In the third quarter of 2023, luxury home buyers spent $1.59 billion on properties valued at $10 million or more in Dubai.
Knight Frank’s data revealed that the total spent on super prime homes in 2023 has now reached $4.91 billion, with 277 luxury properties sold in Dubai.
Dubai has emerged as the busiest market for high-value properties in the first half of the year, surpassing New York, Hong Kong, and London.
Luxury Property Sales in Dubai
The average transacted price for high-value homes in Q3 was Dhs6,557 per sq. ft., with Palm Jumeirah accounting for 52.3% of total sales in the $10 million and above price category.
Umm Suqeim Third, including the Madinat Jumeirah Living development, boasts average prices of Dhs15,700 per sq. ft., 62% higher than Business Bay, its nearest competitor.
Property prices have been consistently rising for nine consecutive quarters in Dubai’s real estate market, particularly in prime neighborhoods like Palm Jumeirah, Emirates Hills, and Jumeirah Bay Island, where prime values are now 15.9% higher compared to the previous year.
Cash buyers still dominate Dubai’s property market, and due to limited prime market stock, there is high demand for luxury beachfront homes. Notably, initial tranches of villas on the Palm Jebel Ali have sold out.
tanvir@dubainewsweek.com
