Dubai recorded 88 home sales above US$10m hit AED 6 billion during Q1, according to the latest analysis carried out by global property consultant Knight Frank.
The year 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 segment of the market.
Knight Frank’s analysis also shows that the city’s prime residential neighbourhoods of the 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 US10 million homes reaching AED 8,800 per square foot during Q1. Other locations in the city are however also fast rising prime status too.
Dubai’s prime residential market registered 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.
However, with US$1 million securing 1,130 square feet in any of Dubai’s three prime neighbourhoods, the city is the 16th most “affordable luxury” market in the world. Effectively, this means US$ 1 million buys three-times more prime residential space than cities like London, New York, or Singapore.
Also published on Medium.
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