Dubai had 88 home sales worth more than $10 mn in Q1 2023, totaling AED 6 bn, Invest-Gate reports.

According to recent analysis by Knight Frank, the city’s prime residential neighborhoods of Palm Jumeirah, Emirates Hills, and Jumeirah Bay Island continue to dominate luxury home sales, with average transacted prices in these highly sought-after locations for $10 mn homes reaching AED 8,800 per sqm during Q1. Other locations in the city are also fast-rising prime status too.

“The $10 mn plus homes market in Dubai continues to strengthen, with 88 sales registered in Q1 alone. 2022 saw Dubai record 219 deals above this price point, positioning the city as the fourth busiest luxury homes market in the world. 2023 is shaping up to be another record year for this market segment.” Faisal Durrani, Partner, Head of Middle East Research, says.

While Dubai’s prime neighborhoods of Palm Jumeirah, Jumeirah Bay Island, and Emirates Hills accounted for 64% of $10 mn home sales during Q1, other areas are also growing in prominence. They are likely to be classed as ‘prime’ if they continue entrenching themselves as high-end neighborhoods.

It is noteworthy that Dubai’s prime residential market registered a price growth of 44% during 2022, emerging as the world’s fastest-growing luxury market. Knight Frank forecasts that prime residential values in Dubai will rise by 13.5%, positioning the city as the fastest-growing residential market for the second year running.