Dubai has emerged as a leading global market for luxury real estate in 2023, generating revenues of approximately AED 3.1 bn from high-end properties in the first half of the year, Invest-Gate reports.
It is expected that prices of luxury residential properties in Dubai will grow by a rate ranging from 6% to 7.9% in the second half of 2023, marking the fastest pace in the world.
Recent market analysis confirms Dubai’s outstanding performance, with 335 luxury properties sold by the end of July, making 2023 a historic year for this sector, according to Construction Week, a specialized construction magazine.
Moreover, The Dubai Land Department reported that apartment sales increased by 63% in the first half of this year compared to 2022, with a total of 46,166 units sold, amounting to a cumulative value of $25.2 bn. The top five apartment sales during this period ranged between $21.3 mn and $111.7 bn, with Dubai Marina as the most valuable location.
Prices of extremely luxurious apartments have steadily risen each quarter, as evidenced by the fifth most expensive sale in the first quarter of 2023, totaling $7 mn, while the second quarter recorded sales worth $21.3 mn.
Notably, Palm Jumeirah was listed among the top five apartments in sales in the first and second quarters of 2023, with sales of $17.7 mn and $105 million, respectively, highlighting the upward trend.