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'Billionaire's Broker' Joyce Rey notes rising foreign interest in Dubai's luxury real estate market ahead of visit
Dubai, UAE - Dubai has joined the ranks of London, New York, and Paris as a hub for luxury real estate investments - the ultra wealthy are now buying into high-profile commercial and residential properties within the emirate, as per figures published by the Dubai Land Department, with almost 75% of prime real estate buyers in the city being foreign investors. And now, top US luxury real estate expert Joyce Rey suggests Dubai is attracting heavy interest from affluent US investors as well.
"After London, Dubai is emerging as a hotspot for foreign investments in the Europe, Middle East and Africa region. Many of my clients in the United States speak highly of Dubai as a business and investor-friendly commercial hub and a tax-free haven, and that its lifestyle appeals to ultra high net worth individuals across the board. As an increasing number of American firms invest in Dubai's infrastructure, the awareness of its appeal is growing. Over the last few years, Dubai has become synonymous with wealth, on par with cities such as London and New York," said Rey, Executive Director at Coldwell Banker Previews International.
As per the Dubai Land Department, foreign investment in the emirate's real estate market topped AED 12 billion in the first quarter of 2015. Meanwhile, the average listing price of luxury properties in Dubai stands at almost USD 6 million, with 8% of the emirate's luxury properties listed in the super prime range of over USD 10 million, as per a report[1] released by Wealth-X.
"An emerging trend in the luxury residential real estate market is to invest in a an area heavily inclined towards tourism. Dubai not only checks this box, but with the World Expo headed to the city in 2020, tourism is expected to hit unprecedented highs - as per its government, Dubai is set to draw over 25 million visitors during the Expo's six-month run[2] in addition to the projected annual international visitor traffic of 20 million by 2020," said Rey.
Adding to this, Ayman Youssef, Vice President of Coldwell Banker's Dubai base, Coldwell Banker Mega Homes Real Estate, noted: "Dubai's government is conscientiously working to transform the emirate into a smart city. This will undoubtedly escalate the quality of living in the city, and provide residents with higher levels of connectivity and uninterrupted access to government services. From a real estate point of view, this will translate into more investors choosing Dubai as a luxury property destination."
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About Coldwell Banker Mega Homes Real Estate:
Coldwell Banker Mega Homes Real Estate Brokers LLC in Dubai, United Arab Emirates, is a leading real estate brokerage company, and operates four offices with over 60 sales consultants serving the emirate of Dubai. Coldwell Banker Mega Homes Real Estate Brokers LLC in Dubai, United Arab Emirates (www.coldwellbanker.ae), is part of Coldwell Banker®, global leaders in real estate. Coldwell Banker® is a subsidiary of Realogy Corporation.
[1] Wealth-X: Europe, Middle East and Africa Luxury Residential Real Estate Report For 2015
[2] Dubai Government: Expo2020 Dubai
© Press Release 2015
