New Record For Dubai As Luxury Home Sales Hit US$7.6 bn In 2023

New Record For Dubai As Luxury Home Sales Hit US$7.6 bn In 2023

The total number of US$10 million plus home sales in Dubai grew by 92.4 %to 431 sales during 2023, according to analysis carried out by global property consultancy, Knight Frank.

The total value of sales above this price point grew by 91 % last year to US$7.6 billion, 28 % of which was achieved in Q4 alone.

“Dubai has doubled down on its position as the world’s most active US$10 million plus homes market,” Faisal Durrani, Partner – Head of Research, MENA, said, “Indeed, the voracity of international ultra-high-net-worth demand has also super-charged the US$25 million plus, or super-prime market. The number of homes trading at this uber-swanky end of the market doubled in 2023 to 56 deals worth US$2.3 billion.”

Knight Frank’s analysis also reveals that during the first nine months of 2023, Dubai had already sold more than twice as many homes priced over US$ 10 million than its nearest competitor – New York, which recorded 159 deals, against 323 in Dubai.

Similarly, Dubai’s US$10 million+ residential property market registered sales totalling US$5.8 billion between Q1-Q3 2023, nearly double the level of second-placed London (US$3.2 billion).

The Palm Jumeirah remains at the epicentre for luxury home sales in Dubai, according to Knight Frank.

Dubai’s first iconic palm tree shaped island accounted for 38.5 % of homes sold for more than US$10 million during 2023 (or 166 deals), and 39.2 % (or 22 deals) of sales of more than US$25 million.

Will McKintosh, Regional Partner and Head of Residential, MENA, added, “The Palm Jumeirah’s appeal is now universal, and the island has well and truly cemented its status as one of the most desirable addresses globally.”

Following closely behind the Palm Jumeirah for the total number of homes sold for more than US$10 million in 2023 is Jumeirah Bay Island (47 sales) and the recently launched Palm Jebel Ali (36 transactions).