$25 million homes sell like hotcakes in Dubai

Highlights of Dubai’s property market

• The property consultant Knight Frank LLP reported that Dubai’s property market experienced a significant surge in 2023
• Since last year, the sales of homes worth $25 million or more doubled in Dubai.
• The Dubai market is also benefiting from Russian investors, crypto millionaires, and rich Indians buying homes.

 

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Dubai’s property market experienced a significant rise

According to property consultant Knight Frank LLP, homes worth $25 million or double than that is being sold last year after some of the world’s rich people bought homes in the Middle East’s business and tourism center.

 

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Faisal Durrani, head of Middle East research at Knight Frank stated that the city’s way of life and access to luxury homes contribute to being the top factors. There is also factor of combining global luxury in Dubai, which is assisting to push the domain to a state of crucial mass, which itself has become a new magnet for the global elite.

 

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Buyers from New location

Durrani also said buyers from new locations like Monaco are now “connecting the capital train to Dubai, with a rising surge of interest from China.

 

The five-bedroom apartment in the Como Residences development was considered as the most expensive transaction in 2023 but yet-to-be built tower on the trunk of Palm Jumeirah. According to Knight Frank, The 2,039 square-meter apartment was sold for $136.2 million.

 

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New phenomenon in Dubai

The new phenomenon in Dubai is the ultra-luxury sector. In a year, nearly four homes worth $25 million were sold before 2021. Developers are now increasing their portfolio, but the accessibility of supply in the most profitable locations could become more artificial, Durrani said.

 

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