A new Knight Frank report reveals that high-net-worth individuals (HNWIs) worldwide are prepared to invest USD 4.4 billion in Dubai's residential real estate. The 2024 Destination Dubai report surveyed 317 HNWIs, who collectively have a net worth of USD 5.4 billion and own 1,147 homes globally. According to the findings, Dubai has surpassed other UAE emirates as the most preferred location for HNWI real estate investment. Knight Frank attributes this to Dubai's transformation into a global commercial hub, investments in infrastructure, and focus on social mobility, which have fostered a high standard of living and exceptional public safety.
A new Knight Frank report indicates that high-net-worth individuals (HNWIs) worldwide are prepared to invest USD 4.4 billion in residential real estate in Dubai. The 2024 Destination Dubai report, commissioned by Knight Frank, surveyed 317 HNWIs - 217 globally and 100 GCC-based expat HNWIs. The respondents collectively have a net worth of USD 5.4 billion and own 1,147 homes globally.
According to the report, Dubai has taken pole position as the most preferred emirate in the UAE for HNWI globally to purchase real estate. Abu Dhabi ranks second, while Sharjah has secured third place.
Knight Frank attributes Dubai's appeal to its transformation into a global commercial hub over the past 50 years, coupled with investments in infrastructure and a focus on social mobility. This has fostered a continuously rising standard of living and exceptional public safety. The report states that the city's high-quality infrastructure is the number one factor that makes Dubai an attractive place for HNWIs to acquire real estate, ranking fourth globally in the World Economic Forum's 2023 competitiveness report.
The report also notes that Dubai's residential market has evolved over the last two decades to offer "destination communities," each with unique offerings and features designed to cater to the city's international expat population. While amenities like schools, community malls, clinics, and sports facilities have become standard, there has been a growing demand for homes with access to green spaces and parks.
With Dubai's reputation for infrastructure excellence and quality of life, it is poised to cement its status as the leading choice for HNWIs seeking to grow their global real estate portfolios.