Already at the beginning of the year, wealthy buyers faced a shortage of premium housing offers. Experts suggest that at least 4,000 wealthy people will move to Dubai in 2022, which will make the emirate the leader in the number of living dollar millionaires.
Successful fight against coronavirus, loyal visa regime and high quality of life contribute to foreign investments. Also, the liquidity of real estate generates a Russian-Ukrainian conflict, undermining confidence in the further stability of Europe.
Luxury continues to be a stable segment of the market. The demand for luxury real estate has been steadily growing since the last quarter of 2020. In 2021, the number of transactions with objects worth more than $3 million has overtaken the results of the last decade. About 35% of these transactions were for real estate located on the man-made island of Palm Jumeirah.
The year 2022 showed the continued demand for ultra-luxury housing. Prices are gradually approaching the level of 2014, when their maximum peak was marked. Experts note that by the end of 2022, the influx of wealthy buyers may double.
