half of 2025 and a further 70,000 expected by year-end, Q3 is shaping up to be an exciting phase for Dubai's property market. This upcoming supply is well-aligned with the city's growing population and strong investor appetite. Demand remains robust particularly for apartments and ready villas with healthy absorption of new launches. Both Q3 and the second half of 2025 are expected to reflect positive market sentiment, supported by a resilient economy, sustained end-user demand, and attractive rental yields,' Christopher Cina, Director of Sales at Betterhomes added. The Valley accounted for 29.7 per cent of off-plan villa and townhouse transactions, followed by EMAAR South with 15.5 per cent and Athlon by Aldar at 8 per cent. Townhouses drove 75 per cent of off-plan value in this segment. For secondary sales, Damac Islands led with 30 per cent of transactions, followed by Grand Polo Club and Resort at 9.4 per cent. Villas accounted for 77 per cent of secondary transaction value, while townhouses contributed 23 per cent. The citywide average price reached AED1,582 per square foot, representing a 6 per cent increase compared to the second half of 2024 and an 18 per cent rise from Q1 2024. Prices now stand 90 per cent above pandemic-era lows of AED833. Off-plan apartment prices reached AED2,023 per square foot, marking a 12.5 per cent increase since early 2023. Secondary apartment prices climbed 23 per cent over the same period to AED1,599 per square foot. Secondary villa and townhouse prices reached AED1,557 per square foot, reflecting 9 per cent quarterly growth and 6 per cent annual growth. Off-plan prices in this segment reached AED1,368 per square foot, with 4 per cent quarterly and 19 per cent annual growth. Approximately 20,000 units were delivered in the first half of 2025, with 70,000 additional units expected in the second half. The delivery pipeline extending to 2027 includes over 200,000 units. Jumeirah Village Circle led community handovers in H1 2025, accounting for 20 per cent of completions with over 4,130 units. Sobha Hartland followed with 2,200 units (11 per cent), while Mohammed Bin Rashid City ranked third with 1,600 units (8 per cent). Over 1,300 villas and approximately 3,000 townhouses were delivered in H1 2025. An additional 3,800 villas and 9,000 townhouses are expected in the second half of 2025. 'At the top end, the prime market remains extremely active. AED 15m+ transactions more than doubled compared to last year, as global buyers continue to view Dubai as a long-term investment and not a short-term play, for a variety of domestic and international reasons,' Harding added. The launch of PRIME by Betterhomes addresses the ultra-premium segment, focusing on luxury residences that offer exclusive properties. Total rental contracts reached 107,830 in Q2 2025, reflecting a 2 per cent year-on-year increase. New rental contracts declined 2 per cent annually and 13 per cent quarterly, while renewed contracts increased 4 per cent year-on-year. 'Leasing activity at Betterhomes grew by 33 per cent quarter-on-quarter, highlighting the sustained demand across Dubai's rental market. Villa and townhouse demand rose significantly by 30 per cent and 98 per cent respectively reflecting a growing preference for spacious, family-oriented living. As we move into Q3 2025, we expect this momentum to continue, particularly in established and emerging suburban communities. With tenant enquiries holding strong and rental prices remaining stable, the leasing market is well-positioned to see healthy absorption of new stock, supported by a maturing tenant base and lifestyle-driven relocations,' Rupert Simmonds, Director of Leasing at Betterhomes explained. Betterhomes recorded 111 per cent year-on-year growth in total leasing transactions, with apartments up 104 per cent, villas up 97 per cent, and townhouses rising 237 per cent. The UAE's GDP growth reached 3.8 per cent in 2024, with forecasts projecting increases to 4.2 per cent in 2025 and 5 per cent in 2026. UK buyers top Dubai property investments as international demand grows 56% Dubai's population has grown from 3.8 million to 4.1 million residents, now housing one-third of the UAE's population. Dubai's tourism sector demonstrated growth of 7 per cent year-on-year until April 2025, with hotel occupancy levels reaching 84 per cent in the first four months. Western Europe remains the largest source market, contributing 23 per cent of total arrivals. At Betterhomes, investors accounted for 58 per cent of all transactions in Q2, up from 50 per cent in Q1. Cash transactions rose to 52 per cent in Q2 2025, up from 42 per cent in Q1. The United Kingdom claimed the top position among buyer nationalities at Betterhomes, with UK buyer activity growing 56 per cent quarter-on-quarter. India and Pakistan maintained second and third positions respectively. 'As we move into Q3, the fundamentals remain strong. Population growth is steady, infrastructure continues to expand, and while more supply is coming online, demand is still outpacing it in most areas. We expect to see more negotiation, more realistic pricing, and a little more competition, which, frankly, is no bad thing,' Harding concluded.
Associated Press
25-06-2025
- Business
- Associated Press
Dubai Set to Attract Billions in Global Wealth in 2025, According to New Betterhomes Report
United Arab Emirates, June 25, 2025 -- International migration fuels demand for luxury properties, off plan Dubai developments, and apartments for sale in Dubai A new report from Betterhomes forecasts a major influx of global wealth into Dubai in 2025, positioning the city as a key destination for high-net-worth individuals (HNWIs) and long-term property investment. Titled 'Dubai: No Longer a Pit Stop, But the Finish Line for Global Wealth,' the report details how geopolitical shifts and economic uncertainty are driving millionaire migration to Dubai—and reshaping the emirate's real estate landscape. According to the report, 6,700 millionaires relocated to the UAE in 2024. With 142,000 projected to move globally in 2025, if just 5% choose Dubai, the emirate could see 7,100 new millionaires bringing an estimated USD 7.1 billion (AED 26 billion) in capital. That figure represents nearly half of Dubai's total foreign direct investment in 2024. 'Dubai's real estate market is no longer driven by speculation, but by strategic, long-term capital,' said Louis Harding, CEO of Betterhomes. 'Global wealth is not just arriving—it's anchoring here. In branded residences, legacy assets, and high-quality, off plan Dubai developments built for the future. Dubai is not only a magnet for capital; it's becoming the global benchmark for residential investment.' The report underscores that demand for apartments for sale in Dubai continues to rise, particularly among international buyers seeking security, tax efficiency, and world-class lifestyle benefits. With investors now viewing the city's real estate as a core part of diversified portfolios, the shift from cyclical buying to structural ownership marks a new chapter for the sector. Betterhomes also highlights the global 'push' factors behind this trend, including increasing wealth taxes, political instability, and stricter immigration laws. In contrast, Dubai offers a stable, investor-friendly environment with strong infrastructure, attractive residency options, and no personal income tax. As the UAE solidifies its position as a safe haven for international wealth, Betterhomes expects continued momentum in the luxury and off-plan markets throughout 2025. About Betterhomes: Betterhomes is one of the UAE's leading real estate brokerages, providing expert guidance to investors, homebuyers, and developers for over 35 years. Their deep market knowledge and innovative solutions continue to shape the future of real estate in Dubai and beyond. To access the full report and in-depth analysis, visit: Betterhomes Contact Info: Name: Elsa Angelo Email: Send Email Organization: Betterhomes Address: Vision Tower - 42nd - Business Bay - Dubai - United Arab Emirates Phone: +971600522233 Website: Release ID: 89162798 If you come across any problems, discrepancies, or concerns related to the content contained within this press release that necessitate action or if a press release requires takedown, we strongly encourage you to reach out without delay by contacting [email protected] (it is important to note that this email is the authorized channel for such matters, sending multiple emails to multiple addresses does not necessarily help expedite your request). Our committed team will be readily accessible round-the-clock to address your concerns within 8 hours and take appropriate actions to rectify identified issues or support with press release removals. Ensuring accurate and reliable information remains our unwavering commitment.
Arabian Business
19-06-2025
- Business
- Arabian Business
The great wealth migration: How Dubai became the world's top millionaire magnet
In recent times, Dubai has seen sharp growth in the number of high-net-worth individuals (HNWIs) relocating to the country. The UAE has solidified its position as the top destination for millionaires, with an increasing inflow of wealthy individuals — more than any other country in the world. In an exclusive interview with Arabian Business, Louis Harding, CEO of Betterhomes Dubai, said: 'Wealth is moving where it's treated best. Dubai's appeal to HNWIs lies in a rare combination: zero income tax, political stability, world-class infrastructure, and a strategic location within an 8-hour flight to two-thirds of the world's population. It's not just about escaping taxes — it's about building a secure, global life. The city now offers what few others can: capital preservation, mobility, and clarity in an uncertain world.' According to a recent report by Betterhomes, the UAE emerged as the 14 th largest wealth market globally, housing 130,500 dollar millionaires, indicating a 98 per cent surge in the last decade. The unprecedented migration represents a fundamental shift in global wealth patterns, driven by a complex interplay of economic policy, geopolitical uncertainty and the country's strategic positioning between the East and the West. The scale of millionaire migration to Dubai is staggering, with numbers currently at a record high, surpassing previous records of 128,000 millionaires in 2024 and 120,000 in 2023. As part of this global movement, the UAE captures more than any other single destination, accounting for over 5 per cent of all millionaire revocations worldwide. Recent data reveals that the millionaire migration numbers are expected to reach over 142,000 millionaires this year. Of this, Dubai stands to gain 7,100 new millionaires and $7.1 billion (AED 26 billion) in capital, nearly half the value of Dubai's total foreign direct investment (FDI) in 2024. The numbers suggest that the trend is not necessarily a temporary phenomenon, but rather a structural shift in global wealth distribution. 'The shift is structural, not cyclical. The UAE saw a 98 per cent increase in millionaires over the last decade, reaching 130,500 HNWIs by the end of 2024. Dubai alone ranks as the fastest-growing hub for centi-millionaires ($100mn+) globally, ahead of Miami, Milan, and even Shenzhen. In contrast, legacy hubs like London and Paris are experiencing outflows due to rising tax pressures and political instability,' Harding explained. The British exodus The appeal of Dubai is more evident, particularly in the dramatic inflow of migration from the United Kingdom. Earlier this year, Arabian Business reported that Dubai and Abu Dhabi are set to see a rising number of HNWIs amid the ongoing exodus of wealthy individuals from the UK despite some steps toward softening the Labour government's highly controversial non-dom tax reforms. 'It appears there is some backpedalling on the UK government's attack on non-doms. However, the Labour Party's proposed changes to the non-dom tax regime, even with Rachel Reeves' apparent watering down, still risk driving high-net-worth individuals away from London,' said Karim A. Youssef, a leading arbitration lawyer and dispute resolution expert. Britain is expected to see an unprecedented net loss of over 9,500 millionaires this year, second to only China worldwide, and more than double the 4,200 who left the country last year. Nearly a thousand HNWIs from the UK are set to make Dubai their new home. With nearly 9,500 UK-based millionaires expected to leave the country this year, the UAE is fast becoming a prime destination for expats seeking new opportunities. This exodus reflects broader concerns about the UK's evolving tax landscape and potential climate. Many wealthy Britons cite increasing wealth taxes, inheritance tax complications, and political uncertainty as primary drivers of their decision to relocate. Dubai's appeal to this demographic extends beyond tax considerations to include factors such as weather, lifestyle, and business opportunities in emerging markets. Aside from wealthy individuals, Dubai is also seeing an increasing number of Middle-class families from the UK relocating to the UAE. Industry experts attribute this shift to several factors, including the UK's recent introduction of VAT on private school fees, opportunities of remote work and Dubai's increasing status as a global hub. In addition, Harding noted, 'The new wave includes not just legacy wealth but tech founders, crypto entrepreneurs, and global business leaders establishing family offices. They're not buying holiday homes – they're relocating teams, setting up businesses, and planting flags. It's a more entrepreneurial, mobile, and future-focused cohort, reshaping what wealth looks like in the region' The Indian connection India represents another significant source of millionaire migration to Dubai. According to a recent report by Driven Properties titled Global Millionaire Migration to the UAE 2025, the highest millionaire losses occurred in China, the UK and India. Over 4,300 millionaires are expected to move from India this year, this reflects growing wealth creation in India and the traditional commercial ties between the two regions. For Indian entrepreneurs and investors, Dubai offers several compelling advantages. The emirate serves as a natural hub for accessing African and Middle Eastern markets, while its robust financial infrastructure provides sophisticated wealth management services. Central to Dubai's appeal is the UAE's Golden Visa programme, which has fundamentally altered the landscape for long-term residency. The Golden Visa is a long-term residence visa which enables foreign talent to live, work or study in the UAE while enjoying exclusive benefits. The UAE's tax structure remains perhaps the most compelling factor driving millionaire migration. The country's Golden Visa comes with tax benefits that offering a compelling advantage for HNWIs. The tax-free environment creates substantial wealth preservation opportunities. For HNWIs facing increasing tax burdens in their home countries, the UAE offers not just tax efficiency but also the ability to structure global investments and businesses through Dubai's sophisticated financial centre. 'Tax is just the starting point, not the full story. Dubai's low-tax regime opens the door, but what keeps HNWIs here is the ecosystem: personal safety, political neutrality, modern infrastructure, and a globally connected lifestyle. In short, Dubai offers both asset protection and quality of life — two things increasingly hard to find in the same place,' Harding said. He also revealed that the influx is highly diverse. HNWIs are arriving from: From EU nations as well (particularly from high-tax countries like Germany and France) East Asia (e.g. Chinese and Vietnamese investors reacting to domestic policy and political uncertainty) Turkey and Argentina (seeking refuge from currency and systemic volatility) UK and US (as a strategic choice for wealth preservation and business growth) Dubai's elite magnetism While tax benefits capture headlines, the lifestyle and infrastructure improvements in Dubai has created a strong proposition for affluent families. Dubai's luxury lifestyle amenities are another reason for the magnetism. The city offers world-class healthcare, international schooling options, and a cosmopolitan environment that appeals to global citizens. The safety factor is evident, Dubai consistently ranks among the world's safest cities, a crucial consideration for families with significant wealth. Infrastructure investment have also paid dividends. Dubai International Airport serves as a global hub, while the city's business districts rival those of London, New York and Singapore in terms of facilities and connectivity. Push and pull factors The migration to Dubai reflects both 'push' and 'pull' factors operating globally. The report identifies key global 'push' factors influencing millionaire migration, including increasing wealth taxes, political instability, and tightening immigration policies. These are contrasted with Dubai's appeal as a tax-efficient, safe and globally connected lifestyle hub. Push factors vary by region but include: Increasing wealth and inheritance taxes in Europe Political uncertainty in several major economies Currency instability in emerging markets Regulatory tightening in traditional financial centers COVID-19 policy responses that restricted movement Dubai's pull factors have evolved beyond the traditional tax haven model: Strategic location between Europe, Asia, and Africa Advanced digital infrastructure and smart city initiatives Growing importance as a fintech and cryptocurrency hub Expanding cultural and entertainment offerings Government policies explicitly welcoming global talent Economic impact and multiplier effect The economic implications of this millionaire migration extends far beyond the individuals themselves. According to Henley & Partners, 20 per cent of HNWIs are entrepreneurs (rising to 60 per cent for centi-millionaires and billionaires). As a result, countries that attract HNWIs from other parts of the world might see benefits such as job creation and investment. 'This is no longer speculative money. We're seeing long-term, strategic capital flowing into legacy properties, branded residences, and high-quality developments. This wave of migration is turning Dubai's property market into a structural asset class, not just an investment cycle. If just 5 per cent of the projected 142,000 migrating millionaires in 2025 choose Dubai, that's a potential $7.1 billion in fresh liquidity — nearly half of Dubai's total FDI in 2024,' Harding explained. These entrepreneurs often establish new businesses, invest in local markets, and create employment opportunities. The country's strategic focus on economic diversification benefits directly from this influx of business talent and capital. Real estate markets provide the most visible impact. High-end property purchases by relocating millionaires have contributed to price appreciation in prime locations in Dubai. 'While preferences vary, demand is clearly concentrated in trophy assets and global-branded residences, developments that signal permanence and prestige. Think of locations like Jumeirah Bay Island, Palm Jumeirah, and Emirates Hills. Areas where land is finite, privacy is built-in, and pricing is being reset by global demand. These are not just homes; they're wealth anchors,' he revealed. However, these effects ripple through luxury retail, private banking, legal services and family offices – creating entire ecosystems around wealth management. Despite the clear momentum, the millionaire migration trend faces several potential obstacles. Global tax policy coordination efforts, such as the OECD's international tax initiatives, could potentially affect the tax advantages that currently drive much of this movement. The UAE also addressed concerns about financial transparency and anti-money laundering measures. Recent regulatory enhancements, while necessary for international compliance, adds layers of complexity that some wealth migrants must navigate. Cultural adaptation remains a consideration for some relocating families, particularly those from Western countries. While Dubai has evolved into a highly international city, differences in legal systems, business practices, and social norms require adjustment periods. The sustainability of Dubai's millionaire magnetism depends on several factors. The city's continued economic diversification away from oil dependence strengthens its long-term appeal. Major initiatives in renewable energy, space, technology and artificial intelligence (AI) signal ambitions beyond traditional wealth management. 'This is a permanent shift. Dubai is no longer a pit stop for the wealthy, it's the finish line. As global volatility rises and traditional centres become harder to navigate, cities like Dubai that offer clarity, control, and capital security will define the next generation of wealth hubs. The real question isn't whether the millionaires are coming, it's how fast the city can build to meet the demand,' Harding concluded.
Khaleej Times
16-06-2025
- Business
- Khaleej Times
Jumeirah Bay Island leads surge in Dubai luxury property values
Jumeirah Bay Island has recorded a standout 24 per cent year-on-year price growth, leading a wider trend across sought-after coastal communities like Palm Jumeirah, Bluewaters Island, and JBR, data showed on Monday. The data points to a sustained demand for luxury beachfront living, driven by scarcity, international interest, and a shift toward lifestyle-led investment. Dubai's most sought-after waterfront neighbourhoods like Jumeirah Beach Residence (JBR), Jumeirah Bay Island, Palm Jumeirah, and Bluewaters Island are continuing to outperform, with average prices per square foot rising between 8 per cent and 10 per cent year-on-year. Average prices in Jumeirah Bay Island led the surge, increasing 24 per cent to Dh4,122 per square foot in the first half of the year compared to Dh3,313 in the same period last year. 'Today's buyers are more discerning, and what we're seeing is a flight to quality,' said Louis Harding, CEO at Betterhomes. 'Prime seafront homes in Dubai are being tightly held, and that scarcity, coupled with rising global demand, is continuing to push values up.' These communities continue to attract high-net-worth individuals not just for their investment potential, but for the quality of life they offer. Residents benefit from private beach access, world-class restaurants, marinas, wellness facilities, and curated retail, all within professionally managed, secure environments. The combination of privacy, convenience, and consistently high standards of service is driving sustained demand, particularly among international buyers seeking a low-maintenance yet high-value base in the region. The data underscores a clear trend: luxury waterfront property in Dubai is no longer just about lifestyle; it's now recognised as a smart, long-term investment. As global investors adjust their strategies in response to shifting macroeconomic conditions, Dubai's beachfront real estate remains one of the most resilient and high-performing segments in the global luxury market.
