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FinancialNews
06-03-23
Dubai Ranks Fourth in Global Luxury Property Sales, Report Finds
(MENAFN) Dubai has been ranked as the fourth most active market in the luxury residential segment worldwide, as the sales of prime properties in the emirate continued to pick up amid a wider economic recovery. According to a report by global property consultancy Knight Frank, Dubai recorded the sale of 219 homes priced above $10 million last year, with the total value of the transactions reaching $3.8 billion. Dubai ranks behind New York, Los Angeles, and London in terms of luxury home sales, and is also the fifth most active city for sales of homes priced above $25 million.
Faisal Durrani, Partner and Head of Middle East Research at Knight Frank, said that Dubai has taken its place among long-established hub cities as one of the world’s most sought-after luxury residential markets. He attributed the growing concentration of wealth in the city to a range of factors, including the government’s decisive response to the pandemic and the roll-out of a range of new residency visa options.
Dubai’s luxury residential market is “significantly undersupplied,” with just eight new villas expected in the city’s prime neighbourhoods until 2025. However, the emirate is “more affordable than its global counterparts” and adds to the overall appeal of owning a home in Dubai among the world’s elite. Mr Durrani noted that $1 million in Dubai’s prime residential precincts translates into approximately 1,130 square feet of space, roughly five-times more than Hong Kong and three-times more than London or Singapore.
Dubai's property market has been buoyed by the recovery in its economy from the coronavirus pandemic, thanks to higher oil prices and government policies, including changes to visa rules to attract more investment.
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