Is Dubai luxury property market heading for a record 2023 as more Dh20m-Dh200m homes launch?

Is Dubai luxury property market heading for a record 2023 as more Dh20m-Dh200m homes launch?

Dubai: Will Dubai’s luxury homes pull out another record year of growth in 2023? Developers sure seem to think so, with the last few days seeing releases from Omniyat (with Orla, starting prices from Dh25 million), MAG of Life (a limited edition of Ritz-Carlton residences at ), and Binghatti (with the in the making having apartments from Dh8 million). During the same period Alpago Properties sold a 5-bedroom villa on the Palm for Dh130 million and promising that ‘more signature villas to go on the market in the coming months’. Now, Alpago’s portfolio also includes a home on Palm’s Billionaires’ Row that found a buyer for Dh302.5 million. Enough proof to suggest that 2023 promises a lot more action in Dubai’s premium property space. “Prime values are being fuelled by Dubai’s safe-haven status, an exceptionally diverse range of international ultra-high net-worth individuals in search of (their) second luxury homes, combined of course with the government’s world-leading response to the pandemic, which has spurred business confidence,” said Faisal Durrani, Head of Research at Knight Frank’s Middle East operations. “Adding to the appeal is its relative ‘affordability’, with prime homes transacting for around $800 per square foot, making Dubai one of the