In the first quarter of the year, sales of high-end homes in Dubai increased by six percent compared to the previous year, according to a report from Knight Frank. The demand for luxury homes in the emirate remains strong, with 105 homes sold worth $1.73 billion from January to March, up from $1.6 billion in the same period last year.
Dubai ranked first globally for home sales worth over $10 million last year, surpassing cities like London and other major cities experiencing declines in their luxury property prices. The city also saw double-digit gains in luxury property prices last year.
Faisal Durrani, head of research for the Middle East and Africa at Knight Frank, attributes Dubai’s continued appeal to wealthy buyers due to its relative affordability compared to other major markets globally. International investors are purchasing properties in Dubai as second homes rather than short-term investments, contributing significantly to the increased demand for luxury homes in the city.
Popular areas for luxury home sales in Dubai include Palm Jumeirah, Jumeirah Bay Island and Dubai Hills Estate. However, emerging markets like Dubai Hills Estate are also worth monitoring for future growth opportunities in the luxury real estate sector. Despite significant growth rates in Dubai’s luxury residential real estate market, it remains one of the most affordable markets globally for high-end homes.
