A recent analysis by global real estate consultancy Knight Frank showed that in the first quarter of 2023, 88 homes were sold in Dubai for more than $10 million each, amounting to six billion dirhams.

Analysis indicates that the city’s prime residential areas such as Palm Jumeirah, Emirates Hills and Jumeirah Bay Island still dominate luxury home sales.

According to the analysis, average trading prices for homes worth more than $10 million in these most popular locations reached Dh8,800 per square foot in the first quarter of this year, however, other locations in the city are also fast-rising major hubs. .

Faisal Durrani, partner and head of Middle East research at the firm, said: “The $10 million-plus real estate market in Dubai continues to thrive, with 88 sales recorded in the first quarter alone.”

He added, “2022 Dubai recorded 219 deals above this price point, ranking the city as the fourth busiest luxury housing market in the world, and 2023 is another record year for this sector of the market. The depth of demand for homes at this price point from high net worth individuals both domestically and internationally is helping to push prices up in this exclusive segment of the market. In fact, the average transaction price of homes over $10 million reached 7,235 dirhams per square foot in the first quarter.

Durani continued: “Although Dubai’s core neighborhoods such as Palm Jumeirah, Jumeirah Bay Island and Emirates Hills accounted for 64% of home sales worth $10 million in the first quarter, other areas are also growing.

Al Wasl Canal Corridor – Dubai is one of these areas, where branded residential sales have contributed to its emergence as a magnet for ultra-high net worth individuals focused on securing the most expensive homes in the most desirable neighborhoods in the emirate.

Due to the lack of major projects under construction and no slowdown in the continued demand of ultra-high net worth individuals for luxury second homes in Dubai, the upward trajectory of prime real estate prices will continue, Durrani noted.