Photo : Khaleej times
In 2023, Dubai witnessed a notable surge in the luxury real estate market, with 431 home sales surpassing the $10 million mark. This figure overshadowed those of other major global cities, including London and New York, by nearly 80%. However, in a shift reflecting the evolving dynamics of wealth in the city, the availability of luxury properties valued at $10 million or more for sale has drastically declined. This decline, attributed to an increasing number of millionaires choosing Dubai as their residence and a reluctance among them to sell their assets, has seen a significant drop of over 59% in the past year alone, leaving just 864 such homes on the market.
Faisal Durrani, a partner and head of research for Mena at Knight Frank, emphasized this trend, noting the discernible focus of the global affluent on Dubai. He pointed out that the rapid decrease in the volume of luxury homes for sale is indicative of this trend, driven by a combination of factors including confidence in the local economy and the government's effective management of the Covid-19 crisis.
Stay informed with the latest news. Follow DXB News Network on WhatsApp Channel
Furthermore, the post-pandemic era has witnessed heightened demand from end-users and long-term investors in the Dubai property market. This demand, coupled with stringent conditions set by top developers, has virtually eradicated flipping in the residential market. Developers now stipulate that properties cannot be sold until a significant portion of the payment—typically ranging from 30% to 50%—has been made by the buyer.
This surge in demand for luxury properties has continued into 2024, with Knight Frank reporting a 19% increase in the sale of homes priced over $10 million in the first quarter compared to the same period in the previous year. Durrani highlighted the robust activity in Dubai's high-end market, attributing it to a steady influx of international high-net-worth individuals seeking the city's most luxurious residences.
In 2023, Dubai firmly established itself as a global leader in luxury home sales, recording 431 transactions exceeding $10 million, a figure significantly surpassing those of London and New York. The total value of such transactions during the first quarter of 2024 amounted to $1.73 billion, marking a 6% year-on-year increase. The Palm Jumeirah emerged as the frontrunner in terms of both transaction volume and total sales value, followed closely by Jumeirah Bay Island and Dubai Hills Estate.
Durrani underscored Dubai's remarkable growth in the prime residential market, with prices soaring by 26.3% over the past year. Despite this rapid appreciation, Dubai remains one of the most affordable luxury real estate markets globally, offering significantly more square footage per million dollars compared to other major cities such as New York, London, and Monaco.
Will McKintosh, regional partner and head of prime residential for Mena at Knight Frank, noted the rising prominence of Dubai Hills Estate as a coveted destination for luxury homebuyers. With its strategic location, access to top-notch amenities, and abundance of green spaces, Dubai Hills Estate has witnessed an uptick in demand, leading to a considerable increase in property prices and a sharp decline in available inventory.
#trending #latest #DubaiLuxuryHomes #GlobalRealEstate #WealthTrends #LuxuryProperty #DubaiMarket #RealEstateTrends #MillionaireResidences #LuxuryLiving #PrimeResidential #DubaiWealth #PropertyInvestment #breakingnews #worldnews #headlines #topstories #globalUpdate #dxbnewsnetwork #dxbnews #dxbdnn #dxbnewsnetworkdnn
Expo City Dubai’s Cities in Action Forum ends with new partnerships, paving way for Asia Pacific Summit....Read More.
ADPHC uses advanced tech and monitoring to analyze health data, prevent outbreaks through immunization, campaigns, and health measures...Read More.
Radhika Merchant recently attended her friend's wedding and gave a stunning performance with her gir
Rapper Kendrick Lamar thrilled a packed stadium and global viewers at the Super Bowl, teasing and th
Liverpool faced a shocking FA Cup exit on Sunday, losing 1-0 to Championship underdogs Plymouth
Prince Abdulaziz bin Turki welcomes IOC President Thomas Bach on his 4th visit to Riyad
Bencic wins Mubadala Abu Dhabi Open title again, while Ostapenko/Perez claim doubles win
Cities in Action Forum Concludes with Partnerships, Setting Stage for Asia Pacific Summit
Expo City Dubai’s Cities in Action Forum ends with new partnerships, paving way for Asia Pacific Summit.
Abu Dhabi Health Centre Administers 89,000+ MMR Vaccines to Kids in 2024
ADPHC uses advanced tech and monitoring to analyze health data, prevent outbreaks through immunization, campaigns, and health measures
Egypt to Host Emergency Arab Summit on Palestinian Issue, Feb 27
The announcement came after Trump's controversial remarks about relocating Palestinians from Gaza to Egypt and Jordan, which were widely rejected
Pakistani PM Set to Visit UAE for World Government Summit
The summit will gather heads of state, global policymakers, and top private sector leaders to discuss governance, innovation, and international cooperation
H.E. Dr. Thani Bin Ahmad Al Zeyoudi Inaugurates 2nd Edition of Japan Trade Exhibition 2025 at DWTC
His Excellency Dr. Thani Bin Ahmad Al Zeyoudi inaugurated the 2nd Japan-Kyoto Trade Exhibition at DWTC.
Enhance Sleep, Focus, and Emotional Balance with Meditation
Meditation for Better Sleep, Focus, and Emotional Balance Guide
Breakbulk Middle East 2025 Opens with Record Attendance and Strong Industry Engagement
Thousands of project cargo professionals gathered today at Dubai World Trade Centre for Breakbulk Middle East 2025's grand opening.
Dubai Developer to Launch Chedi-Branded Residences on Sheikh Zayed Road
Dubai to Launch the World’s First Chedi-Branded Residences on Sheikh Zayed Road
Sharjah Ruler Launches Sheikha Jawaher Collection for Cultural Heritage
Sheikh Dr. Sultan bin Mohammed Al Qasimi, Ruler of Sharjah, issued an Emiri Decree on Monday to establish and organize the Sheikha Jawaher Bint Mohammed Al Qasi
Dubai Unveils Innovative Rail Bus for Efficient Transport System
Dubai Launches Eco-friendly Rail Bus, Powered by Solar Panels on a Unique Bridge
3001E, 30 Floor, Aspin Commercial Tower, Sheikh Zayed Road, Dubai, UAE
+971 52 602 2429
info@dxbnewsnetwork.com
© DNN. All Rights Reserved.