One hundred and five homes priced in excess of US$10 million were sold in Dubai during the first three months of the year, up 19 percent on Q1 2023, according to the latest analysis from global property consultant, Knight Frank.
Faisal Durrani, Partner – Head of Research, MENA, explained,
“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.
“The laser-like focus of the global wealthy on Dubai is best reflected in the rapid deterioration in the volume of $10 million+ homes for sale, which has fallen by 59 percent across the city over the last 12 months to just 864 homes.”
Dubai's luxury home market saw a $1.73 billion surge in Q1, up 6% from 2023, solidifying its status as the busiest $10 million+ homes hub globally. Palm Jumeirah led with $628 million in sales, followed by Jumeirah Bay Island and Dubai Hills Estate. While Palm Jumeirah recorded the most sales (39), Palm Jebel Ali and Business Bay had more high-end transactions. Dubai Hills Estate is gaining traction, with prices up by 11% and available homes dropping by 75%. Knight Frank highlights the rising importance of green spaces, with Dubai Hills Estate emerging as a prime neighborhood for luxury buyers.
Prime Resurgence
According to Knight Frank, Dubai’s prime residential market, which includes Palm Jumeirah, Jumeirah Bay Island, and Emirates Hills, has also experienced a surge in performance.
Durrani concluded,
“After growing by 16.3 percent in 2023, following an extraordinary 44.4 percent increase during 2022, Dubai’s prime residential market has grown by 26.3 percent over the last 12 months, easily making it one of, if not the fastest growing prime residential market globally. While these startling growth rates are phenomenal, it does not take away from the fact that Dubai’s luxury homes market still remains one of the most affordable in the world.
“Indeed, $1 million secures some 980 square feet of prime residential space in Dubai, compared to just 366 square feet in New York, 355 square feet in London, or 172 square feet in Monaco.”
News Source: Emirates News Agency
