Dubai’s $10 million-plus property sales hit all-time high as millionaires flock to Dubai

Dubai’s $10 million-plus property sales hit all-time high as millionaires flock to Dubai

Global property consultant Knight Frank said 219 transactions for properties with over $10 million value were made last year as compared to 93 in the previous year in Dubai, an increase of 135 per cent

Published: Mon 16 Jan 2023, 2:44 PM

Demand for Dubai’s $10-million plus homes has seen a massive increase with sales more than doubled last year as elites and millionaires flocked to the emirate after the pandemic.

Global property consultant Knight Frank said 219 transactions for properties with over $10 million value were made last year as compared to 93 in the previous year in Dubai, an increase of 135 per cent.

With average transacted prices at around Dh3,250 per square foot or about $885 per square foot, it remains one of the world’s most affordable luxury home markets.

Faisal Durrani, partner – head of Middle East Research, Knight Frank, said Dubai has emerged as a luxury hub to rival long-established markets elsewhere.

“The meteoric rise of Dubai’s multi-million-dollar homes market over the course of the last two years has been phenomenal. From just 11 ultra-prime sales in 2010, 2022 has registered 219 deals above the $10 million mark – more than the total recorded between 2010 and 2020,” said Faisal Durrani,