Dubai: Over $27mln properties are no longer considered ‘incredibly expensive’

Dubai: Over $27mln properties are no longer considered ‘incredibly expensive’

Dubai’s ultra-luxury property market has been witnessing unprecedented demand with Dh100-million-plus ticket purchases increasingly becoming a norm in the post-pandemic period, thanks to a strong inflow of ultra-high-net-worth individuals to the emirate.

According to real estate industry executives, Europeans, East Asians and Gulf nationals are the majority of the big-ticket property buyers valued in excess of Dh100 million in Dubai in the last couple of years.

“Currently, the top buyers of ultra-luxury properties in Dubai are citizens of the UAE, India, China, Saudi Arabia, and the UK. These nationalities are frequently investing in Dubai's high-end properties due to favourable economic and political conditions, quality of living, and attractive lifestyle options,” said Dr Taieser Al Saati, executive partner at Luxhabitat Sotheby's International Realty.

Al Saati holds the record for selling the costliest penthouse located in Marsa Al Arab, Jumeirah, for Dh420 million last month.

He expects the Marsa Al Arab Hotel project can potentially see more record-breaking deals, thanks to its prime location, ultra-luxury facilities, and unique offerings.

According to global real estate consultancy Knight Frank, the $10 million+ homes market in Dubai continues to strengthen, with 88 sales being registered in Q1 2023 alone. 2022 saw Dubai recording 219 deals above the $10 million price