In Dubai, the sales of homes priced at $10 million and above experienced a significant increase, nearing 100% throughout the year 2023.

In Dubai, the luxury real estate market experienced a surge in sales of homes priced at $10 million and above, witnessing an impressive increase of over 92% in 2023, totaling 431 transactions. The year marked several record-breaking achievements in this high-end property segment, and the trend is expected to continue into 2024.

Faisal Durrani, Partner and Head of Research for MENA at Knight Frank, emphasized Dubai’s position as the world’s most active $10 million-plus homes market. During the final quarter of 2023, the value of homes sold in this category increased by 28% year-on-year, highlighting the robust demand for the city’s most luxurious residences. Interestingly, city-wide listings above $10 million decreased by 8.9% in the same period, underscoring the scarcity of such properties.

In the first nine months of 2023, Dubai outperformed its closest competitor, New York, by selling more than twice as many homes priced over $10 million. Dubai recorded 323 deals compared to New York’s 159. Developers responded to this demand surge by launching projects, including high-rises and communities, to cater to discerning buyers willing to make substantial investments.

The international ultra-high-net-worth demand not only impacted the $10 million-plus market but also supercharged the $25 million-plus property market. The number of homes trading at this ultra-luxury level doubled in 2023 to 56 deals, totaling $2.3 billion.

Palm Jumeirah emerged as the preferred choice for buyers in the $10 million-plus segment, with Jumeira Bay Island securing the second spot. Despite Palm Jumeirah having 9.5% fewer homes for sale in 2023 compared to 2022, its central location in New Dubai and prestigious ‘Blue Flag’ status added to its appeal among elite buyers seeking immediate access to the vibrant lifestyle offered by Dubai.