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The global real estate consultancy surveyed more than 300 HNWIs - 217 from around the world and a further 100 from outside the Gulf Cooperation Council (GCC) - to find out their interest and preferences for investing in UAE property.

The total net worth of these respondents amounted to US$5.4 billion. The findings show that Dubai is the most popular emirate for residential property transactions in the UAE, with Knight Frank estimating that HNWIs will spend $4.4 billion in the region over the next few years.

Dubai continues to be the destination of choice for global HNWIs. Not only has the city cemented its position as the world's busiest market for US$10m+ home sales, but HNWIs continue to aspire to ‘Dubai living’. Higher priced properties in the emirate of Dubai have always been highly sought after, says Faisal Durrani, partner and head of research at Knight Frank.

Durrani noted, ‘The desire to own a city home jumped from 28 per cent of those with a net worth of $2 million to $5 million to 78 per cent of those with a net worth of more than $15 million.’

Even more surprising is the average budget of UHNWIs when considering buying a property in Dubai. The survey revealed that 25 per cent are willing to spend between $60 million and $80 million on a Dubai property, while another 16 per cent are willing to spend more than $80 million.

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Meanwhile, the average budget for this particular group is $58.5 million.

HNWIs cite Dubai's high-quality infrastructure as a major factor in attracting property purchases. In fact, the quality of infrastructure in the UAE was ranked fourth globally in the World Economic Forum's latest competitiveness report released in January this year.

Dubai's status as a global tourist destination was the second most important consideration for HNWIs. The emirate of Dubai has rapidly risen from a small fishing village in the early 19th century to become the world's third most visited city, with 17.1 million visitors in 2023.

Around 40 per cent of HNWIs said that Dubai's ease of home ownership and better value for money were key factors in its appeal to luxury buyers.

When choosing where to live in Dubai, the survey found that location was the most important factor. Shehzad Jamal, Partner at Knight Frank, noted, ‘Green spaces or parks have become a top consideration for HNWIs when buying property in Dubai, with 88 per cent of HNWIs citing this as a potential deal breaker.’

He continued, ‘The desire of wealthy individuals to live close to a clinic or hospital has become the second most important property selection criterion. Beach accessibility was also cited as the third most important selection criterion, which is perhaps unsurprising considering Dubai is synonymous with beachfront living.’