Dubai’s High-End Real Estate Tops $1.7 Billion in Sales

The luxury real estate market in Dubai continues to expand, achieving new heights in early 2024, as revealed by recent data from international property consultancy Knight Frank. In the first quarter of this year, properties priced over $10 million reached a staggering $1.73 billion in sales, making a great impression of 6% growth from last year’s figures. This performance establishes Dubai as the leading luxury housing market globally.

In the same period, Dubai witnessed the sale of 105 high-end properties, overshadowing other global cities. For comparison, London saw 80 properties in this segment exchange hands, while Hangzhou reported a whopping 2,000 sales. Dubai’s record-breaking sales topped the charts with 431 homes sold for over $10 million last year, significantly outpacing London.

Palm Jumeirah, known for its prestigious real estate, dominated the market, contributing to 36% of the total sales value this year. The allure of this man-made island continues to captivate the world, affirming its status as one of the most coveted addresses globally. Meanwhile, Dubai Hills Estate has also seen a rise in activity, suggesting a broadening appeal within Dubai’s luxury market segments.

Investments from major financial players like Fidelity and GQG Partners, alongside significant local investment, are driving property values upwards. According to Knight Frank, property values in prime Dubai locations increased by 26% over the past year. Dubai’s luxury market remains relatively accessible compared to other top-tier global destinations, with $1 million buying nearly 1,000 square feet of prime real estate.

For affluent investors and buyers, Dubai continues to offer lucrative opportunities, combining property options with strong returns. With international interest at an all-time high, 2024 is poised to be another record-breaking year for Dubai’s luxury real estate market, keeping its momentum as the premier destination for high-end properties.

Original article reference: Business Outreach.


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