HNWIs dominate Dubai property sector

Inayat-ur-Rahman, Business Editor

Dubai real estate sector has a promising outlook and more first-time buyers are expected to venture into the growing residential market being dominated by high net worth individuals (HNWIs).

Negotiations are underway by an Emirati family group regarding the sale of a luxurious property worth Dhs 250 million on Palm Jumeirah Island, while considering two other deals to sell properties in Dubai for Dhs 985 million.

These real estate deals by the Emirati family group come amidst increasing interest from global investors in relocating their headquarters and settling in Dubai due to its advanced infrastructure, logistical services, and the assurance and security it provides for investors at the personal as well as professional level, making it at once a global destination for investment, work, and living.

An international entity is negotiating with the Emirati family to purchase a luxurious residential property on Palm Jumeirah, as they seek to own a residence in the vibrant city of Dubai.

The negotiations pertain to three properties on Palm Jumeirah. Each has its own features and uniqueness. The first property is a villa located in the frond (J), with an area of 30,000 square feet featuring four wings, each containing three bedrooms, along with various amenities such as a cinema room, swimming pool, gym, Turkish bath, and other services, valued at Dhs 250 million, including the villa and all its contents, and the deal seems imminent.

The second property is “Seabird Residence,” directly overlooking the “West Beach,” serving as the family’s private residence, combining tradition and modernity. The property includes reception halls and twelve luxurious suites, each consisting of four bedrooms, lounges, and dining rooms. This property represents an unprecedented revolution in the construction world, with negotiations revolving around its value estimated at AED 900 million for the building, which consists of 10 floors and two floors for parking, with 100 parking spaces.

The third property is the iconic “C84” villa on Palm Jumeirah, designed by “XBD” company, situated in frond C, featuring multiple living rooms, five bedrooms, a kitchen, an office, as well as a relaxation and play area. This property is valued at Dhs 85 million with all its furnishings, and it is expected to be completed with all construction and finishing works and ready before the end of 2024.

These discussions and their potential outcomes highlight the growing attractiveness of Dubai and the global interest in its prime locations and luxurious properties, making it an ideal choice for investment and settlement.