The Dubai luxury real estate market has witnessed a remarkable surge in its high-end property market over the past three years, according to a report by Betterhomes.
The city has solidified its position as the world’s leading luxury real estate market, attracting high-net-worth individuals from around the globe, the report said, adding that this is a combination of effective COVID-19 crisis management, visionary developments, and a high demand for luxury properties.
“Despite recent price inflation, prime real estate in Dubai remains significantly more affordable than in major global cities like London, New York, and Hong Kong. Coupled with ongoing developments like the Dubai 2040 Urban Master Plan, Dubai’s luxury real estate market presents a compelling and promising investment landscape,” Louis Harding, Managing Director at PRIME by Betterhomes said.
Dubai luxury real estate market peaks in October 2023
October in particular, proved to be a standout period for Dubai’s real estate market, with an unprecedented number of secondary luxury transactions recorded for the year.
Secondary sales nearly tripled in comparison to the preceding month, while off-plan luxury sales remained consistently strong, showcasing the sustained interest in the market.
Among the luxury communities, Palm Jumeirah emerged as the most transacted location in October, followed closely by MBR City and Palm Jebel Ali.
However, transaction activity experienced a slight dip in Bluewaters Island, Business Bay, and Damac Hills during the same period.
Branded residence sales surge 80 percent in Dubai
The branded residential market, which offers properties associated with renowned brands, experienced a remarkable 80 percent surge in sales year-on-year.
More than 2,000 units were launched in 2023, further contributing to the market’s growth.
Average prices per square foot for branded residences also saw a significant increase of 33 percent since December 2022, reflecting the desirability of these properties among investors and buyers.
In terms of luxury developers, H&H, Omniyat, and Majid Al Futtaim emerged as the top three players in 2023.
These developers have garnered attention and acclaim for their notable projects such as Baccarat Downtown, Orla Infinity, and Lanai Island & Serenity, showcasing their commitment to creating exceptional luxury living experiences.
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