- Dubai ranked fifth globally for the most homes sold at $25 million and above in 2023
Teraciel Properties: 24.6% influx of HNWIs through 2025 to elevate UAE’s luxury real estate sector
Dubai, UAE: Teraciel Properties, a super-prime boutique real estate developer that serves discerning clientele who have the highest quality taste, cites that the UAE is forecasted to witness a 24.6% influx in high net worth individuals (HNWIs) by 2025[1]; according to Ujjwal Goel, Director of Teraciel Group, realizing this projection will propel the country’s ultra-luxury real estate sector to new heights.
In 2023, the undersupply of luxury and ultra-luxury units in prime locations pushed prices to record highs for villas and penthouses in the nation[2]. According to industry analysis, investors targeting seeking high-end real estate should look at prime locations like The Palm Jumeirah and Emirates Hills, among others, as such areas are expected to see a 5% price rise in 2024[3].
Other areas like Dubai Hills are also worth considering investment in as this past December, the sale of The Imperial secured the record for the highest price per square foot for a non-golf view residence. Ground-breaking developments like this will play an integral role in the strength of Dubai’s luxury real estate sector, which will play an integral role in realizing a projection of the city’s overall real estate market expanding by 15% this year[4].
Ujjwal explained: “Dubai is synonymous with luxury, and the influx of HNWIs in recent years is exemplary. This demographic has invested heavily in the city’s real estate landscape, reinvigorating the market and the overall economy in this post-pandemic era. Through design, attention to detail, and the latest technologies, innovation-driven developers can establish new benchmarks to redefine the landscape of luxury living and play a key role in the UAE’s economic success. This is what has helped Dubai secure the fifth position globally for the largest number of homes sold at $25 million and above in 2023[5] – but developers must continue pushing the envelope to appeal to the world’s elite and position the emirate as a premier destination for luxury real estate investments.”
Teraciel Properties is redefining extravagant living through its design-centric philosophy and unwavering commitment to real estate excellence. The boutique developer’s projects are not built for investors but rather for end-users who are looking for a unique and bespoke lifestyle in a super-prime location. Notable milestones of the company include logging the highest price per square foot for an office that it built and sold in Boulevard Plaza in 2019, for which it broke the same record in 2021 with a second office in the same area. In the coming months, Teraciel Properties will announce future development plans for Dubai that will contribute further value to the country’s real estate landscape.
For more information, please visit www.teraciel.com.
About Teraciel Properties:
Teraciel Properties is a boutique luxury real estate developer that is positioned to create landmark properties that cater to the lifestyles of the most discerning clients. A truly bespoke and customer-centric developer, all its residences resonate with detailed design, combined with thoughtful function, incredible artistry, and impeccable architecture.
For all media inquiries contact:
Aaron Illathu | Karim Geadah | Dushane Solomon | Alain Selfani
Atteline
Email: Teracielproperties@atteline.com
[1] https://adgully.me/post/5385/wrise-group-launches-in-dubai
[2] https://www.zawya.com/en/business/real-estate/uae-records-highest-property-price-increase-globally-in-2023-imf-c5qkl1wh
[3] https://www.mandmrealestate.ae/news-and-insights/market-outlook-where-and-how-to-invest-in-dubai-in-2024/
[4] https://www.mandmrealestate.ae/news-and-insights/market-outlook-where-and-how-to-invest-in-dubai-in-2024/
[5] https://theurbannest.ae/unveiling-the-dynamics-of-dubais-ultra-luxury-real-estate-market-in-2024/
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