Dubai: Dh92 million-plus uber-luxury home sales double in 2023

Dubai: Dh92 million-plus uber-luxury home sales double in 2023

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Published: Tue 16 Jan 2024, 10:27 AM

The sale of uber-luxury homes with a price tag of $25 million (Dh92 million) and above doubled to 56 last year, as fewer homes were available for sale than in 2022.

According to data released by Knight Frank, total deals of properties with a price tag of $25 million-plus reached $2.3 billion (Dh8.4 billion) last year as demand stays robust for the ultra-luxury property segment.

The property consultancy on Tuesday said the total number of $10 million-plus homes sold in Dubai grew by 92.4 per cent to 431 in 2023.

The total value of sales above $10m price point grew by 91 per cent to $7.6 billion last year, 28 per cent of which was achieved in the fourth quarter alone.

“Dubai has doubled down on its position as the world’s most active $10 million plus homes market. The depth of demand from international buyers for Dubai’s most luxurious homes is also reflected in the fact that city-wide listings above $10 million fell by 8.9 per cent last year. Developers are still scrambling to respond to the emirate’s meteoric rise as one of, if not the most, sought-after luxury-second home markets in the world,” said