Dubai ranks as top global market for luxury real estate sales in Q1 2023

Dubai ranks as top global market for luxury real estate sales in Q1 2023

Dubai’s real estate sector recorded AED 13.7 billion in transactions in one week Dubai, UAE: Unique Properties, one of Dubai’s leading real estate agencies, cites another strong week in the Emirates property sector for the week ending on July 7th, 2023, with the city witnessing AED 13.7 billion worth of registered transactions. During that span, 323 plots sold for AED 3.33 billion, while 2,237 apartments and villas were purchased for a total of AED5.37 billion, and the sum of the amount of mortgaged properties for the week recorded AED3.02 billion. The increasing sales of luxury units have been a major reason for the continuous growth of the sector, which has also been aligned with the increasing influx of millionaires entering the city, especially over the last year. According to recent data by global property consultancy Knight Frank, 176 homes worth AED 36.73 million or more were recorded during the first half of 2023, leading to an annual rate price increase in all apartments and villas across the city to 15% and 46%, respectively, as of the end of June 2023. Dubai also witnessed 92 homes worth at least AED 36.73 million each being sold during the first quarter of the