According to a report by property consultancy Knight Frank, the number of homes valued at $10 mn or more sold in Dubai remained stable in the first half of 2024, despite a decrease in listings, Invest-Gate reports.

The report indicated that demand from the international ultra-rich continued to be strong.

Provisional data from Knight Frank revealed that a total of 190 homes, amounting to $3.2 bn, were sold in the six-month period ending in June. This was comparable to the sale of 189 properties worth $3.3 bn during the same period in 2023.

The report also highlighted that despite a significant 65.5% year-on-year decline in the availability of luxury homes on the market in the second quarter, the total number of deals remained steady.

Faisal Durrani, Knight Frank’s head of research for the Middle East and North Africa (MENA) region, commented on the findings, stating, “This is a strong sign of the ‘buy-to-hold’ buyer profile that has taken root in the market.”

He added that the trend suggests international high-net-worth individuals are primarily interested in purchasing homes in Dubai for personal use, rather than for quick resale, which had been a prominent characteristic of the previous market cycles.

According to the report, the most sought-after area was Palm Jumeirah, which accounted for 26% of sales in the second quarter, with 21 homes worth $10 mn or more being sold. Emirates Hills followed with 10%, and the District One area accounted for 7.8% of such deals.

Furthermore, sales of properties valued at $25 mn or more experienced a 25% increase in the second quarter compared to the preceding three months, totaling 15 homes.

In the previous year, Dubai achieved the top global ranking for the number of home sales exceeding $10 mn, selling nearly 80%. more properties in this category than London, which held the second position.