Dubai records $1.7b in luxury home sales
DUBAI: One hundred and five homes priced in excess of US$10 million were sold in Dubai during the first three months of the year, up 19 percent on Q1 2023, according to the latest analysis from global property consultant, Knight Frank.
Faisal Durrani, Partner - Head of Research, MENA, explained, “The level of deal activity in Dubai continues to strengthen, particularly at the top end of the market, where the near constant stream of international high-net-worth-individuals vying for the city’s most expensive homes persists.
“The laser-like focus of the global wealthy on Dubai is best reflected in the rapid deterioration in the volume of $10 million+ homes for sale, which has fallen by 59 percent across the city over the last 12 months to just 864 homes.”
The total value of luxury homes sold during Q1 stands at $1.73 billion, up six percent from Q1 2023. This builds on Dubai’s emergence as the world’s busiest $10 million+ homes market.
Knight Frank says that last year, Dubai recorded 431 home sales above $10 million, nearly 80 percent higher than the next nearest contender-london (240). New York (211) rounded off the world’s top three most active luxury home markets in 2023.
Palm Jumeirah registered deals worth $628 million, and dominated the luxury homes market during Q1, accounting for 36.3 percent of sales by total value. Jumeirah Bay Island (11.1 percent) and Dubai Hills Estate (seven percent) followed in second and third place, respectively.
While Palm Jumeirah (39) also led the pack in terms of the total number of luxury homes sold, Palm Jebel Ali (ten) and Business Bay (seven) registered more high-end home sales than Jumeirah Bay Island or Dubai Hills Estate.
According to Knight Frank, other markets, away from the headline-grabbing Palm Jumeirah, Jumeirah Bay Island, and Emirates Hills, are fast rising in prominence among luxury home buyers, with Dubai Hills Estate, for instance, standing out as a market to watch.