105 houses priced in extra of US$ 10 million had been bought in Dubai in the course of the first three months of the yr, up 19% on Q1 2023, in accordance with the newest evaluation from world property marketing consultant, Knight Frank.
Faisal Durrani, Accomplice – 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 houses persists.
“The laser-like focus of the worldwide rich on Dubai is greatest mirrored within the fast deterioration within the quantity of US$ 10 million+ houses on the market, which has fallen by 59% throughout town over the past 12-months to simply 864 houses.”
The overall worth of luxurious houses 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+ houses market.
Final yr, Knight Frank says, Dubai recorded 431 dwelling gross sales above US$ 10 million, practically 80% increased than the subsequent nearest contender – London (240). New York (211) rounded off the highest three most lively luxurious houses markets on this planet in 2023.
The Palm Jumeirah registered offers price US$ 628 million, and dominated the posh houses 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 full variety of luxurious houses bought, the Palm Jebel Ali (10) and Enterprise Bay (7) registered extra high-end dwelling gross sales than Jumeirah Bay Island, or Dubai Hills Property.
DUBAI HILLS ESTATE
In response to Knight Frank, different markets, away from the headline grabbing Palm Jumeirah, Jumeirah Bay Island and Emirates Hills are quick rising in prominence amongst luxurious dwelling patrons, with Dubai Hills Property, as an example, standing out as a market to observe.
Will McKintosh, Regional Accomplice 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 dwelling 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 reside right here and have risen by nearly 11% within the final 12-months, whereas the variety of houses out there 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 an important consideration amongst world 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 effectively, in accordance with Knight Frank.
Durrani concluded: “After rising by 16.3% in 2023, following a rare 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 houses market nonetheless stays one of the reasonably priced on this planet.
“Certainly, US$ 1 million secures some 980 sq. toes of prime residential area in Dubai, in comparison with simply 366 sq. toes in New York, 355 sq. toes in London, or 172 sq. toes in Monaco.”
Observe Emirates 24|7 on Google Information.
