Ultra-Luxurious Homes In a notable trend, sales of ultra-luxury homes priced at $25 million (Dh92 million) and above witnessed a doubling effect in 2023, totaling 56 transactions. Knight Frank’s data underlines the resilience of demand in the ultra-luxury property segment, despite a decrease in available homes compared to 2022.
Robust Growth in $10 Million-Plus Homes
92.4% Increase in Total Number
Knight Frank’s analysis reveals a substantial 92.4% growth in the total number of homes priced above $10 million, with 431 properties sold in Dubai in 2023. The total sales value in this category soared by 91% to reach $7.6 billion, with a notable 28% contributed by the fourth quarter alone.
Dubai’s Global Dominance: Ultra-Luxurious Homes
Outpacing Competitors in $10 Million-Plus Sales
Dubai showcased its dominance in the ultra-luxury property market, selling more than twice as many homes priced over $10 million than its closest competitor, New York. The city surpassed New York with 323 deals, compared to 159 during the first nine months of 2023.
Palm Jumeirah’s Allure: Ultra-Luxurious Homes
Central Role in Luxury Sales
The iconic Palm Jumeirah emerged as the epicenter of luxury home sales, contributing 38.5% to homes sold for over $10 million in 2023, totaling 166 deals. The island’s universal appeal, central location, and prestigious Blue Flag status reinforce its status as one of the most sought-after addresses globally.
Key Players in Luxury Sales: Ultra-Luxurious Homes
Palm Jumeirah, Jumeirah Bay Island, and Palm Jebel Ali
Apart from the Palm Jumeirah, other prominent areas contributing to the total number of homes sold for more than $10 million include Jumeirah Bay Island (47 sales) and the recently launched Palm Jebel Ali (36 transactions). These areas reflect the ongoing surge in demand for luxury properties in Dubai.
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