Imagine living in a fancy house that comes with classy interiors, a stunning façade, state-of-the-art amenities and facilities, large and spacious homes, and a beautiful lawn or terrace – that’s exactly what you experience when you buy luxury property in Dubai.
For many years, people have been flocking to Dubai in search of a better lifestyle and abundant professional opportunities. And due to the recently announced relaxed visa rules and regulations, the number of expatriates in Dubai is increasing at a rapid pace. This has led to an increased demand for properties in Dubai, particularly luxury properties.
Both investors and end-users have shown great interest in luxury properties in Dubai and the numbers clearly reflect this (more on this later). So, if you have been planning to enter the property market, the decision to buy luxury property in Dubai will prove to be ideal for you.
Without any ado, let’s take a look at the reasons supporting this claim:
Why It’s the Best Time to Buy Luxury Property in Dubai?
1. The ‘Luxury’ Element
If you are someone who has always longed to live an extravagant lifestyle, full of comforts and conveniences, there can’t be a better choice than buying a luxury property in Dubai.
These properties come with modern luxuries and conveniences, which elevate the lifestyle to a great extent. We are talking about temperature-controlled swimming pools, automated locks, access to a private beach, fully furnished, awe-striking water views, and much more.
While these are common amenities found in mostly all luxury properties, some may also feature more extravagant facilities that will further enhance the lifestyle.
2. The Boom in Real Estate Market
Defying all odds (the most notable being global inflation) the Dubai property market is currently thriving. It’s growing at a rapid pace as July 2022 (with 7092 transactions & growth of nearly 64 per cent) proved to be a record-breaking month. In fact, the performance of the property market in the first half of the year exceeded all expectations as it recorded 43,000 real estate transactions with a combined value of AED 115 billion. This marked the growth of 87 per cent as compared to H1, 2021.
These figures clearly show the market is ripe for investment and the Dubai property market outlook for H2, 2022 and H1, 2023 is bright. And since luxury properties are driving the market, they make for an ideal choice if you are looking for an investment opportunity. They will bring you a high ROI whether you choose to rent it out or sell it.
3. Luxury Properties in Demand
According to the latest real estate trends, the luxury property segment is set to double its market share this year. Mostly, entrepreneurs, HNWIs, and millionaires are driving the growth of this segment.
The demand for luxury properties started to accelerate during the fourth quarter of 2020 as the prices (due to COVID-19) were on the lower side. Investors and end-users leveraged from this opportunity and a high volume of transactions for luxury properties were recorded.
In 2021, the trend to buy luxury property in Dubai continued as the year proved to be the best during the past decade in terms of ready transactions worth AED 10 million or higher. Properties in Palm Jumeirah contributed to almost 35 per cent of these transactions. After all, it’s an area that’s home to some of the most luxurious properties in the entire emirate.
The market for luxury properties in Dubai is continuing its golden run in 2022 as well. There were 483 real estate transactions for residential properties valuing more than AED 10 million during Q1, 2022. The second quarter also followed suit and performed brilliantly in the luxury segment. The demand still continues to rise as the third quarter has commenced. So, if you have been planning to buy luxury property in Dubai, it’s certainly the right time.
4. Abundant Options
Mostly, when people think about luxury properties, they visualise expansive mansions with every comfort and facility at arm’s throw. While there’s nothing wrong with this vision of theirs, an apartment or a penthouse can also be called a luxury property.
There are many residential developments in Dubai featuring ultra-luxury apartments and penthouses with values well over AED 10 million. They are usually fully furnished, bigger living spaces featuring world-class amenities and luxuries.
The crux here is that if you want to buy luxury property in Dubai, your choices aren’t limited to villas and mansions only. You can also choose from penthouses, townhouses, and apartments in Dubai that fall under the luxury category. The options are abundant!
In a nutshell, it’s certainly the right time to buy luxury property in Dubai as the year is expected to end on a strong note. The fact that the market is cruising and attracting investors from across the globe, despite inflation, is another positive sign. So, browse through the latest listings available at Zoom Property and buy luxury property in Dubai that checks all boxes for you.
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