According to a survey conducted by Knight Frank, the world’s wealthy are preparing to spend $4.4 bn (AED 16.161 bn) on purchasing residential real estate in Dubai this year, Invest-Gate reports.

The survey included the opinions of approximately 217 millionaires from around the world and 100 high-net-worth residents of the Gulf Cooperation Council countries, aiming to understand their attitudes, desires, and aspirations regarding real estate investments.

According to the real estate consulting company, the survey participants have a combined net worth of about $5.4 bn and own 1,147 homes across the globe.

Among the UAE, Dubai ranks as the most preferred emirate for residential property purchases among the world’s wealthy individuals, with a turnout rate of 73 percent this year compared to 67 percent in 2023. Abu Dhabi comes in second place with a percentage of 23, while Sharjah ranks third.

Knight Frank attributes Dubai’s prosperity to its transformation into a global commercial center over the past 50 years. This transformation, coupled with investments in infrastructure and a focus on social life, has contributed to continuously improving the standard of living and achieving exceptional rates of public safety.