Dubai’s luxury property market flourished in 2022 and 219 transactions are completed with a total value of AED 14.3 bn, Invest-Gate reports.

The value of deals averaged $10 mn and the number of deals exceeds that recorded between 2010 and 2022, according to data released by the real estate agency Knight Frank.

Luxury communities in Dubai, including Emirates Hills, Jumeirah Bay Island, and Palm Jumeirah, surged 44% YoY in 2022.

Recent figures show that the real estate market in Dubai moved in a direction opposite to all major markets in the world, which suffer shrinkage.

Based on a report by Betterhomes, the top property buyers in Dubai last year are Russians.