Dubai Luxury Real Estate Market Achieves $1.7 Bn in Home Sales During Q1 2024

Dubai Luxury Real Estate Market Achieves $1.7 Bn in Home Sales During Q1 2024

An official report from the real estate sector has revealed a 6% increase in the sales of homes worth $10 mn or more in Dubai during the first quarter of this year compared to the previous year, Invest-Gate reports.

The findings indicate a sustained demand from affluent individuals worldwide for properties in Dubai, with no significant signs of decline.

According to global property consultant Knight Frank, a total of 105 homes were sold, amounting to a value of $1.73 bn in the January-March period, up from approximately $1.6 bn the previous year.

Cash buyers played a dominant role in driving this recovery. Among the various areas, Palm Jumeirah, an artificial palm-shaped island, emerged as the most popular, accounting for 36.3% of total sales based on value, followed by Jumeirah Bay Island and Dubai Hills Estate.

Knight Frank’s data for the previous year showed that Dubai ranked first globally in terms of the number of home sales exceeding $10 mn. It sold around 80% more of such properties than London, which secured the second position.

In February, Knight Frank also reported that Dubai defied the general trend of declining luxury property prices observed in cities like London and New York, recording double-digit gains.

Faisal Durrani, Head of Research for the Middle East and Africa at Knight Frank, commented on the situation, stating, “The level of deal activity in Dubai continues to strengthen, particularly in the luxury segment of the market, where there is a constant influx of high-net-worth foreigners competing for the city’s most expensive homes.”

Durrani highlighted that Dubai’s high-end homes offer relative affordability, with wealthy buyers being able to acquire residential spaces of approximately 91 sqm for $1 mn – a value that is three to four times higher than what is typically found in most major global cities.

He further noted that the strong demand indicates a significant number of international investors purchasing properties in Dubai as second homes rather than engaging in short-term transactions with the intention of swift resale for a higher price.


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