Dubai Emerges as a Preferred Destination for the Super-Wealthy

As global wealth grows, so does the demand for luxury homes, commercial spaces, and investment opportunities. For the third year, Dubai ranked first in the world for greenfield foreign direct investment (FDI) projects, surpassing Singapore and London, with an estimated capital attraction of nearly Dh39.3 billion ($11 billion).

In 2022, PRIME by Betterhomes launched the ‘Dubai’s Top 50 Homes’ competition to highlight the city’s status as a luxury destination. This prestigious event established a platform to highlight the pinnacle of luxury real estate, revealing fifty of the city’s most exceptional residences to a global audience and attracting over 20,000 attendees last year alone. This demonstrates people’s genuine interest and curiosity about the luxury properties available in Dubai.

Recent data from PRIME by Betterhomes highlight Dubai’s appeal to high-net-worth individuals. Transactions over Dh15 million increased by 30% in Q1, demonstrating Dubai’s status as a top hotspot for luxury residences worldwide.

The surge in global wealth creation has significantly impacted Dubai’s real estate market. Dubai has emerged as a top destination for affluent individuals looking to diversify and secure their assets in the face of geopolitical volatility. According to Henley & Partners’ most recent World’s Wealthiest Cities Report 2024, the UAE has welcomed 99,000 millionaires, with more than 72,000 residing in Dubai alone. This city now has the highest concentration of wealthy individuals in the Middle East, with a combined net worth of more than Dh3.7 trillion ($1 trillion), so it’s no surprise that Dubai’s Top 50 Homes competition has already received numerous nominations for luxury homes with unparalleled architecture and unique interior design.

Louis Harding, Managing Director at PRIME by Betterhomes, stated: “I cannot think of another city better suited to host a competition that showcases and celebrates the absolute best in residential interior design and luxury living. We are thrilled to receive all the nominations and anticipate that this year’s entries will reflect the remarkable developments in this segment over the past 12 months, with an increase in both the number and quality of properties showcased.” We invite visionary architects, talented interior designers, and proud homeowners to nominate their homes or interior design projects to Dubai’s Top 50 Homes Competition.