Luxury and ultra-high-end real estate trends of 2024
According to a recent report, the United Arab Emirates is set to lead for the third year in a row as the world’s top destination for the wealthy, with a predicted record-breaking influx of 6,700 millionaires by the end of 2024.??
The geographic location, a luxurious, tax-free lifestyle, and the ease of doing business all combine to make the UAE a great place to live and work, and the golden visa makes settling in the region so much easier than it once was. With world-class infrastructure and superior property developments, residents can enjoy a safe, secure and aspirational lifestyle.?
So, with more wealthy expats than ever making the UAE their home, here are just a few of the trends we’ve seen in the world of luxury real estate in 2024:
Demand for luxury property: There has been strong demand for houses, penthouses and villas above the AED 35 million+ mark driven by the influx of high-net-worth individuals.
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The rise of branded residences: Millionaires and HNWIs are seeking to invest in high-quality, unique and opulent properties such as Mercedes- Benz Places | Binghatti which will be an exquisite new addition to the Dubai city skyline, Orla by Omniyat on Palm Jumierah and Baccarat Residences Downtown.
A surge in off plan sales: HNWIs are particularly drawn to the opportunities off plan investments present which can include higher rental yields and flexible payment plans. The overall off-plan market has been the main driver of growth in real estate this year, with off-plan transactions accounting for 61% of all residential deals in the first half of 2024 according to industry reports.?
The most expensive apartment ever sold: With Burj Khalifa views and featuring a built up areas of 7,466 sq.ft, the four-bedroom Sky Collection Penthouse, located within Kempinski The Boulevard, sold for a record price of AED 80 million in April 2024.?
What are some of the luxury real estate developments you have been most excited about this year and what are your predictions for 2025?