- UAE is home to nearly 70,000 millionaires and counting
- Dubai will have about 90 branded communities by 2027
Dubai, UAE: Unique Properties, one of Dubai’s leading real estate agencies, is observing exceptional growth of luxury branded residences across many of Dubai’s communities. With the UAE being home to nearly 70,000 millionaires, and reportedly set to witness a 22% rise in high-net-worth households by 2027, Dubai has become a lucrative destination to attract high-net-worth individuals (HNWIs), and the property sector has proved to be an attractive platform to leverage luxury with lifestyle living. These factors have contributed to Dubai’s emergence as the world’s best location for branded residences.
The world’s luxury branded residence sector has grown by an exponential 150% over the past decade. Approximately 640 branded residences account for the almost 100,000 properties that are spread across the globe, while supply levels are forecasted to nearly double and exceed 1,100 in the next three years. The Middle East will lead this charge with a projected supply increase of 86%, and the UAE will play an integral role.
Arash Jalili, Founder and Chief Executive Officer of Unique Properties, UAE HQ, said: “The rise of Dubai’s branded residence segment started with Armani Residences in Burj Khalifa in 2010. Luxury brands and developers have gradually realized the concept’s mutual benefit - but there has been a significant uptick as of late. In the first half of 2022 alone, more than 3,300 transactions worth over AED 160 billion were recorded. The demand for branded residences is becoming increasingly apparent, demonstrating great potential for the foreseeable future and the country’s overall real estate sector is projected to receive added investment with the Qatar World Cup officially underway. The branded residences segment is among these beneficiaries. According to FIFA, nearly three million tickets have been sold until now and with the overwhelming demand witnessed by visitors from across the globe, this will drive a huge influx of visitors to neighbouring countries - with Dubai arguably being the preferred destination of choice.”
Dubai recorded an 18% increase in HNWIs through the first half of 2022, and the UAE is expected to attract the largest influx of millionaires, globally, by the year end.
About Unique Properties:
Established in 2008, Unique Properties, one of Dubai’s leading real estate agencies is headquartered in Dubai, UAE. As a multi-award-winning real estate company, it is one of the most reputable in the region. Founded by Arash Jalili, Unique Properties offers a range of services, including a consortium of premium hand-picked, off-plan projects and ready properties for sale and leasing. In 2021, Unique Properties contributed 4.5% to Dubai's total “off-plan” sales volume and around 1% to its overall real estate economy, which recorded transactions worth $ 82 billion (AED 300 billion). Through its multilingual and experienced consultants, Unique Properties provides reliable and exceptionally tailored real estate investment solutions to clients. Learn more about Unique Properties at https://www.uniqueproperties.ae/en/