Dubai luxury real estate among the world’s most affordable markets
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Dubai not only achieved a new high with the sale of 431 homes valued above $10 million each last year but also maintained its status as offering more value compared to major cities like London, New York, and Singapore.
Last year, Dubai set a new record by selling 431 luxury homes for over $10 million, while the luxury real estate segment saw a near 16% price increase. Nevertheless, Dubai is considered one of the most budget-friendly locations for purchasing luxury real estate, as stated by global property experts Knight Frank. The Wealth Report from Knight Frank highlighted that prime residential prices were robust in 2023, with Dubai being a standout in the luxury real estate sector.
Out of 100 markets analyzed in the Prime International Residential Index (PIRI) by Knight Frank, 80 showed stable or positive annual price growth. The average increase in luxury prices was 3.1% in 2023, with Manila at the forefront with a 26% increase and Dubai closely following with a 15.9% increase. Following Dubai were The Bahamas at 15%, and both the Algarve and Cape Town tied at 12.3%.
Prime residential values in Dubai, covering areas such as Palm Jumeirah, Emirates Hills, and Jumeirah Bay Island, witnessed unprecedented growth in 2023, starting from a low base, according to Knight Frank.
Faisal Durrani, the Middle East and North Africa Research Head at Knight Frank, noted that Dubai’s luxury real estate market is predicted to grow by 5% in 2024, following a 16% increase in 2023 and a 44.4% surge in 2022.
Durrani highlighted a significant 38.5% reduction in the number of prime homes for sale in Dubai in 2023, mirroring a 52% drop in the Burj Khalifa’s sales inventory. This trend indicates that homeowners are increasingly opting to retain their properties longer, reflecting a shift towards long-term residency and investment in the prime market.
Despite the surge in sales of luxury properties, Dubai remains at the lower end of the scale in terms of the world’s most expensive prime markets. Comparatively, $1 million in Dubai can purchase significantly more residential space than in cities like London, New York, or Singapore, enhancing its attractiveness to the global elite.
Will McKintosh, Regional Head of Prime Residential at Knight Frank MENA, emphasized that Dubai’s residential market has matured, with the city’s appeal bolstered by its relative affordability, safety, and lifestyle offerings. This has attracted international second-home buyers and encouraged residents to establish deeper roots, leading to the development of sought-after communities beyond luxury waterfront properties, such as the balanced lifestyle offered in Jumeirah Islands.
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
Americans now think they need at least $1.25 million for retirement, a 20% increase from a year ago, according to a survey by Northwestern Mutual
This collaboration will extend into the fourth phase of Azizi’s Riviera project in MBR City, with Cummins supplying top-tier power generators.
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Azizi Developments, a prominent private developer in the UAE, and Cummins Inc., a global leader in power solutions design, manufacturing, distribution, and supply, are extending their partnership into the fourth phase of the large-scale Riviera project. Cummins, known for its diverse range of products including diesel, natural gas, electric, and hybrid powertrains, as well as powertrain-related components, like filtration, after-treatment, turbochargers, fuel systems, control systems, air handling systems, automated transmissions, electric power generation systems, batteries, hydrogen generation, and fuel cell products. The manufacturer is globally renowned for its excellence in both innovation and sustainability.
Mr. Farhad Azizi, CEO of Azizi Developments, said: “As we continue our collaboration with Cummins Inc. for the fourth phase of our flagship project, Riviera, we reaffirm our commitment to procuring and utilizing only the highest quality materials. This partnership highlights our dedication to providing exceptional lifestyles for our investors and end-users through the careful selection of premium components. We are confident that our now-broadened alliance with Cummins Inc. will help in maintaining the high standards established for Riviera and further elevate the benchmarks of quality and excellence.”
Riviera is part of Azizi Developments’ award-winning portfolio. It is a stylish waterfront lifestyle destination that comprises 75 mid- and high-rise buildings with approximately 16,000 residences.
Designed to introduce the French-Mediterranean lifestyle to Dubai, which is not merely about architectural art, but also about a certain ‘joie de vivre’ — a celebration of life, an exultation of spirit, Riviera represents a new landmark destination that is both residential and commercial, with an abundance of retail space. Riviera features three districts: an extensive retail boulevard, a lagoon walk on the shores of its 2.7 km-long swimmable crystal lagoon with artisan eateries and boutiques, and Les Jardins — a vast, lush-green social space.
With its strategic location near the upcoming Meydan One Mall and the Meydan Racecourse — home of the Dubai World Cup — as well as Dubai’s most noteworthy points of interest, Riviera represents one of Azizi Developments’ most coveted projects.
Azizi Developments’ Sales Gallery can be visited on the 13th floor of the Conrad Hotel on Sheikh Zayed Road.
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
Americans now think they need at least $1.25 million for retirement, a 20% increase from a year ago, according to a survey by Northwestern Mutual
