Dubai emerged as biggest market globally for $10mln homes in 2023

Dubai emerged as biggest market globally for $10mln homes in 2023

Dubai's real estate landscape continued to boom in 2023, as the emirate beat London and New York to become the world's biggest market for $10 million plus homes, according to a new report.

Data shared by global property consultancy Knight Frank revealed sales of $10 million plus homes in the emirate rose to 431 residences in 2023, a growth of 92.4% when compared to the previous year’s 224.

The total value of sales above this price point grew by 91% last year to reach $7.6 billion, 28% of which was achieved in Q4 alone, data further revealed.

“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 citywide listings above $10 million fell by 8.9% last year,” Faisal Durrani, Partner – Head of Research, MENA, said in a statement.