The luxury real estate market in Dubai is experiencing a major boom in 2023 and its trajectory is near vertical. It is showing no signs of a slow-down in the forthcoming years with an influx of high-end properties featuring sky gardens, infinity pools, smart home technology and more. From stunning villas to luxurious penthouses and elegant apartments, there is no shortage of opulent living spaces for those seeking the ultimate in luxury. Record-breaking deals are taking place every few weeks in Dubai with millions of dollars exchanging hands. The per-square-foot rate for properties such as Bvlgari Resort and Residences and Bvlgari Lighthouse can reach up to AED13,543 per square foot.
Developers in the meantime are making hay while the sun shines, tweaking new launches to capitalize on the resurgent appetite for luxury homes in the UAE. Distinguished designers from all over the world are being roped in to form an alliance over designing the interiors of these spaces. The 381-million-dollar project of The Viewz by Danube Properties will have Aston Martin-furnished interior common areas and amenities. This property’s two and three-bedroom apartments and sky villas will have private swimming pools and more. One of the most sought-after features in similar properties is the sky garden, which offers a private oasis in the sky with breath-taking views of the city. These stunning outdoor spaces are perfect for entertaining guests or simply relaxing in the tranquillity of nature. Another popular feature in these luxury properties is the infinity pool, which offers a stunning visual effect as if the pool is merging with the horizon. These pools are perfect for taking a refreshing dip or simply lounging in the sun while enjoying the stunning views of the city. Smart home technology is also a must-have feature in luxury properties in Dubai, allowing residents to control everything from lighting and temperature to security and entertainment with just the touch of a button. This technology offers unparalleled convenience and luxury for those who demand the very best.
Palm Jumeirah, Dubai Marina and Jumeirah Beach Residence are all attractive localities for buying luxury properties. Rates, however, are skyrocketing due to the heavy demand and limited supply. The third quarter of 2022, showed a 29% increase in the real estate prices of these areas. The slow rate of construction and delays in completion of projects too contribute to the glaring disparity between the supply and demand of real estate properties in the Middle East. According to Knight Frank’s data, there are 81,000 units due by end-2025, but “just eight new villas are due in Dubai’s prime residential areas between 2023 and 2025”. Contesting views infer that the medium to long-term sustainability of this real estate boom could be affected by these factors. The Russia-Ukraine war too has led to the inflated prices of metals such as copper and nickel which are key considerations for developers who import from these markets. The initiatives by the government towards foreign policies and investment in real estate too will attract a new wave of first and second-home buyers as mortgage rates become more affordable.
Despite these challenges, with the kind of luxurious properties available, it\'s no wonder that Dubai\'s luxury real estate market is experiencing such a boom in 2023. Whether you\'re looking for a stunning villa, a luxurious penthouse, or an elegant apartment, there is sure to be a property that meets your every desire and exceeds your every expectation.
