Dubai has been on the radar of the global luxury industry for a long while now, with its dazzling real estate spearheading the city’s rise to international acclaim. This has led to an influx of high-net-worth individuals and investors. In fact, a recent report estimated the U.A.E. as a whole expects to attract 4500 new millionaires this year, with Dubai a major draw.
Developers have also taken notice. A slew of established real estate development firms from places as far-flung as the U.K., Turkey and France are now looking to enter the city’s robust property market, building on longstanding historical interest from countries like India.
Christie’s International Real Estate Dubai has also tied up exclusively with the established Latvian developer R.evolution for Eywa — a collection of 48 residences on the Dubai Canal uniquely inspired the banyan tree. This is a living and breathing tree of life that combines nature-centric interiors, sustainable technologies and state-of-the-art amenities to make for wild luxury.
All this interest is rooted in Dubai’s extraordinarily robust real estate market performance, particularly post the pandemic. The first half of 2023 (H1 2023) saw a record-breaking 61,018 sales transactions, amounting to approximately AED 179.40 billion — the most impressive semi-annual real estate performance in the city’s history. With total sales expected to hit AED 300 billion by the end of the year, and returns on investment that outperform similar global luxury markets set to continue, Dubai looks set to expand at a rapid growth.
