Dubai, UAE – The Gulf Cooperation Council region recorded more than $143 billion in real estate sales between Jan and Oct 2022. The UAE alone accounted for more than 48 percent of the value of the sales.
By the end of 2022, the UAE was expected to attract more than 4,000 high-net-worth individuals (HNWIs), according to the latest Henley Global Citizens Report.
In fact, around 25 percent of GCC’s millionaires are moving to the UAE. At the same time, others are relocating to other regions like the UK, US and Europe, says Amoils.
Numerous celebrities—including the likes of Brad Pit, Madonna and Giorgio Armani—have already invested into Dubai’s real estate market prior to the pandemic. Now billionaires started relocating not only their families, but also businesses to Dubai and more are expected to come with the UAE Central bank forecasting a 4.2 per cent GDP growth for 2022, double of that achieved in 2021.
TRENDS takes a look at UAE luxury real estate market: