REAL ESTATE
The island, which has gained traction in recent years as a preferred destination for the ultra-high-net-worth individuals, is now home to a collection of 10 mega-mansions developed by Palace Luxury Living, a Dubai-based developer. "The wave of high-net-worth individuals is a separate segment and less prone to general economic turmoils like higher interest rates," said a senior property consultant at Dubai Sotheby's International Realty. "A lot of them are end-users and at the moment the Dubai lifestyle continues to be more and more attractive." The mansions on Jumeirah Bay Island, ranging from 20,000 to 45,000 square feet, are valued upwards of $27 million each, reflecting the growing demand for ultra-luxury properties in Dubai. The island's proximity to the financial center and international airport, as well as its relaxing vibe, have made it a sought-after destination for the super-rich, including Saudi billionaire Mohammed Abdul Latif Jameel, Israeli gambling tycoon Teddy Sagi, and Angolan magnate Isabel dos Santos. "The surge has been driven by an influx of high-net-worth individuals, from rich Indians seeking second homes to crypto millionaires and Russian buyers," the article notes. However, industry experts caution that the impact of any potential slowdown in Dubai's real estate market may be less visible in the luxury segment, as the ultra-wealthy buyers are less prone to general economic fluctuations. As Dubai continues to attract global attention for its innovative real estate developments and high-end lifestyle, the luxury market is expected to remain a key driver of the city's real estate growth in the coming years.
