Natalie Wealthy people are flocking to Dubai to buy property, and the trend shows no signs of letting up. Although Dubai has been on the property market radar for several years, there has been an increase in interest from high-net-worth individuals in recent years.
Knight Franks, who conducts yearly surveys worldwide, recently completed in-depth questions of wealthy individuals. They say, “Real estate markets have enjoyed record levels of demand over the last four years, with Dubai, and more recently, Abu Dhabi, registering significant capital value growth and rental increases across virtually all real estate sectors.”
Putting aside ultra-prime properties, most people already know that Dubai operates in a league of its own, even outshining other wealthy destinations. With developers and architects forging ahead to build the world’s biggest and best residential properties, homes seem out of this world.
In addition to this, the luxurious lifestyle and tourism have made Dubai famous. Reports say super-rich people are flocking from Hong Kong, the US, the UK, and Singapore, but what exactly is pushing foreign investors who like million-dollar property purchases in that direction?
Why Wealthy People are Flocking to Dubai to Buy Property
Business-Friendly Environments for Foreign Investments
Belonging to the UAE, Dubai’s friendly reputation for international investors and business opportunities works wonders. Having won awards for being one of the best places to work and establish a business, entrepreneurs looking to buy commercial or residential properties for renting will find supportive government advice. Favourable corporate tax rates are also a big winner, as is the no-income tax for employees.
If ever there was a country that held welcome parties for international investors, Dubai wins hands down. The benefits for investment opportunities far outrank other major cities like London or New York. Let’s also remember that Dubai International Financial Centre (DIFC) is a leading financial hub in the Middle East.
The 10-year Golden Visa for Long-term Residency
The UAE Golden Visa allows foreigners to study, work, and live in any UAE emirate. The main benefits of residency permits are that they are five- or ten years long, and there is no need for sponsors. Additionally, family members and domestic staff can be included in the application. The golden visa program covers many demographics, from entrepreneurs to real estate buyers to professionals with outstanding, unique talents. When approved, the long-term residence visas allow you to come and go as you please. In 2023, the Dubai’s General Directorate of Residency and Foreigners Affairs (GDRFA) issued 158,000 golden visas.
World-class Infrastructure for Transport
The excellent infrastructure for transport impresses everyone. Designed for convenience and easy daily life, from the airport to the ports to the roads, well-maintained highways and critical roads include Sheikh Zayed Road, which connects to Abu Dhabi, and Al Khail Road. Dubai Metro is a fully automated, driverless rail network, and the red and green lines service all districts. As well as an impressive tram system, Dubai Airport handles over 86 million passengers annually, and they want to build a Hyperloop system to connect with Abu Dhabi, in 12 minutes.
Strategic Location and Jebel Ali Port
While Istanbul is often called the bridge between East and West, Dubai’s ideal location connects it with Europe, India, and Asia. Its geographical location also makes it prime for trade with Africa. The one false assumption that many people make is that Dubai made its money from oil. While this has undoubtedly been profitable, the main reason for success is trade, of which Jebel Ali Port is essential.
The port, part of the Jebel Ali Free Economic Zones (JAFZA), offers attractive business proposals like tax exemptions and full foreign ownership, and ultramodern technology contributes significantly to the overall volume of UAE trade.
JAFZA also offers businesses zero personal and corporate taxes, 100% foreign ownership, no currency restrictions, and repatriation of profits. Companies from various sectors—electronics, petrochemicals, automotive, and retail—are based here, and over 7,000 companies from around 100 countries operate in JAFZA.
Dubai Builds Islands!
Given the demand for luxury homes by ultra-rich buyers, Dubai doesn’t follow architectural trends; it sets them, and none stands out more than Jumeirah Bay Island and Palm Jumeriah. With one shaped like a seahorse and the other like a palm tree, this is exclusive residency found nowhere else.
Both are artificial islands made using the process known as Land reclamation. Of course, given the prestigious status and effort that went into building them, the price means only wealthy people can afford to live there. Residential prices can sometimes run into seven figures, but you get a prime postcode address that raises eyebrows and your public profile.
Luxury Lifestyles for Spending
Of course, Dubai’s lifestyle is famous all over the world. Rich people don’t bat an eyelid at the cost of living. While there are some areas where the standard of living is your global average, other regions like Dubai Hills estate, Business Bay, Dubai Marina, and the above-mentioned palm-shaped island are where life suddenly gets more manageable. Meanwhile, Dubai Mall, the world’s second-largest, is part of the 20-billion-dollar downtown Dubai, which features 1200 shops. See the cars on the road, luxury brand names everywhere, and the jewellery shops to realise this lifestyle complements the prime real estate market.
Architectural Achievements
As well as building islands, Dubai is going up, as seen in Burj Khalifa, which stands at 828 metres and is the world’s tallest building. It is quite an achievement, but they are not resting on their laurels. A project developer called Emaar Properties wants to build the Dubai Creek Tower to outrank the Burj Khalifa’s height, and off-plan properties constantly push the boundaries with the latest home technology and environmentally friendly living. Talented individuals who want to explore their architectural dreams can make their dreams happen here.
Dubai 2040 Urban Master Plan
With a strong emphasis on the future, Dubai’s vision is to become the world’s best city, as outlined in the Urban master plan. Key projects in place are…
- Doubling the size of green recreational areas
- Development of five urban centres, including the historical quarter, financial hub, tourism, exhibition gate, and knowledge and innovation centre.
- Development of service centres and making them accessible using flexible and sustainable mobility
- 55% of residents to live within 800 meters of a central public transport station
- 25% increase in educational and health facilities
- 7 billion square feet of land for industrial and economic activities
- 60% of land for nature reserves and natural areas
- 134% increase in hospitality and tourism activities
- 400% increase in public beaches
- Integrated and diverse housing options with the highest standards
Favourable Money Policies for Private Wealth
With no capital gains, inheritance, or personal income tax, this policy is why super-wealthy people flock to this desirable location. The attractive environment encourages them to spend more and base their business there. While the cost of living can be high, the savings add to the bottom line, and the regulatory framework provides a haven for their net worth.
Expat Living and Tourism
This attractive destination is no stranger to foreign presence. According to Time Out, in the first six months of 2024, 10 million tourists worldwide arrived to see the delights. The World Population Review also says that 85% of Dubai’s population are expat foreigners.
The stat applies to Dubai and the UAE; the official government website says, “More than 200 nationalities live and work in the UAE. The expatriate community outnumbers the population of UAE nationals.” They also state the presence of 80 consulates, proving that as well as being a business hub, it’s popular with foreigners.
Quick Facts and Figures
- Location: Dubai sits on the Persian Gulf’s southeast coast in the northeast UAE.
- Area: Approximately 4,114 square kilometres (1,588 square miles).
- Population: Over 3.5 million people (as of 2024), making it the most populous UAE city.
- Official Language: Arabic (although English is widely spoken).
- Currency: UAE Dirham (AED).
- Time Zone: Gulf Standard Time (UTC +4).
- GDP: The GDP 2023 was estimated at around $115 billion.
- Weather: June to September sees temperatures exceeding 40°C (104°F). Meanwhile, November to March ranges between 18°C and 30°C/
- Rainfall: Averages around 3.9 inches annually.
- Religion: Islam is official, but other cultures and religions are welcome.
So, where do the Super-rich buy Property?
Dubai Downtown: Downtown Dubai, off Sheikh Zayed and Financial Center roads in Northwest Dubai, offers many high-rise penthouse apartments and luxury villas among natural landscapes, with unrivalled views of the Arabian Gulf and Dubai fountains. In addition, the Dubai Canal runs through this area.
Dubai Marina: Offering distinct European vibes, buyers enjoy clean streets, high-end dining, shopping, and modern, chic vibes. Dubai Marina Walk sees many luxury yacht owners often docking in.
Arabian Ranches: This gated villa community of 4000 villas and townhouses is in high demand from buyers eager to enjoy the standard of living, international schools, excellent transport links, and family-friendly environments.
Al Barari: Al Barari dedicates itself to environmental pleasure. Eighty per cent of green spaces are filled with more than 1500 plant species. Five neighbourhoods sit among themed districts and include various property types, from semi-attached villas to private mansions.
Palm Jumeirah: From a bird’ s-eye view, the manufactured island looks like a palm tree, winning global admiration. This luxury neighbourhood offers villas and penthouse suites, an ocean ambience, and amazing Persian sea views.
Emirates Hills: Reflecting America’s famous Beverly Hills, many wealthy ex-pats can make a single acquisition of six figures or more. Emirate Hills further breaks into the Hattan, Meadows, Lakes, and Springs neighbourhoods.
Jumeirah Bay Island: With a prime location in the Arabian Sea, Jumeirah Bay appears like a giant seahorse from above. As expected, it offers high-end nautical lifestyles for anyone who likes sailing.
Dubai South/Expo City: This development, which includes freehold and leasehold properties, aims to encourage economic growth and provide high-quality residences. It covers 145 square kilometres and includes 1—to 3-bedroom luxury apartments, and average apartment sales prices start from 600 000 AED.
About Us
We are Spot Blue Property Consultancy and estate agent. We help property investors and buyers to purchase property in Dubai. With the demand for luxury properties and commercial properties increasing, our portfolio is expanding every week, and it is easy to understand why wealthy people are flocking to Dubai to buy property. To learn more about becoming a home buyer, contact an agent today, or browse our portfolio. The following articles will also be of interest.
Guide to Off Plan Property: The idea of buying off-plan property in Dubai is growing in popularity. For decades, off-plan property has been a viable option in the real estate sector, and many property investors won’t buy anything else. However, with Dubai’s growing regional and international reputation, more real estate investors are now turning to the country to find out more.
Where do Expats Live? When asking where expats live in Dubai, many different neighbourhoods accommodate British, American, Indian, Australian, and other nationalities. Indeed, Dubai is now a global metropolis that stand out as an ideal place to relocate and live overseas. However, when choosing residential areas, each has a distinctive theme, and while some accommodate everyone and anyone, others are perfect for families, couples, or single working professionals. So, what are the top neighbourhoods you should consider when moving to Dubai?
