Ask a foreigner what their perception of Dubai might be, and they’ll paint you a picture of gold-plated Ferraris with leopards riding shotgun zooming around the Burj Khalifa. While the reality isn’t nearly that flashy, there’s no denying that Dubai has become synonymous with luxury. In response, the luxury real estate market in Dubai is soaring. You may ask, ‘In this economy?’ Read on to see why this investment is showing no sign of slowing down.
Save some moolah
Snatching up a good bargain is always fun, and it looks like it’s no different for the 1 percent. Compared to global cities worldwide, the prices of luxury properties in Dubai are among the lowest. Luxury homes in Dubai cost 40% less than luxury homes in Singapore, and 50% less than those in Paris and Moscow. No wonder more than 200 nationalities purchased property in 2017 as per the Dubai Land Department (DLD). With an audience this varied, a well-crafted marketing strategy to make a property stand out among the crowd is essential.
Details are everything…
…and we’re not just talking about a few well-placed houseplants. With the luxury market seeing more value-conscious buyers who care more about design, community, locations, impeccable finishes and amenities, luxury properties are keeping their standards high. Offering the best of the best is the norm when appealing to the value-conscious crowd, and Dubai is not being left behind. And what other way to show off these exquisite details than with a platform like social media? A cleverly placed ad that targets high-end clients can work wonders here.
20/20 vision
Have a friend planning to visit you during the 2020 World Expo? Looks like 25 million other people have made the same plan. That’s the number of visitors Dubai is expecting between October 2020 and April 2021, and it goes without saying that they present a marketing opportunity that cannot be missed. The expo is a large-scale event that spurs economic expansion and paves the way for new wealth that could be invested in luxury real estate; all it needs is a push in the right direction.
With high-end clients requiring extra attention to build a confident and trusting relationship, the right kind of marketing is vital. Hitting that sweet spot between luxury and trust isn’t easy, but once it’s done landlords can get ready for plenty of signatures on the dotted line.
Source: ZAWYA MENA Edition, “Is Luxury Real Estate Here to Stay in Dubai?”
Ellington, “Spike in Demand for Luxury Property in Dubai: Know It All.”
