New record for Dubai as luxury home sales hit $7.6b in 2023

New record for Dubai as luxury home sales hit $7.6b in 2023

DUBAI / WAM The total number of $10 million plus home sales in Dubai grew by 92.4 %to 431 sales during 2023, according to analysis carried out by global property consultancy, Knight Frank. The total value of sales above this price point grew by 91 % last year to $7.6 billion, 28 % of which ...

DUBAI / WAM

The total number of $10 million plus home sales in Dubai grew by 92.4 %to 431 sales during 2023, according to analysis carried out by global property consultancy, Knight Frank.

The total value of sales above this price point grew by 91 % last year to $7.6 billion, 28 % of which was achieved in Q4 alone.

“Dubai has doubled down on its position as the world’s most active $10 million plus homes market,” Faisal Durrani, Partner – Head of Research, MENA, said, “Indeed, the voracity of international ultra-high-net-worth demand has also super-charged the $25 million plus, or super-prime market. The number of homes trading at this uber-swanky end of the market doubled in 2023 to 56 deals worth $2.3 billion.”

Knight Frank’s analysis also reveals that during the first nine months of 2023, Dubai had already sold more than twice as many homes priced over