BNR – With 176 luxurious house sales in H1 2023, Dubai ranks as the globe’s hottest $10m+ market.
According to the most recent Knight Frank survey, excellent neighbourhoods predominate sales. They represent 63% of deals over $10m or more. Also, the standard sale price is $16.5m. Palm Jumeirah and Emirates Hills are two examples of excellent neighbourhoods.
In H1 2023, 176 $10m houses were sold. Faisal Durrani, Head of Middle East Research, stated that with these purchases, Dubai has already surpassed 79% of the overall amount of $10m luxurious houses sold in 2022.
“[Dubai] continues to offer relatively affordable access to luxury living,” he explained.
Rising Demand Drives Dubai Property Values
The increasing number of luxury house sales has exerted a substantial influence on city real estate values. The yearly rate of rise in the cost of apartments hit 15% by the end of June 2023. Also, villa prices increased by an astounding 46%.
According to Knight Frank, buyer profiles and tastes are becoming increasingly diverse. This is happening as Chinese overseas buyers re-emerge in the city’s residential scene.
According to Andrew Cummings, Partner – Head of Prime Residential, the resale market for luxurious houses continues to be strong. Indeed, it is motivated by the several tastes of Dubai inhabitants who want usefulness and a feeling of presence in the city.
“An impressive 66 per cent of buyers intend to personally utilize the properties, further attesting to the significance of this trend,” said Cummings.
He also stated that there is a noticeable increase in enthusiasm for extravagant branded mansions in the world of off-plan constructions. He said that it is driven by sales that are unprecedented and incredible sell-out performances.
“These market dynamics underline the compelling allure and enduring desirability of such properties,” he added. Furthermore, it strengthens their status as sought-after properties in Dubai’s prestigious property environment.