In 2023, Dubai saw a surge in luxury home sales, reaching a record $7.6 billion, a 91% growth over the previous year. Knight Frank’s analysis revealed a 92.4% uptick in sales of homes priced at $10 million or more, totaling 431 transactions. Faisal Durrani, Partner – Head of Research, MENA, highlighted Dubai’s status as the world’s most active $10 million+ homes market.
The demand from international ultra-high-net-worth individuals also fueled the $25 million+ super-prime market, doubling deals to 56 worth $2.3 billion in 2023. The Palm Jumeirah led in luxury sales, with 38.5% over $10 million and 39.2% over $25 million. Will McKintosh, Regional Partner and Head of Residential, MENA, emphasized the universal appeal of The Palm Jumeirah. Notable contributors to the luxury market include Jumeirah Bay Island (47 sales) and Palm Jebel Ali (36 transactions) in 2023.