Palm Jumeirah dominates, accounting for 36.3% of luxurious house gross sales..
DUBAI – 105 properties priced in extra of US$ 10 million have been bought in Dubai through the first three months of the yr, up 19% on Q1 2023, in accordance with the newest evaluation from international property advisor, Knight Frank.
Faisal Durrani, Companion – Head of Analysis, MENA, defined: “The extent of deal exercise in Dubai continues to strengthen, notably on the prime finish of the market, the place the close to fixed stream of worldwide high-net-worth-individuals vying for town’s costliest properties persists.
“The laser-like focus of the worldwide rich on Dubai is finest mirrored within the speedy deterioration within the quantity of US$ 10 million+ properties on the market, which has fallen by 59% throughout town over the past 12-months to simply 864 properties.”
The entire worth of luxurious properties bought throughout Q1 stands at US$ 1.73 billion, which is up 6% on Q1 2023 and builds on Dubai’s emergence because the world’s busiest US$ 10 million+ properties market.
Final yr, Knight Frank says, Dubai recorded 431 house gross sales above US$ 10 million, practically 80% larger than the following nearest contender – London (240). New York (211) rounded off the highest three most lively luxurious properties markets on the planet in 2023.
The Palm Jumeirah registered offers price US$ 628 million, and dominated the posh properties market throughout Q1, accounting for 36.3% of gross sales by complete worth. Jumeirah Bay Island (11.1%) and Dubai Hills Property (7%) adopted in second and third place, respectively.
Whereas the Palm Jumeirah (39) additionally led the pack by way of the overall variety of luxurious properties bought, the Palm Jebel Ali (10) and Enterprise Bay (7) registered extra high-end house gross sales than Jumeirah Bay Island, or Dubai Hills Property.
Dubai Hills Property
In line with Knight Frank, different markets, away from the headline grabbing Palm Jumeirah, Jumeirah Bay Island and Emirates Hills are quick rising in prominence amongst luxurious house patrons, with Dubai Hills Property, as an illustration, standing out as a market to look at.
Will McKintosh, Regional Companion and Head of Prime Residential, MENA, mentioned: “Dubai Hills Property has quietly for a while been rising up the ranks as not solely considered one of Dubai’s most sought-after markets for home patrons, however now luxurious house patrons are more and more lively right here too.”
“The relative proximity to each Downtown and New Dubai, mixed with entry to worldwide faculty, glorious neighbourhood services and facilities and naturally its abundance of inexperienced area is rapidly making Dubai Hills Property considered one of Dubai’s most fascinating neighbourhoods. Costs have unsurprisingly responded to the rising demand to stay right here and have risen by virtually 11% within the final 12-months, whereas the variety of properties obtainable on the market has fallen by 75% to simply over 1,000 items this previous March”.
Knight Frank has beforehand present in its Vacation spot Dubai 2023 report that entry to parks and inexperienced area ranks as a very powerful consideration amongst international HNWI when contemplating an funding within the emirate.
Prime resurgence
Dubai’s prime residential market, which incorporates the Palm Jumeirah, Jumeirah Bay Island and Emirates Hills, has skilled a surge in efficiency as properly, in accordance with Knight Frank.
Durrani concluded: “After rising by 16.3% in 2023, following a unprecedented 44.4% enhance throughout 2022, Dubai’s prime residential market has grown by 26.3% over the past 12-months, simply making it considered one of, if not the quickest rising prime residential market globally. Whereas these startling development charges are phenomenal, it doesn’t take away from the face that Dubai’s luxurious properties market nonetheless stays one of the vital reasonably priced on the planet.”
“Certainly, US$ 1 million secures some 980 sq. ft of prime residential area in Dubai, in comparison with simply 366 sq. ft in New York, 355 sq. ft in London, or 172 sq. ft in Monaco.”
Theodore is the Co-Founder and Managing Editor of TravelDailyNews Media Community; his obligations embrace enterprise improvement and planning for TravelDailyNews long-term alternatives.
