With events like Art Dubai and the Dubai Boat Show, post-pandemic Dubai has reinforced its image as one of the primary hubs in the global luxury market.
Christie’s International Real Estate Dubai at its exclusive lunch in partnership with Christie’s Auction House Dubai during Art Dubai 2023.
Apart from the skyscrapers and sunny climes, Dubai has become a byword for luxury.
According to a recent report by Barclays, the Middle East is expected to be one of the fastest growing luxury markets this year. The U.A.E.’s luxury goods market, in particular, is separately predicted to achieve a compound annual growth rate (CAGR) of 6.82% for the 2022-2027 period, highly encouraging for a sector currently valued at US$3.78 billion and far outpacing the international CAGR of 5.4%.
Of course, real estate is not immune to this optimism. A recent ranking of the world’s prime real estate markets saw Dubai at the top, with prices forecast to increase by as much as 13.5% in 2023 based on surging demand. This is in great part due to the influx of new, high-net-worth residents, attracted by Golden Visa reforms and a tax-free lifestyle — a 52% rise in centi-millionaires over the next decade is expected.
It is in this context that the city hosts Art Dubai, the Middle East’s leading international art fair. Returning to its full plumage for the first time since the pandemic, the 16th edition welcomes more than 130 galleries from over 40 countries. Art Dubai, which specialises in art from the Middle East, North Africa and South Asia, is complemented by over 50 thought leadership sessions.
Art Dubai, the Middle East’s leading international art fair. Courtesy Gulf News.
Indeed, Christie’s International Real Estate Dubai, in partnership with Christie’s Auction House Dubai, is also participating by hosting an exclusive lunch as part of the Art + Tech Summit. The one-day conference will discuss the intersection between art and emerging technologies.
Simultaneously, building off of the city’s rich heritage of maritime trade and pearl diving, the Dubai Boat Show is enthralling visitors. The five-day event will feature the cutting-edge designs of more than 400 boat, yacht and watercraft brands from over 55 countries.
The Dubai Boat Show will showcase upwards of 400 brands over the course of five days. Courtesy Gulf News.
And where better to showcase these? The MENA region currently boasts the 2nd-highest fleet-to-billionaire ratio, as well as 12.6% of all super yachts. Dubai itself is home to 15 marinas and more than 3000 docking spots, many which regularly welcome superyachts and mega yachts. Fitting, then, that the total value of all boats on display at the event amounts to approximately AED2.5 billion.
From leading fashion brands and fine art to elite yachts and the most luxurious homes, it is not a claim without merit that, at the time of writing, Dubai is arguably the most comprehensive purchaser and facilitator of luxury in the world.
