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Revealed: Dubai’s most expensive homes sold in 2023

The super prime luxury market in Q1 2023 currently represents 21.7 percent of the overall Dubai residential market

Revealed: Dubai’s most expensive homes sold in 2023

Dubai’s prime residential market witnessed transactions worth AED14.7 billion in the first quarter of 2023, according to data by the Dubai Land Department analysed by LUXHABITAT Sotheby’s International Realty.

Top 10 residential transactions in Q1 2023

Development          Price (in AED)
Jumeira Bay Island Bulgari lighthouse410,000,000
Palm Jumeirah, XXII Carat (Club Villas)183,000,000
Jumeira Bay Island Bulgari lighthouse160,300,000
Palm Jumeirah, The fronds,Frond D150,000,000
Palm Jumeirah, The fronds,Frond F125,000,000
Jumeira Bay Island Bulgari lighthouse119,000,000
Al wasl Aire Dubai118,705,620
Al wasl Aire Dubai117,298,380
Al wasl Aire Dubai117,298,380
Jumeira Bay Island Bulgari lighthouse116,000,000

The super prime luxury market in Q1 2023 currently represents 21.7 percent of the overall Dubai residential market. The super prime market consists of areas including Al Barari, Downtown Dubai, Dubai Hills Estate, Emirates Hills, Jumeira Bay, Jumeirah Islands and Palm Jumeirah.

“Moving into the second quarter we see a continuation of high-volume residential transactions within the super prime luxury segment. This continuity is primarily fuelled by the current lifestyle and wealth shifts being witnessed from incoming European buyers and a recent increased trend from institutional investors moving back into bricks and mortar asset classes. Additionally, super prime turnkey properties continue to be in low supply and sellers will dictate pricing and ensure the positive trend required to push the region through the historically slower summer months,” said Chris Whitehead, Managing Partner at LUXHABITAT Sotheby’s International Realty.

The highest average prices were seen in Jumeirah Bay at AED 10,594 per square ft and an average price of AED 93.3 million, earning the name ‘Billionaire’s Island’.

The most expensive property sold at Jumeirah Bay was the Buulgari Lighthouse & Bulgari Resorts & Residences at AED 410,000,000.

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