UAE’s luxury real estate market predicted to remain strong for H2 2023

Joe Baker
Joe Baker

Senior Copywriter
Joe is a Senior Copywriter working on reports, news and analysis. Previously, he worked as a B2B copywriter, journalist and editor covering a broad range of topics, including technology, transport,… Read more

  • The UAE has rapidly become a global hotspot for skilled internationals, investors and high net-worth individuals (HNWIs).
  • Henley & Partners’ ‘Private Wealth Migration Report 2023’ predicts that more than 4,500 millionaires will move to the UAE in the current year.
  • Dubai and Abu Dhabi are leading the UAE’s luxury real estate market for 2023, drawing in the wealthiest individuals.

The UAE has become an attractive destination for investors, entrepreneurs and HNWIs worldwide, as well as a growing number of UK nationals. Its strong economy and high per capita income have encouraged HNWIs to invest in the country and enjoy a luxurious lifestyle.

Dubai and Abu Dhabi are leading the UAE’s luxury real estate market for 2023, and are the country’s top locations for wealthy individuals, with 68,400 and 25,000 millionaires respectively.

The main factors attracting HNWIs to these locations are tax incentives, global accessibility and the luxury consumer environments.

Earlier this year, Henley & Partners’ ‘Private Wealth Migration Report 2023’ predicted that more than 4,500 millionaires will move to the UAE. The increased number of millionaires with residences in Abu Dhabi suggests that the UAE will achieve this prediction.

The UAE government launched an initiative called ‘UAE Residence by Investment’, in the last week of July 2023 in which individuals can apply for a 10-year residence permit for the country. This aims to retain skilled workers and encourage more affluent internationals to come to the country.

The UAE 10-year residence permit follows the recently implemented ‘Golden Visa’, in which HNWIs can purchase an extended citizenship visa. Both government initiatives aim to create an attractive environment for wealthy internationals and investors.

According to Henley & Partners’ half-year report, India, the UK and Russia were the top three nations that purchased the Golden Visa.

UK HNWIs interested in the new UAE Residence by Investment initiative should use safe global business transfers to ensure secure transactions.

There are approximately 109,900 millionaires, 298 centi-millionaires (with over $100m in assets) and 20 billionaires in the UAE.

In response to heightened demand, Dubai’s real estate sector has developed numerous exclusive projects, such as the Waterfront City project, which stretches 110km across Dubai’s coastline.

Dubai’s luxury real estate market ranked the fourth most active globally, demonstrating a steady rise in prime property sales.

HNWIs looking to move to one of the UAE’s top luxurious cities should ensure that they use a safe money transfer method when purchasing luxury real estate.

Wealthy individuals searching for luxury homes overseas can use our money transfer comparison tool to find the best available exchange rates.

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