Dubai sits in the heart of the United Arab Emirates, has fast become the playground for the rich and famous. The city, the most populous in the United Arab Emirates, has a reputation for some of the most extravagant hotels in the world. Yet for some of the obscenely rich, a lengthy stay in one of these seven-star paradise hotels is not enough, and as with everything, Dubai is happy to provide. The luxury homes market in Dubai is like the city itself; thriving, developing and quite breathtaking in sheer opulence.
With luxury homes in Dubai, the every whim is not just pandered to, but actively encouraged. In some luxury homes, the fittings and fixtures that come as standard would put even the shiniest of Elizabeth Taylor engagement rings to shame. Dubai is a city that attracts the wealthy and gives them a thousand options of what to spend their money on. Irish comedian Ed Byrne has a hilarious routine about this, joking brilliantly how Dubai – a desert city – is famous for it’s water parks. Extravagant is the game, and Dubai is the name.
However, beneath the extreme wealth is an undercurrent of issues that prospective home owners in Dubai should be aware of. By and large, the industry is unregulated, meaning extortionate fees and other hidden costs can be incorporated. Sensing this issue in the market for Westerner’s looking to buy reliable property in the area, several American and British firms have now established themselves as the place to go when buying a luxury home in Dubai. These agencies are worth their weight in gold, as they deal with local customs, language barriers and all the other small issues that can make buying abroad difficult.
Many developments are owned by these agencies, and it is within these that the real luxury steps forward. Dubai may be one of the most upcoming cities in the world, but the housing market is still relatively akin to the rest of the United Arab Emirates and the home designs are traditional. The foreign estate agents have now come in, offering Western style homes in the desert rose of Dubai.
Demand on luxury homes in Dubai is high, with many of these Westernized development properties only staying on the market for a few days before being bought. If looking for a development property, the wisest choice is to buy off plan after viewing an example. This not only helps navigate the heavily populated market, but also means you have some element of control over the specifications of the house or apartment that will be your own.
However, even when taking this into account, the market for luxury homes in Dubai is very reasonable. The prices are excessive for a normal home for a standard family, but within the luxury foreign market they are more than competitive. For example, a three-bedroom luxury home complete with on-site access to a health club, fitness centre, gym, play area and club house is priced at just over $1 million USD.