Talk about luxury and nothing beats Dubai! Be it food, leisure or real estate, this city tops the charts when it comes to all things grand and luxurious. And, how can the homes in the city be any different! Dubai has been ranked as the fourth busiest market for luxury homes across the world. So, if you’re planning to invest in the city, it might just be the right time!
Also Read: This AED 349 Million Villa Has Dubai’s First Ever Two-Storey Swimming Pool
The latest analysis carried out by global property consultant Knight Frank reveals that Dubai has recorded a sale of 88 homes above $10m in the first quarter of 2023. The data further revealed that most luxury homes were purchased in Palm Jumeirah, Emirates Hills and Jumeirah Bay Islands. Well, we’re not surprised at all!
Dubai’s Palm Jumeirah, Emirates Hills and Jumeirah Islands accounted to 64 percent of the total sales of homes over $10 million. The prices of homes in these areas reached AED 8,800 per square foot.
However, the Knight Frank study also shows that other areas in the city are also gaining prominence and are likely to be classified as ‘prime’ if they continue to establish themselves as high-end neighbourhoods. Dubai’s Al Wasl-Dubai Canal is one such area which has been attracting high profile investors who are keen on lavish homes in the city’s most desirable neighbourhoods.
Also Read: UAE’s First Wellness Residential Community Offering World-Class Amenities Is Coming To Abu Dhabi
Tilal Al Ghaf is yet another pocket in the city which has joined the growing list of ultra-lux neighbourhoods in Dubai. Andrew Cummings, Partner – Head of Prime Residential Sales said that three homes in TAG sold for over AED 90 million and during Q1, seven villas transacted for over $ 10 million.
Faisal Durrani, Partner – 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.
Dubai’s prime residential market is expected to grow by 44% in 2022, making it the world’s fastest growing luxury market. According to Knight Frank, prime residential values in Dubai will rise by 13.5% this year, making the city the fastest growing residential market for the second year in a row.
The city is the 16th most “affordable luxury” market in the world, with $1 million people buying 1,130 square feet in any of Dubai’s three upscale neighborhoods. Effectively, this means that Dubai has $1 million buys three-times more prime residential space than cities like London, New York, or Singapore.
2 Comments