Dubai 4th most active luxury residential market, says expert

Dubai 4th most active luxury residential market, says expert

Dubai’s prime residential market has emerged as the fourth most active in the world with 219 $10 million+ home sales last year, ranking just behind New York (244), Los Angeles (225) and London (223), said global property consultant Knight Frank in its 2023 Wealth Report.

According to Knight Frank, Dubai’s prime residential areas are The Palm Jumeirah, Emirates Hills and Jumeirah Bay Island.

As per the report, Dubai is now the fifth most active city for $25 million home sales as well, with 26 last year – ranking behind London (43), New York (43), Los Angeles (39) and Hong Kong (28).

On the report, Faisal Durrani, Partner – Head of Middle East Research, said: "Dubai has arrived. The emirate has taken its place among long-established hub cities as one of the world’s most sought-after luxury residential markets."

However, Durrani pointed out that Dubai’s luxury residential market remained significantly undersupplied.

"Just 8 new villas are expected in the city’s prime neighbourhoods until 2025 - and the fact that it is more affordable than its global counterparts is also adding to the overall appeal of owning a home in Dubai amongst the world’s elite," he noted.

Indeed, $1 million in Dubai’s prime residential precincts translates into 1,130 sq