"Knight Frank": $1.7 billion in luxury home sales in Dubai during the first quarter

DUBAI, 16 APRIL / WAM / Sales of luxury homes in Dubai during the first quarter of this year grew by 6% to 1.73 billion US dollars compared to the first quarter of 2023, which is attributed to the emergence of Dubai as the most active luxury real estate market in the world, for properties worth More than 10 million US dollars, according to a report by the global real estate consulting company Knight Frank.
According to Knight Frank, 105 sales of luxury homes worth more than $10 million were recorded in Dubai during the first three months of the year, an increase of 19% compared to the first quarter of 2023.
According to what was reported by Knight Frank, last year, Dubai recorded 431 sales of homes worth more than 10 million US dollars, which constitutes an increase of about 80% over its closest competitor, “London”, which achieved 240 sales, topping New York with 211 sales. The third most active luxury home market in the world sold during 2023.
Faisal Durrani, partner – head of research in the Middle East and North Africa region at Knight Frank, said that the level of activity in the real estate market in Dubai continues to improve, especially in the luxury real estate category, with constant competition from international individuals with high financial capabilities to acquire the highest categories. Houses in the city.
He added: The high concentration of the global wealthy on Dubai is most clearly reflected in the rapid decline in the volume of homes for sale, whose value exceeds 10 million US dollars, as it decreased by 59% throughout the city during the past 12 months to reach only 864 homes.
He explained: After growing by 16.3% in 2023, with an unprecedented increase of 44.4% during 2022, the luxury residential real estate market in Dubai has grown by 26.3% over the past 12 months, making it easily one of, if not, the fastest growing real estate markets. It is not the fastest, in the world, and although these growth rates seem enormous, they do not detract from the fact that the luxury homes market in Dubai is still one of the most affordable markets in the world.
According to Knight Frank, Palm Jumeirah recorded deals worth US$628 million and dominated the luxury homes market during the first quarter, accounting for 36.3% of the total sales value, while Jumeirah Bay Island came in (11.1%) and Dubai Hills Estate (7%). In second and third place, respectively.
While Palm Jumeirah (39) also topped the group in terms of the number of luxury homes sold in total, Palm Jebel Ali (10) and Business Bay 7 recorded more luxury home sales than Jumeirah Bay Island and Dubai Hills.
According to Knight Frank, there are other markets that are rapidly emerging, apart from the areas that attract attention such as Palm Jumeirah, Jumeirah Bay Island, and Emirates Hills. For example, the Dubai Hills Estate area stands out as one of the markets worth monitoring.
Will McIntosh, Regional Partner and Head of Luxury Residential Real Estate in the Middle East and North Africa at Knight Frank, said: Dubai Hills Estate has witnessed development over some time, not only as one of the most preferred markets in Dubai for local buyers, but it has become a market for the most luxurious properties. In demand and activity is also increasing significantly.
Dubai’s main residential real estate market, which includes Palm Jumeirah, Jumeirah Bay Island and Emirates Hills, also witnessed a boom in performance, according to Knight Frank.

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