Dubai saw 176 high-end property sales sold in H1 2023

Dubai saw 176 high-end property sales sold in H1 2023

- Dubai is now home to 206 centi-millionaires and 15 billionaires

Dubai, UAE: Unique Properties, one of Dubai’s leading real estate agencies, cites another milestone for Dubai’s property sector with 176 high-end property units valued at a total of AED 3.1 billion sold during the first half of 2023. Over the last year or so, we have witnessed 219 homes sold for the same price range, making Dubai the fourth most active city in the world for ultra-luxury real estate, according to data from global real estate consultancy Knight Frank.

The city continues to solidify its top spot and improve on its positioning of having the largest population of wealth residing in the Middle East. Recent data indicates that there are 68,400 millionaires, 206 centi-millionaires (individuals with a net worth of at least AED 367 million), and 15 billionaires, highlighting a 62% increase in the number of UHNWIs (ultra-high-net-worth individuals) from 2012 to 2022. Across the Middle East, UNHWI growth is expected to surge 24 percent over the next five years with Dubai being a primary catalyst. In turn, the supply and delivery of luxury residential units will also see a notable uptick.

Knight Frank also reported that 9,717 UHNWIs are currently based