Sales of $10 million-plus homes in Dubai rose 19 per cent in the first quarter
The total value of luxury homes sold in Dubai during the first quarter was $1.73 billion, which is up 6 per cent on the same period in 2023, further adding to the emirate’s position as the world’s leading market for luxury home sales.
Knight Frank’s report in January found that Dubai’s luxury home market reached record levels in 2023, with sales of $10 million-plus homes nearly doubling to $7.6 billion and outstripping London and New York.
Dubai’s global connectivity, favourable interest rates and policies that encourage long-term residency have helped sustain wealthy overseas buyers’ interest in its property market.
Mr Durrani said high demand in the prime residential sector has led to a sharp fall in supply.
“The level of deal activity in Dubai continues to strengthen, particularly at the top end of the market, where the near-constant stream of international high-net-worth individuals vying for the city’s most expensive homes persists,” he said.
“The laserlike focus of the global wealthy on Dubai is best reflected in the rapid deterioration in the volume of $10 million-plus homes for sale, which has fallen by 59 per cent across the city over the last 12 months to just 864 homes.”
Despite higher prices, Dubai’s luxury homes market remains one of the most affordable in the world, Mr Durrani said.