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Global high-net-worth individuals show growing interest in Dubai’s branded residences

Global high-net-worth individuals show growing interest in Dubai’s branded residences
6 June 2024 09:53

AMEINAH ALZEYOUDI (ABU DHABI)

Sixty-nine per cent of global high-net-worth individuals (HNWIs) are interested in owning branded residential properties in Dubai, up from 59% the previous year, according to Knight Frank’s survey of 317 wealthy individuals with a combined net worth of $5.4 billion. Eighty-three per cent of these global HNWIs expressed interest in Dubai’s branded residences, compared to 46% of expatriates residing in Gulf Cooperation Council (GCC) countries.

The demand for branded residences in Dubai is particularly rising among wealthy individuals from outside the GCC. These properties are typically offered by luxury brands.

A notable trend in the Dubai real estate market is the increase in purchases by end-users seeking primary residences, second homes, or vacation properties. This trend includes branded residences, with 14% of wealthy individuals considering them their primary residence and 22% among those with a net worth exceeding $15 million.

Prices are expected to rise, with 36% of wealthy individuals anticipating a 5-10% increase in value within the first year of acquisition. This expectation is highest among those with a net worth between $10 and $15 million, with 50% expecting this increase.

For individuals with a net worth exceeding $15 million, factors such as service provision, physical facilities, and brand identity are critical considerations.

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