UAE is home to over 70,000 millionaires.
Dubai is seeing an increase in the number of luxury branded properties. With over 70,000 millionaires, the UAE is expected to see a 22% increase in high-net-worth families by 2027. According to the most recent wealth report by New World Wealth, the United Arab Emirates (UAE) is home to more than 70,000 millionaires. It’s worth noting, though, that the survey defines a millionaire as someone with $1 million or more in net assets, excluding their primary residence. As a result, it’s possible that the real number of people in the UAE with a net worth of $1 million or more is higher if their principal house is included in the computation.
Dubai (UAE): Unique Properties, one of Dubai’s premier real estate agents, is seeing an increase in the number of premium branded properties in several of the city’s communities. With nearly 70,000 millionaires in the UAE and a 22% increase in high-net-worth households expected by 2027, Dubai has become a lucrative destination for attracting high-net-worth individuals (HNWIs), and the property sector has proven to be an appealing platform to leverage luxury with lifestyle living. These elements have contributed to Dubai’s emergence as the best location in the world for branded residences.
Over the last decade, the global luxury branded residential sector has risen at an exponential rate of 150%. Around 640 branded houses account for approximately 100,000 properties worldwide, with supply levels expected to nearly treble and surpass 1,100 in the next three years. The Middle East will lead the drive, with a projected 86% rise in supply, and the UAE will play an important role.
“Around 3,300 transactions worth over AED160 billion were reported in the first half of 2022 alone.” The demand for branded properties is growing, indicating significant potential for the near future, and the country’s total real estate market is expected to receive additional investment now that the Qatar World Cup is officially underway.
Among these winners is the branded housing section. According to FIFA, nearly three million tickets have been sold up to this point, and with the overwhelming demand seen by visitors from all over the world, this will drive a massive influx of visitors to neighboring countries – with Dubai arguably being the preferred destination of choice,” he concluded. The top five residential neighborhoods with the highest concentration of HNWIs, according to a Webster Pacific report, are Jumeirah First, Al Barsha, Jumeirah, Arabian Ranches, and Al Thanyah. Jumeirah and Al Barsha account for more over 35% of the total.
