In the first quarter of 2023, Dubai's luxury home sales reached Dh6 billion ($1.63 billion), with wealthy buyers purchasing 88 units valued at more than $10 million as prime property sales continued to increase amid a broader economic recovery.
The emirate's top residential markets, Palm Jumeirah, Emirates Hills, and Jumeirah Bay Island, accounted for 64% of luxury home sales during the three-month period, with average transaction prices in these in-demand locations reaching Dh8,800 per square foot, according to a report released on Tuesday by international consultancy Knight Frank.
According to Faisal Durrani, partner and head of Middle East Research at Knight Frank, "the depth of demand for homes at this price point from local and international UHNWIs [ultra-high-net-worth individuals] is contributing to driving up prices in this exclusive segment of the market.".
Dubai, the financial and tourism center of the Middle East, reported average transaction prices of Dh7,235 per square foot for prime properties across the city in the first quarter. This represents a 16% increase from the Dh6,250 per square foot recorded in 2022, he added.
Discover the wonders of Palm Jebel Ali, a remarkable man-made island by Nakheel Properties, offering a luxurious and unique living experience in Dubai.
According to the index, UAE has been ranked as the top emerging market worldwide, third in the Middle East, Qatar (ranked fourth), Saudi Arabia (ranked sixth), Egypt (ranked fourteen), Turkey (ranked fifteen), and Morocco (16th) are other Middle Eastern economies...