Dubai has once again solidified its position as a global leader in economic strength and luxury, ranking 12th in Julius Baer's prestigious Global Wealth and Lifestyle Report. As the 6th most expensive city in the Europe, Middle East and Africa region, Dubai remains an attractive destination for the wealthy despite rising living costs and geopolitical tension.

The report highlights that Dubai's appeal to affluent residents has remained steadfast. The ultra-rich in the Middle East are particularly bullish on investments with 72% increasing their investments year on year. This optimism is fueled by Dubai's strategic location at the crossroads of East and West, boasting world-class airports and ports. This unique geographical advantage makes Dubai an ideal market for global business expansion.

Over the past 12 months spending on business and leisure travel in the Middle East has increased significantly by 65% and 67% respectively. This trend underscores Dubai's role as a crucial hub for international commerce and tourism.

Real estate is a cornerstone of Dubai's economy accounting for 8.9% of its GDP. The sector is showing remarkable dynamism with property prices in Dubai increasing by 16% in US dollar terms. According to Knight Frank Dubai hosts the world's most active $10 million housing market in 2023 with both global and local demand at an all-time high.

The region's wealthy are spending the most on luxury residential properties compared to any other region amid strong economic growth and world-class infrastructure. This trend solidifies Dubai's status as a preferred destination for luxury residential investments surpassing other regions significantly.

The residential market has sustained an upward trajectory in prices and residential property is relatively affordable compared to many cities in the region. Sophisticated and smart investors are moving to Dubai to buy luxury and branded real estate given the competitive advantage the city offers compared to global and regional peers. This growing trend will keep Dubai on the global investors' radar.

The report reveals that more than half of wealthy Middle Easterners surveyed have spent more on residential property in the past 12 months with 58% planning to increase their spending in the next 12 months. The Julius Baer Lifestyle Index indicates that price increases for goods and services have slowed to 4.0% in US dollar terms over the past year. For the first time EMEA has become the most expensive region to live well.

Dubai's blend of economic resilience, strategic location and luxury living continues to make it a beacon for the wealthy. As the city maintains its competitive edge and appeal it is poised to remain a top destination for luxury residential investments and global business expansion.