According to a report, high-net-worth individuals (HNWIs) are willing to spend $408.3 million in Abu Dhabi and $388.5 million in Ras Al Khaimah on residential real estate.
In the second annual Destination Dubai report for 2024, global property consultancy Knight Frank reports that HNWIs have a moderate appetite for buying real estate in the capital of the United Arab Emirates, with 23% expressing a desire to do so. As one’s net worth increases, this pattern swiftly reverses. Only 14% of people with a net worth between $2 and $5 million are eager to buy real estate in Abu Dhabi, compared to 57% of people whose personal wealth exceeds $15 million and who would like to purchase residential real estate in the UAE capital.
Additionally, Knight Frank emphasizes the effectiveness of the “Visit Abu Dhabi” campaign, noting that 50% of expat HNWIs based in the GCC and 67% of global HNWIs with a net worth of over $20 million indicated that the Department of Culture & Tourism, Abu Dhabi’s worldwide advertising efforts had a positive influence on their decision to visit the city.
According to Shehzad Jamal, Partner, Strategy & Consultancy, MEA, the transition of domestic buyers from renting to ownership has been greatly aided by Abu Dhabi’s relatively stable residential values over the past four years. Additionally, homes in Abu Dhabi are still roughly one-third less expensive than those in Dubai, with prices per square foot hovering around Dh1,000.
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