First Quarter Shows Continued Success in Dubai Luxury Real Estate Sales by Knight Frank

A report from Knight Frank revealed that sales of homes worth $10 million or more in Dubai increased by six percent in the first quarter of the year compared to the previous year. The demand for luxury homes in the emirate remains strong, with a total of 105 homes sold for a value of $1.73 billion from January to March, up from $1.6 billion the year before.

Dubai ranked first globally in terms of the number of home sales worth over $10 million last year, surpassing cities like London. The city also saw double-digit gains in luxury property prices last year, unlike other major cities experiencing declines.

Faisal Durrani, head of research for the Middle East and Africa at Knight Frank, noted that Dubai continues to attract wealthy buyers due to the relative affordability of high-end homes. International investors are purchasing properties in Dubai as second homes rather than for short-term gains, contributing to the increased demand for luxury homes in the city.

Popular areas for luxury home sales in Dubai include Palm Jumeirah, Jumeirah Bay Island, and Dubai Hills Estate. However, emerging markets like Dubai Hills Estate are also worth monitoring for future growth in the luxury real estate sector.

Despite significant growth rates in Dubai’s luxury residential real estate market, the city remains one of the most affordable markets globally for luxury homes. The report highlighted the strong demand for luxury homes in Dubai, driven by both local and international buyers.

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