Dubai’s Luxury Real Estate Market Thrives as Demand for High-End Homes Soars
Dubai’s luxury real estate market continues to attract wealthy buyers looking for high-end residential properties, according to Faisal Durrani, head of research at Knight Frank. In the first quarter of the year, sales of homes worth $10 million or more in Dubai increased by six percent compared to the previous year, with a total of 105 homes sold for a combined value of $1.73 billion. Despite impressive growth rates, Dubai’s luxury real estate market remains one of the most affordable globally.
The city also saw double-digit gains in luxury property prices, defying trends in other major cities. Palm Jumeirah dominated the luxury home market in the first quarter, followed by Jumeirah Bay Island and Dubai Hills Estate. While these areas continue to attract buyers, markets like Dubai Hills Estate are emerging as new opportunities for investment.
Dubai ranked first globally in terms of the number of home sales over $10 million last year, outperforming cities like London and New York. This demand for luxury properties is driven by the city’s appeal as a second home destination for international buyers.
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