105 properties priced in extra of US$ 10 million have been bought in Dubai in the course of the first three months of the 12 months, up 19% on Q1 2023, in line with the newest evaluation from international property guide, Knight Frank.
Faisal Durrani, Associate – Head of Analysis, MENA, defined: “The extent of deal exercise in Dubai continues to strengthen, notably on the high 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 during the last 12-months to only 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 12 months, Knight Frank says, Dubai recorded 431 house gross sales above US$ 10 million, almost 80% increased than the following nearest contender – London (240). New York (211) rounded off the highest three most energetic luxurious properties markets on the earth in 2023.
The Palm Jumeirah registered offers price US$ 628 million, and dominated the luxurious 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 whole 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 ESTATE
In keeping 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 consumers, with Dubai Hills Property, for example, standing out as a market to look at.
Will McKintosh, Regional Associate and Head of Prime Residential, MENA, stated: “Dubai Hills Property has quietly for a while been rising up the ranks as not solely one in every of Dubai’s most sought-after markets for home consumers, however now luxurious house consumers are more and more energetic right here too.
“The relative proximity to each Downtown and New Dubai, mixed with entry to worldwide faculty, glorious neighbourhood amenities and facilities and naturally its abundance of inexperienced house is shortly making Dubai Hills Property one in every of Dubai’s most fascinating neighbourhoods. Costs have unsurprisingly responded to the rising demand to reside right here and have risen by nearly 11% within the final 12-months, whereas the variety of properties accessible on the market has fallen by 75% to only over 1,000 models this previous March”.
Knight Frank has beforehand present in its Vacation spot Dubai 2023 report that entry to parks and inexperienced house ranks as crucial 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 nicely, in line with Knight Frank.
Durrani concluded: “After rising by 16.3% in 2023, following a unprecedented 44.4% improve throughout 2022, Dubai’s prime residential market has grown by 26.3% during the last 12-months, simply making it one in every 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 some of the reasonably priced on the earth.
“Certainly, US$ 1 million secures some 980 sq. ft of prime residential house in Dubai, in comparison with simply 366 sq. ft in New York, 355 sq. ft in London, or 172 sq. ft in Monaco.”
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