Sales of Dubai homes priced at $10m or more soars in the first three months of 2024

Sales of Dubai homes priced at $10m or more soars in the first three months of 2024

Dubai: One hundred and five homes priced in excess of $10 million were sold in Dubai during the first three months of the year, up 19 per cent on Q1 2023, according to the latest analysis from global property consultant, Knight Frank.

Faisal Durrani, Partner – Head of Research, MENA, explained, “The level of deal activity in Dubai continues to strengthen, particularly at the top end of the market, where the near constant stream of international high-net-worth-individuals vying for the city’s most expensive homes persists.

“The laser-like focus of the global wealthy on Dubai is best reflected in the rapid deterioration in the volume of $10 million+ homes for sale, which has fallen by 59 per cent across the city over the last 12 months to just 864 homes.”

The total value of luxury homes sold during Q1 stands at $1.73 billion, up six per cent from Q1 2023. This builds on Dubai’s emergence as the world’s busiest $10 million+ homes market.

Knight Frank says that last year, Dubai recorded 431 home sales above $10 million, nearly 80 per cent higher than the next nearest contender—London (240). New York (211) rounded off the world's top three most active luxury home