The sale of uber-luxury homes in Dubai that had a price tag of AED 92 million, or $25 million and above doubled in 2023 to reach 56.
Data from Knight Frank showed that this was because there were a fewer number of homes available for sale as compared to 2022.
As per the data, the total deals of properties that were valued at $25 million-plus climbed to AED 8.4 billion, or $2.3 billion in 2023, as the ultra-luxury property segment continued to see robust demand.
According to the property consultancy, there was a 92.4% growth in the total number of homes sold in Dubai in 2023 that had a valuation of $10 million-plus, as they climbed to 431.
There was a 91% increase in the total value of sales above $10 million in 2023 to reach $7.6 billion and 28% of this increase was recorded in the fourth quarter.
Head of Research, Faisal Durrani, said that Dubai had reinforced its position as the most active market for $10 million-plus homes.
He said that the most luxurious homes in Dubai had recorded a demand from international buyers and this was reflected in the 8.9% decrease in city-wide listings for homes above $10 million.
He added that developers were left scrambling to respond to the rise of Dubai as one of the most sought-after luxury-second home markets in the world.
The data put together by Knight Frank also showed that when it came to sale luxury homes priced at $10 million or above, New York was Dubai’s nearest competitor.
However, in the first nine months of last year, the total number of luxury homes sold in Dubai were already twice as much as New York.
New York saw a total of 159 deals of homes with a price tag of $10 million or above, while Dubai saw sales of 323 properties.
Likewise, between the first and third quarters of 2023, Dubai’s residential property market comprising of $10 million-plus homes saw sales of $5.8 billion, almost double of the sales of London $3.2 billion, which was second place.
In terms of Dubai’s luxury home sales, Palm Jumeirah remained the most popular location. The iconic island is shaped as a palm tree and 38.5% of homes valued at more than $10 million were sold there.
This was around 166 deals. Meanwhile, sales of homes valued at more than $25 million in 2023 that took place in Palm Jumeirah were 22, or 39.2% of the total.
Knight Frank’s Will McKintosh said that the appeal of Palm Jumeirah has become universal and the island has become one of the most desirable locations globally.
He also added that inventory levels in Dubai were declining, while second-home buyers and genuine end users were dominating transactional activity.
Last year, there were 9.5% less homes available for sale in Palm Jumeirah in 2023 as compared to 2022, which reflects the buy-to-hold and buy-to-stay attitude of the buyers.
Jumeirah Bay Island followed Palm Jumeirah for the total number of homes sold in 2023 worth more than $10 million, with 47 sales recorded.