Continued demand from the world’s wealthy has driven up prices in Dubai’s luxury residential market. Dubai’s luxury property market recovered strongly from the severe downturn in 2020 despite elevated oil prices. They even took a faster economic rebound from pandemic restrictions than most other cities worldwide.

Despite the slump in global economies, Dubai’s luxury real estate market is booming. A survey launched by Real Research, an online survey app, attempted to gather opinions about this.

About 9 in 10 Are Aware of Dubai’s Luxury Property Market Boom

It only leaves 10.39% unaware of Dubai’s luxury property market surging by up to 70.3% for about a year. News about this circulated, and most of the respondents (63.17%) found out about it on news websites. Others got data from social media (17.08%), and the rest from word of mouth (9.37%).

Our survey on Dubai’s luxury property market soaring high also reveals that 40.99% of respondents strongly believe that the return on property investment in Dubai is better than in other cities like London and New York. A further 30.94% agree on this, with only 3.92% that think otherwise.

As for reasons why people prefer the luxury housing market in Dubai over New York or London, respondents highlighted the following advantages of having it in Dubai: the Expat Citizenship Program (12.4%), the Golden Visa (12.6%), and the future value the property holds (8.12%).

The survey report further highlights the following:

  • Majority (18.49%) voted that the primary buyer of luxury real estate in Dubai are investors
  • 31.08% vote Emaar Properties as the most popular property developer in Dubai
  • 50.21% are sure about the continued upward trajectory of Dubai’s luxury property market

The Wealthy Buyers of Dubai’s Luxury Home

The highest vote (18.49%) for the primary buyer of luxury real estate in Dubai goes to investors. Crypto millionaires (14.97%) and business owners (15.16%) follow. Both in the 4th place are locals and ex-pats, having 12.41% of votes.

Buyers-of-the-luxury-estates-in-Dubai
Figure 1: Buyers of the luxury estates in Dubai

According to reports, Russians are also among Dubai’s top real estate buyers. Respondents believe this is because Russians are moving to secure their assets and money (25.05%) and due to the ongoing war (15.87%). Others think it is the Russians’ way to live a peaceful life (13.96%) and gain more opportunities (13.17%).

Almost no sector has remained unaffected by inflation as it surges to its highest levels in decades, increasing the cost of everything. Yet, despite these inflation concerns, records show a soar in Dubai’s luxury property market. The survey attempted to unveil the reasons for this, to which the data clearly show that 11.26% relate it to Dubai being a safe city.

Others correlated it with the chance for UAE citizenship (10.53%), for Golden Visa (9.68%), and as a secure investment in the form of an asset (8.17%).

Also Read: Survey on Boom of Sale of Superyachts Despite Global Turmoil

Top 5 Famous Real Estate Developers in Dubai

Dubai’s luxury property market is saturated with an impressive array of renowned property developers in an ultra-competitive real estate market. The chart below clearly shows the votes gathered in the survey for the most popular property developer.

Real-estate-developers-in-Dubai
Figure 2: Real estate developers in Dubai

Most of the votes go to Emaar Properties (31.08%), followed by Dubai Properties (19.65%), and Nakheel (14.09%). The 4th and 5th spot goes to Meraas and Meydan, with 8.5% and 4.97% of the votes, respectively.

Also Read: Public Opinion on Real Estate Investment

Half Would Likely Invest in UAE’s Luxury Housing Market in the Future

Dubai’s real estate industry is said to continue its upward trajectory and end 2022 even better than it began. The survey seeks to find out if the mass sees the same path for the UAE. Half of the respondents (50.21%) are sure about it, while another 21.72% likely believe it to happen. In contrast, only 4.51% doubt it.

UAEs-luxury-housing-market-to-boom
Figure 3: Respondents’ opinion on the likeability of UAE’s luxury housing market to boom

Surprisingly enough, 35.48% are highly likely to invest in UAE’s luxury housing market. 15.24% are likely to, whereas 17.16% are unlikely to invest.

Methodology

Survey TitleSurvey on Dubai’s Luxury Property Market Soaring High
DurationOctober 27 – November 03, 2022
Number of Participants20,000
DemographicsMales and females, aged 21 to 99
Participating Countries Afghanistan, Algeria, Angola, Argentina, Armenia, Australia, Azerbaijan, Bahrain, Bangladesh, Belarus, Benin, Bolivia,… Brazil, Brunei, Bulgaria, Burkina Faso, Cambodia, Cameroon, Canada, Chile, China, China (Hong Kong) China (Macao), China (Taiwan), Colombia, Costa Rica, Croatia, Czech Republic, Ecuador, Egypt, El Salvador, Ethiopia, Finland, France, Gambia, Georgia, Germany, Ghana, Greece, Greanada, Guatemala, Honduras, Hungary, India, Indonesia, Iraq, Ireland, Israel, Italy, Ivory Coast, Japan, Jordan, Kenya, Kuwait, Kyrgyzstan, Latvia, Lebanon, Libya, Lithuania, Malaysia, Maldives, Maluritania, Mexico, Moldova, Mongolia, Morocco, Mozambique, Myanmar [Burma], Namibia, Nepal, Nicaragua, Nigeria, Oman, Pakistan, Palestine, Panama, Peru, Philippines, Poland, Portugal, Qatar, Romania, Russia, Saudi Arabia, Serbia, Sierra Leone, Singapore, Slovakia, South Africa, South Korea, Spain, Sri Lanka, Tanzania, Thailand, Togo, Tunisia, Turkey, Turkmenistan, Uganda, Ukraine, United Arab Emirates, United Kingdom, United States, Uruguay, Uzbekistan, Venezuela, Vietnam, Yemen, Zimbabwe.