Dubai succeeded in registering 105 sales of luxury homes – worth more than $10 million – in the first three months of the year, registering an increase of 19% compared to the first quarter of 2023, according to the analysis latest released by global real estate consultancy, Knight Frank.
The value of luxury homes sold in the first quarter reached $1.73 billion, showing an increase of 6% compared to the first quarter of 2023. This increase is due to the emergence of Dubai as the luxury real estate market most active in the world, for properties worth over $10 million.”
According to Knight Frank, last year Dubai recorded the sale of 431 homes worth more than $10 million, representing an increase of about 80% over its closest competitor – London (240). New York (211) ranks third in the world’s most active luxury home markets in 2023.
Palm Jumeirah also recorded deals worth $628 million, and dominated the luxury homes market in the first quarter, accounting for 36.3% of the total sales value. While Jumeirah Bay Island (11.1%) and Dubai Hills Estate (7%) came in second and third, respectively.
While Palm Jumeirah (39) also topped the group in terms of total number of luxury homes sold, Palm Jebel Ali (10) and Business Bay (7) recorded more luxury home sales than Island Bay Jumeirah and Dubai Hills.
Faisal Durrani, Partner – Head of Research in the Middle East and North Africa region explained: The level of activity in the property market in Dubai continues to grow, especially in the luxury property sector, with continued competition from international people with high levels of financial ability to get the highest home sectors in the city.
Dubai’s high concentration of the world’s affluent is clearly reflected in the rapid decline in the number of homes for sale, valued at over $10 million, which has fallen by 59% across the town over the past 12 months to reach just 864. houses.
Dubai Hills Estate
According to Knight Frank, there are other markets that are developing rapidly, away from the attractive areas such as Palm Jumeirah, Jumeirah Bay Island, and Emirates Hills. For example, Dubai Hills Estate stands out as one of the markets worth keeping an eye on.
Will McIntosh, Regional Partner and Head of Luxury Residential Properties for the MENA region, said: “Dubai Hills Estate has been developing for some time now, not only as one of the most preferred markets in Dubai for local buyers, but it has become a highly sought after and increasingly active market for luxury properties. “
“The proximity to the city center and New Dubai, combined with excellent amenities and facilities as well as an abundance of green spaces, make Dubai Hills Estate one of the most popular areas in Dubai. Prices have responded strongly to the growing demand to live there and have risen by around 11% in the past 12 months, while the number of homes available for sales were up 75% to just over 1,000 units last March.
Knight Frank previously confirmed in its Dubai Destination 2023 report that easy access to parks and green spaces is one of the main considerations for wealthy people around the world when they think about invest in the emirate.
The revival of the main markets
Dubai’s main residential real estate market, which includes Palm Jumeirah, Jumeirah Bay Island and Emirates Hills, saw an increase in performance, according to Knight Frank.
Durrani concluded: After growing by 16.3% in 2023, with an unprecedented increase of 44.4% in 2022, Dubai’s luxury residential real estate market has grown by 26.3% over the past twelve months, making it easily is one of the fastest growing real estate markets. He was not the fastest man in the world. Although these growth rates seem huge, they do not take away from the fact that Dubai’s luxury home market remains one of the most affordable in the world.
In fact, one can buy a 980 square foot luxury residence in Dubai for $1 million, while one can only get 366 square feet in New York, 355 square feet in London, or 172 square feet in Monaco.
2024-04-16 09:45:31
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