Dubai: Fewer millionaires willing to sell their homes in 2024

Dubai: Fewer millionaires willing to sell their homes in 2024

Published: Tue 16 Apr 2024, 3:00 PM Last updated: Tue 16 Apr 2024, 3:06 PM

The number of luxury properties with a value of $10 million plus available for sale has dropped by more than half as more millionaires tend to make Dubai their home and fewer are willing to sell their assets.

“The laser-like focus of the global wealthy on Dubai is best reflected in the rapid drop in the volume of $10 million-plus homes for sale, which has fallen by 59 per cent across the city over the last 12 months to just 864 homes,” said Faisal Durrani, partner and head of research for Mena at Knight Frank.

In the post-pandemic period, there is more demand coming from the end-users and long-term investors for the Dubai property market on the back of confidence in the local economy and the government’s handling of Covid-19.

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As reported by Khaleej Times earlier, flipping in the residential market is almost non-existent due to high demand from the end-users and long-term investors as well as conditions by top developers not to sell the property until 30 to 50 per cent of the amount is