Kashif Ansari, CEO and Co-founder of Juwai IQI shared his perspectives on the trend of wealthy individuals relocating to Dubai for a new chapter in their lives.
Juwai IQI’s CEO and Co-founder, Kashif Ansari mentioned that Dubai is known as a top spot for the ultra-rich, offering luxury living, a booming property market, and serving as a prime destination for wealth preservation.
Kashif emphasized that a rise has been observed in the number of wealthy individuals moving to Dubai, which is known as a popular choice among high-net-worth individuals (HNWIs) due to its luxurious lifestyle and ability to preserve wealth.
He mentioned that the number of HNWIs in Dubai increased by 18% in the most recent Henley & Partners survey.
He also highlighted that 3,500 HNWIs have decided to relocate to Dubai and the reason is because wealthy families get confident about Dubai’s economic future.
By 2026, family offices and the ultra-rich are expected to contribute $500 billion to the UAE economy. a significant expansion of the economy and the accumulation of riches.
Furthermore, the CEO and Co-founder of Juwai IQI discussed Dubai’s real estate market, projected to see a 20% rise in residential prices in 2024. The UAE’s growing real estate sector reflects its economic resilience and global investor confidence.
Despite global challenges, Dubai’s real estate market has performed strongly across all sectors, driven by its haven reputation. Recent research by Deloitte confirms this trend, with significant demographic and economic growth from the prior year.
He pointed out, by June 2023, there were over 3.6 million people living in Dubai, a 1.4% rise from the previous year. From January to November 2023, there was a 19.9% rise in tourist visits, totaling 15.4 million visitors.
To top it off, the gross domestic product (GDP) increased by 3.2% to reach Dhs 223.8 billion in the first half of 2023. Out of all the industries, the transport and storage sector did the best, growing by 10.5% over this time.
He included, to take advantage of the market boom, all smart investors are flocking to Dubai in order to purchase branded and luxury real estate. Global investors will continue to be aware of this expanding trend in Dubai.
Why has Dubai emerged as the prime destination for wealthy individuals seeking relocation? Discover additional insights by clicking the links below.
Learn more here: Gulf Today
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