The luxury property market in Dubai continued its strong growth last year according to a new analysis by global property consultancy Knight Frank.
Sales of homes priced over $10 million grew by 92.4 percent to reach 431 deals in 2023. The total value achieved from these high-end sales rose by 91 percent to $7.6 billion, with 28 percent of this total coming in the final quarter alone.
“Dubai has doubled down on its position as the world’s most active market for homes priced over $10 million. The depth of demand from international buyers for Dubai’s most luxurious properties is reflected in the 8.9 percent fall in listings above this price point last year,” Faisal Durrani, Partner and Head of Research at Knight Frank MENA said.
“Indeed the appetite for properties valued at $25 million or more, sometimes called the ‘super prime’ segment, has also increased significantly. Sales in this price bracket doubled to 56 deals worth $2.3 billion in 2023.”
According to the analysis, Dubai outpaced other global cities in the first nine months of last year for luxury home sales. It recorded 323 sales over $10 million compared to 159 such deals in New York, the next highest city.
The emirate also achieved $5.8 billion in luxury residential sales during this period, almost double the level of London in second place with $3.2 billion.
Elite flock to Dubai’s Palm Jumeirah
The Palm Jumeirah remains the most sought-after location for luxury buyers in the emirate, says Knight Frank.
It accounted for 38.5 percent of homes sold over $10 million and 39.2 percent of sales above $25 million.
“The Palm Jumeirah, for instance, had 9.5 percent less homes for sale last year than in 2022, reflecting the buy-to-stay and buy-to-hold attitude of the bulk of purchasers. The island’s location at the heart of New Dubai and recently achieved prestigious Blue Flag status only adds to its appeal amongst the world’s elite looking for instant access to the ‘Dubai life’,” according to Will McKintosh, Regional Partner and Head of Residential at Knight Frank MENA.
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