In 2023, the number of expat millionaires in the emirate reached a record high of 4.5 thousand people, which is the highest rate in the world. Experts believe that the upward trend will continue in 2024, attracting even more millionaires to the emirate.
Wealthy buyers prefer luxury real estate in Dubai because of its favourable investment conditions, excellent infrastructure, and a very unique lifestyle. Those looking at luxury properties choose housing based on its unique features and premium amenities. For example, residences with a private nightclub, a relaxation room or its very own cigar room are popular with these types of buyers.
Prestigious amenities and exclusive relaxation facilities are becoming key factors when purchasing luxury residences by millionaire expats. Developers in the emirate are taking into account the current market trends and the needs of buyers, so they are implementing new projects to cater to exactly what this ‘newer’ type of buyer wants. Experts believe that this approach will double the volume of offers for elite real estate by 2030.
The influx of millionaires is due to the emirate's future development strategy, as ;low taxes and infrastructure projects attract wealthy investors. Dubai's development trends and its focus on innovation will help maintain a high demand for luxury housing in the years to come, whilst changes in preferences towards the exclusivity of amenities will allow developers to implement high-value projects that will attract new wealthy buyers from all over the world.
