Market Size of UAE Luxury Residential Real Estate Industry
Study Period | 2019 - 2029 |
Base Year For Estimation | 2023 |
Forecast Data Period | 2024 - 2029 |
Historical Data Period | 2019 - 2022 |
CAGR | > 8.00 % |
Market Concentration | Medium |
Major Players*Disclaimer: Major Players sorted in no particular order |
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UAE Luxury Residential Real Estate Market Analysis
The size of the united arab emirates luxury residential real estate market is USD 13.7 billion current year. It is anticipated to register a CAGR of over 8% during the forecast period.
- The luxury residential real estate market stopped due to Covid-19, as the government implemented lockdowns and citizens was forced to stay home. Nonetheless, UAE residential property prices were set to continue rising in 2022, driven by supportive economic reforms and an accelerated vaccination program. According to experts, the program helped to hasten a rebound from last year's coronavirus-induced slowdown.
- The year 2021 saw increased activity in the luxury housing sector as it recorded a 40% price surge compared to the preceding year despite the pandemic challenges. The luxury home market started on a high note with a significant jump in transactions of 30% on a year-on-year basis, as it recorded 4,083 deals in January 2022. The average property prices (per sq ft) also increased by 35.1% during the month.
- Dubai's luxury residential real estate market is poised to thrive and continue the high momentum in 2022, supported by rising demand and interest from the international elite. Post Expo landscape looks bright for the emirate's luxury home market as it is brimming with new opportunities for buyers and investors.