Dubai has emerged as the leading luxury real estate sales market in the first quarter of 2023. The city has witnessed record sales weekly, with the rents continuing to skyrocket as the upward trend continues, Invest-Gate reports.

According to real estate agency, Unique Properties, the sector growth has been attributed to increasing sales of luxury units and an influx of high net-worth individuals to the city.

In a recent report by Knight Frank, 176 homes worth over AED 36.73 mn were sold in the first half of the year. This led to an annual rate price increase through all residential properties in the city.

The record-breaking sales were registered as the highest ahead of global cities, including Hong Kong and New York. Palm Jumeirah, Emirates Hills, and Jumeirah Bay Island were recognized as the key contributing areas to the high performance.

Arash Jalili, Founder, and Chief Executive Officer of Unique Properties says, “Dubai has continued to be an increasingly trending destination to live in,” adding that “especially for the world’s wealthiest who are entering the market to look for greener pastures wherever they are in the world.”

“Strong investment opportunities coinciding with a profitable career and a comfortable lifestyle are among the key reasons driving this strong demand and increase in total sales for the city by allowing new ex-pats and residents to be content with their investment despite the price increase,” Jalili adds.