Dubai has recorded the sale of 88 homes over $10 million in Q1 of 2023. The total value of the properties sold amounted to AED6 billion, according to an analysis by Knight Frank.
Palm Jumeirah, Emirates Hills and Jumeirah Bay Island dominate sales in the luxury home sector, accounting to 64 percent of the total sales of homes over $10 million, with prices reaching AED8,800 per square foot.
Faisal Durrani, Partner and Head of Middle East Research said, “The $10 million plus homes market in Dubai continues to strengthen, with 88 sales being registered in Q1 alone. 2022 saw Dubai record 219 deals above this price point, positioning the city as the fourth busiest luxury homes market in the world. 2023 is shaping up to be another record year for this segment of the market.”
“The depth of demand for homes at this price point from local and international Ulta high net-worth individuals (UHNWIs) is helping to drive up prices in this exclusive segment of the market. Indeed, Q1 has seen average transacted prices for $10 million plus homes reach AED7,235 per square foot, which represents a 16 percent increase on 2022’s AED6,250 per square foot,” he added.
The Al Wasl-Dubai Canal corridor and Tilal Al Ghaf have also joined the list of preferable neighbourhoods for UHNWIs to purchase luxury homes.
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