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Dubai United Arab Emirates
Dubai had the largest luxury home price growth of 30 cities in 2023 with a 17.4% surge
The emirate constituted more than 25% of global super-prime sales last year
Dubai, UAE: Teraciel Properties, a super-prime boutique real estate developer that serves discerning clientele who have the highest quality taste, cites that Dubai had the largest luxury-home price growth among 30 global cities in 2023 with values surging 17.4%[1]; with a total of 411 super-prime residential sales (properties valued at $10 million and above), up from 370 in 2022, the emirate constituted for more than 25% of these transactions[2]. Teraciel Properties sheds light on what has made the cosmopolitan city an international leader in this segment, highlighting stability and sustainability among the key drivers.
While price gains have now begun to slow in Dubai’s luxury real estate market, the emirate remains highly desirable for potential homebuyers and investors alike[3]. Ujjwal Goel, Director of Teraciel Group, commented: “Within the super-prime niche that we focus on, one we classify as properties worth $25 million and above, slower price growth is especially appealing as it means that properties may be available at more reasonable prices. However, most people purchasing real estate at this price point aren’t usually too concerned about the cost associated with their investment; they care about securing customized high-end villas that are built with the utmost quality, tailored to their personal preference. Bespoke architecture, innovative construction methods, and world-class amenities are among some of the most sought-after features in this segment and developers who can deliver accordingly will not only benefit but also bolster the real estate market of their respective country.”
With high-net-worth individuals (HNWIs) prioritizing stability[4], the appeal of Dubai’s luxury real estate market is on full display. HH Sheikh Mohammed’s consistent efforts to maintain the UAE’s world-class standing amidst overseas turbulence and fluctuating economic conditions reinforce this notion. Initiatives such as the launch of the renowned Golden Visa program, and the subsequent reforms have made this incentive more appealing since, only further contribute to attractive offerings such as tax advantages, a convenient geographical location, and a dynamic business environment, among other factors.
Furthermore, with sustainability having become a global priority in recent years, Ujjwal added: “Through an innovation-driven approach, luxury real estate developers can distinguish themselves from market competitors. Through our design, attention to detail, and the latest technologies, Teraciel Properties is accordingly setting new benchmarks to redefine the landscape of luxury living. Sustainability is a key component, as it doesn’t solely pertain to environmental offerings, but also future-proof technology such as incorporating the latest amenities and cutting-edge technology to provide modern living and convenience.”
The UAE's aim to achieve climate neutrality by 2050 recently saw Sheikh Mohammed establish the Dubai Environment and Climate Change Authority to promote sustainable practices across sectors[5]. According to Teraciel Properties, the country’s real estate sector will play an integral role in this realization, even if indirectly. The company is accordingly exploring avenues in which it can contribute to this vision, leveraging its design-centric philosophy to continue nurturing real estate excellence for both itself and the UAE. As a boutique developer that has rapidly grown over the past five years, more projects are in the pipeline and to be announced in the coming months.
For more Information contact: www.dxrprop.ae
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