Sales of homes priced at $10 million or higher in Dubai surged to approximately $1.6 billion in the third quarter, as reported in an industry study released on Wednesday. This represents a significant increase from the $1.13 billion recorded during the same period the previous year.
For the first nine months of this year, the total value of such high-end property sales reached nearly $5 billion, according to property consultancy Knight Frank.
Dubai is actively working to attract individuals and capital to stimulate long-term growth, focusing on a model centred around property investment, tourism, and foreign capital inflows. The property market has been flourishing, driven in part by demand from Russian buyers amid the conflict in Ukraine and more lenient residency regulations. Analysts also note that Dubai has implemented better safeguards to prevent a repeat of the problems it faced following the 2008 global financial crisis.
Faisal Durrani, Partner and Head of Research for Middle East and Africa at Knight Frank, remarked, “Demand for luxury homes in Dubai remains resilient, and supply continues to lag behind demand.”
During the first nine months of the year, Dubai saw a record high of 277 sales of homes valued at more than $10 million, solidifying its position as the leading market for such transactions in the first half of the year, surpassing New York, Hong Kong, and London, as noted by Knight Frank.
Notably, most of the activity in this market is driven by cash buyers, according to the consultancy.