“Builders are nonetheless scrambling to answer the emirate’s speedy rise as one in every of, if not essentially the most sought-after luxurious second residence markets on the earth.”
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Gross sales of ultra-luxury houses priced at $25 million (Dh92 million) and above doubled final 12 months to 56, as there have been fewer houses on the market than in 2022.
Based on knowledge launched by Knight Frank, whole offers of properties with a price ticket above $25 million reached $2.3 billion (Dh8.4 billion) final 12 months, whereas demand for the ultra-luxury property phase stays sturdy.
The actual property consultancy stated on Tuesday that the full variety of houses bought above $10 million in Dubai elevated by 92.4 % to 431 by 2023.
The entire worth of gross sales above $10 million rose 91 % final 12 months to $7.6 billion, with 28 % of that coming within the fourth quarter alone.
“Dubai has doubled its place because the world’s most energetic housing market by greater than $10 million. Excessive demand from worldwide consumers for Dubai’s most luxurious houses can be mirrored in the truth that citywide listings above $10 million fell 8.9 % final 12 months. Builders are nonetheless working to answer the emirate’s speedy rise as one in every of, if not the, most sought-after luxurious second residence markets on the earth,” stated Faisal Durrani, Accomplice – Head of Analysis, Mena.
Knight Frank’s evaluation additionally exhibits that Dubai had already bought greater than twice as many houses priced above $10 million within the first 9 months of 2023 than its nearest rival New York, which closed 159 offers, up from 323 in Dubai.
Equally, Dubai’s $10 million+ residential market recorded gross sales totaling $5.8 billion between the primary and third quarters of 2023, virtually double the extent of second-place London ($3.2 billion) .
Palm Jumeirah
The Palm Jumeirah remained the epicenter for luxurious residence gross sales in Dubai.
The enduring palm tree-shaped island accounted for 38.5 % of houses bought for over $10 million (or 166 offers) in 2023, and 39.2 % (or 22 offers) of gross sales over $25 million {dollars}.
“Palm Jumeirah’s enchantment is now common, and the island has cemented its standing as probably the most sought-after addresses on the earth. And in step with the broader development we’re seeing in Dubai with real finish customers and second residence consumers dominating transaction exercise, stock ranges are falling,” stated Will McKintosh, regional associate and head of residential for Mena at Knight Frank.
For instance, the Palm Jumeirah noticed 9.5 % fewer houses on the market final 12 months than in 2022, reflecting the buy-to-stay and buy-to-hold perspective of nearly all of consumers. The island’s location within the coronary heart of New Dubai and its lately achieved prestigious Blue Flag standing solely add to the island’s enchantment among the many world’s elite on the lookout for direct entry to ‘Dubai life’ .
Intently adopted by the Palm Jumeirah when it comes to whole houses bought over $10 million by 2023 are Jumeirah Bay Island (47 gross sales) and the lately launched Palm Jebel Ali (36 transactions).
