This article was originally published in propertyfinder Trends Report 2017 – click here to read online (Adobe Flash required) or click here to download PDF instead. To request a printed Report, please email us on firstname.lastname@example.org
PROPERTIES IN THE HIGH-END LUXURY SEGMENT SEE SIGNIFICANT INTEREST
As the first quarter of 2017 drew to a close, the top tier of the market continued to see high activity amid claims of softening and global gloom. The health and pricing of luxury real estate markets is not always internationally fueled; spending habits of affluent prime property and trophy hunting buyers are always to be found.
As the world’s luxury property brand, our gateway into Dubai is served from our international offices which constantly attract the attention of affluent and high net worth individuals (HNWIs) coming into the UAE. With multiple property sales closed recently within Gulf Sotheby’s International Realty, all exceeding AED 100 million, this is fact not fiction and we do not see this slowing down anytime soon.
Why is this positive news?
Luxury property purchases tend to set the bar for the entire property market. Affluent high value sales build confidence, and if an individual is prepared to place hundreds of millions into Dubai realty, others follow that sentiment. These sales also set standards, and so many of the amenities and features that are currently trending in the luxury market sector tend to trickle down throughout the entire marketplace making all sectors more appealing to purchase as trends are copied.
Whether completed or off-plan, we are experiencing growth in both of these sectors.
High value villa sales tend to be more attractive within completed developments, often to families relocating from abroad to avoid homeland economies and in search of a healthier climate and safer environments to set roots. Within off-plan, apartments tend to lead purchases and usually appeal to a younger audience, generally becoming trophy property purchases that will serve as vacation and entertainment homes.
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Managing Director, Gulf Sotheby’s International Realty
Winner of the propertyfinder Real Estate Brokerage Awards 2016