LUXURY HOMES 79
One study placed Dubai at 29th globally in terms of price per square footage . There is huge potential for price increases and getting more for your money .
Investors want to get in at the bottom of a rise , not try to hop on at the top ; meaning now really is the best time to buy in Dubai . It ’ s for this reason that American news site CNBC recently tipped Dubai as the best place for wealthy investors to purchase in 2023 , predicting luxury property prices to increase by 13.5 %. This comes to no shock to those residing in the city already .
We saw this continued growth at INICIO in real time with the release of luxury development at the top end of the scale . ‘ DAMAC Bay 2 ’; a 49-storey apartment tower sold out in just three hours after launch .
When the market takes a downturn , the luxury market in Dubai is conditioned to take minimal impact . One example is the crash of 2008 . There was only a small depreciation in the luxury property market as these homes are generally owned outright and attached to very wealthy individuals .
More wealthy individuals are also looking for luxury rentals both short and long term , encouraged by the last 12 months seeing the highest growth in rentals on record . This in turn generates greater returns for investors driving both property prices and rental returns on an upward trajectory . This trend is set to continue in 2023 .
“ Dubai rents increased at a record rate over the past 12 months , according to data published by global real estate analysts at CBRE . Rents in both the apartment and villa sectors surged , making it Dubai ’ s highest rental growth on record . Average rents increased by 28.5 % in the 12 months to January 2023 .”
Ben Stafford
Issue 58 2023 THE ART OF LUXURY