Experts pointed out that the market for luxury watches will continue to grow in the coming years. They indicated long waitlists for certain luxury watches, with expected wait times ranging from seven to ten years.
Muhammed Al-Naimi, director of the Dubai Watch Club, emphasized that the market for Swiss watches in the UAE, including both new and pre-owned, is the largest in the Middle East. Yearly, this market grows by 10-15%. "Dubai has become the main trading hub for luxury watches in the region, especially for pre-owned watches, thanks to the many exhibitions, events, and the availability of digital platforms that simplify the buying-selling process," noted Al-Naimi.
After the COVID-19 pandemic, the market for luxury watches experienced significant changes: demand surged, supply decreased, and prices increased. This led to a resurgence of interest in the secondary market, where prices for watches exceed those of official dealers in certain cases.
Experts highlighted significant interest from citizens and residents in purchasing luxury watches, particularly pre-owned. Prices for luxury watches may start from 20,000 dirhams and can reach millions. For certain models, prices can be higher than for new watches due to their rarity and low availability.
Future growth of the luxury watch market is expected in the coming years with price adjustments. The aftermath of the pandemic and increased production should stabilize the situation and reduce "dirty" pricing. Buying watches outside of official dealers can prove more advantageous due to the scarcity of certain models.
Sultan Al-Hader noted that the UAE, especially Dubai, represents a large and vibrant market for luxury watch sales, particularly pre-owned, due to the country’s geographic location. He added that prices for new and pre-owned luxury watches vary depending on the brand and demand, which, when increased, raises the price of certain models.
Exports and imports of luxury watches also showed growth in the UAE in the first half of the current year, where Switzerland, Hong Kong, and Germany became important trading partners. Experts emphasized that the market for luxury watches in the country continues to develop, attracting more buyers for both new and pre-owned products.
