Dubai has become the most active luxury real estate market in the world after New York, Los Angeles and London, after a flood of wealthy investors rush to the city after it emerged as a safe haven in light of geopolitical and economic uncertainty in other regions, Invest-Gate reports.
Dubai records 219 property sales of $10 mn or more in 2022, according to a report by real estate consulting firm Knight Frank.
On the other hand, New York witnesses 244 real estate transactions with a value of $10 mn or more per property, while Los Angeles and London record 225 and 223 transactions, respectively.
Dubai also ranks fifth among the most active cities, in terms of sales of real estate units, each value of which is $25 mn or more, through 26 deals.
Faisal Durrani, Head of Middle East Research at Knight Frank, states that the boom in the wealth accumulation in the emirate has been caused by a group of factors, including the strict government response to the Covid-19 pandemic and offering of new options for residency.
It is worth noting that the wealth of more than a third of the richest people in the Middle East increases by 10% YoY in 2022.