Luxury residential properties in Dubai, including Palm Jumeirah, Emirates Hills, and Jumeirah Bay Island, witnessed record growth in 2023, Invest-Gate reports.

Furthermore, Invest-Gate’s projections for the global luxury residential markets in 2024 indicate that Dubai will secure the third position. This follows an estimated 16% increase in luxury housing unit prices in 2023.

Moreover, these primary prices reach around AED 3,740 sq. ft. or approximately $1,020 sq. ft., positioning Dubai as one of the more “affordable” luxury housing markets globally.

The appeal of the world’s tallest building is evident as, since its opening 14 years ago, the Burj Khalifa has achieved total sales of AED9.8 bn, representing 8% of the total sales value in Downtown Dubai since 2010.

Despite a decrease in available homes for sale, the total number of transactions in the tower during 2023 increased by 22% to 117 sales.

In fact, with the sale of 117 branded apartments and residential units in 2023, totaling over AED1.06 bn, the Burj Khalifa accounted for 7% of the total sales Downtown, amounting to AED14.6 bn.

Faisal Durrani, Partner and Head of Research for the Middle East and North Africa, stated, “Dubai has emerged as a hub for second homes and shines as the world’s busiest real estate market. This appearance sparked a strong wave of demand from international buyers, primarily targeting the most expensive homes in the city’s most attractive neighborhoods.”

Durrani highlighted, “Dubai’s real estate market is experiencing significant growth, and the 52% decrease in the number of residential units available for sale in the tower indicates Dubai’s transformation into a center for second-home buyers and genuine end-users. Owners are deciding to hold onto their properties for longer periods, reflecting a trend towards long-term stability.”