Luxury home sales double in Dubai
A total of 56 ultra-luxury homes were sold in the emirate for a total of $2.27 billion in 2023, compared to 28 properties valued at $1.24 billion a year earlier. The majority of these properties (22) were located on the artificial island of Palm Jumeirah, and 15 were located on Jumeirah Bay.
Demand for property in Dubai is rising as the government's successful handling of the pandemic and its liberal visa policy attract more foreigners. The luxury segment of the market is also benefiting from an influx of investors such as Russians seeking a safe haven for their assets, crypto millionaires and wealthy Indians building holiday homes in the emirate.
The world's ultra-wealthy continue to flock to Dubai, with the city's lifestyle and relatively affordable luxury real estate the leading draw factors, experts say. “Dubai also has an element of global wealth accumulation that is increasing the importance of the emirate and becoming a new magnet for the global elite.
The most expensive residential property sold in 2023 was a five-bedroom apartment at Como Residences, a yet-to-be-built tower in the center of Palm Jumeirah. The apartment with an area of 2,039 sq.m. was sold for $136.2 million, experts report.
The ultra-luxury property segment is a relatively new phenomenon in Dubai. Before 2021, a maximum of four homes priced at $25 million or more were sold each year. Developers are now expanding their portfolio, but the available supply in the most attractive locations may become more limited, experts say.