KHALEEJ TIMES, Saturday, Sep 4, 2021 | Muharram 27, 1443
Wealth in Dubai grows by Dh143 billion to nearly Dh2 trillion
Emirates:
Dubai residents became richer by $39
billion (Dh143 billion) during the past year, reaching approximately Dh2
trillion at the end of June 2021.
According to the New World Wealth report released
on Wednesday total wealth held in the city amounted to $530 billion (Dh1.94
trillion) at the end of June 2021 as compared to $491 billion (Dh1.8 trillion)
at the end of the same period last year.
Thanks to its successful handling of the Covid-19,
the city’s attraction has balloon substantially since the outbreak of the
pandemic.
Real estate industry executives have revealed to Khaleej
Times that a large number of ultra-high net worth individuals have been
scouring the market for the past one year to mop up high-end properties which
were selling at an attractive rate following the drop in prices for the past
seven years. As a result, many millionaires have moved to Dubai from the other
cities which were badly hit by the pandemic.
The latest data from Property Finder showed that
Dubai recorded in June the highest real estate sales transaction volume
since December 2013 with 6,388 deals worth Dh14.79 billion, taking the January
to June total deal value to Dh61.97 billion. In total, the property market
recorded a 40 per cent jump in sales transactions during the first half of 2021,
reaching Dh61.97 billion.
The first half of 2021 also saw a Dubai villa
being let a record Dh3.8 million on Palm Jumeirah. Similarly, a villa on the
Palm Jumeirah was sold for a staggering Dh111.25 million, making it the most
expensive property sold in Dubai this year. This reflects that big-ticket assets
are in strong demand in the emirate.
The New World Wealth study found that Emirates
Hills, the Jumeirah Golf Estate and the Palm Jumeirah are the top three
neighbourhoods in the emirate where most of the millionaires and billionaires
reside.
Maintaining its status as the wealthiest city in
the Middle East and Africa (MEA) region, the emirate was ranked 29th wealthiest
city globally, it said.
The emirate is home to just over 54,000 HNWIs at
the end of June 2021 as compared to 49,400 at the end of June 2020 and 12
billionaires as against nine billionaires in the same month.
Most of the wealthiest people living in Dubai have
interests in financial services, basic materials, oil and gas, transport,
hotels, retail and real estate.