Demand for Dubai’s Luxury Properties will continue to be high in 2021- The Knight Frank Analysis

According to London’s famous residential and property consultancy, Knight Frank, ass surprising analysis revealed that nearly a one-third of Middle-East-Based-ultra-high-net-individuals plan to buy a new luxury home in Dubai in 2021.

Such high demand in property purchase is usually for UK, US, Turkey, Spain and UAE which fall under the top five locations of the world. These Middle east-based-ultra-high-net-individuals are estimated to have a worth of more than $30 million.

Previously in the Gulf region, the property domain saw a slight bend in its prices due to weaker economic conditions. This includes Doha of 6 %, Dubai of 5.9%, and Riyadh of 3.3%. Abu Dhabi kept flourishing by maintaining stability in its property prices and trends.

Head of Research at Knight Frank, Middle East said, “Despite prime prices softening in almost all key markets, demand for prime residential property has remained robust throughout 2021. There are also early indications that we are seeing these markets beginning to enter new market circles. “He elaborated this by saying, “For example, while Dubai’s prime residential market saw a decrease of 5.9% in November 202, we are beginning to see the signs of recovery in price performance in some prime sub markets.”

He said that this analysis was correct when the world saw an increase of 5.1% and 9.4% in apartments’ and villas’ prices respectively, at Palm Jumeirah in December. Similarly, the villa prices in District One also saw an increase of 3.5%.

“Other Prime markets like Downtown Dubai and Emirates Hills are also showing signs of improvement in prices. More so, in contrast to the mainstream markets, prime transaction volumes increased by 7.9% in 2020 compared to 2019.” Knight added.

Liam Bailey, Head of global research at Knight Frank said, “The wealth report confirms a clear rise in demand for residential property. This demand is especially strong for rural and coastal properties with access to open spaces being the most desirable feature.” He also added, “The pandemic is super charging demands for locations that offer a surfeit of wellness- think mountains, lakes and coastal hot spots. This demand will help fuel up the price to 7% for our key markets this year.”

Knight Frank is a home to authentic global real estate research and the index which tracks luxury residential property prices of over a 100 cities confirms that three cities from Asia will occupy the next three places of “High Price Range Throne”. These cities are Shenzhen by 13% rise in property price, Seoul by 12% rise, and Manila by 10%.

According to Knight Frank’s wealth report 2021, 26% of UHNWI’s globally are planning to buy a new home in 2021 and this will show an increase of 20 % from the last year’s report. In accordance with the report, the focus of transactional activity from June onwards will be on coastal and alpine resorts and that is evident when second homes like Tuscany and Provence saw an increase in the activity and their growth after each lockdown’s lifting. As per the report, Bailey concluded that Dubai’s luxury properties will see a high demand because people are keen on investing in something which gives them a break from monotonous routines of their lives.

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