Luxury property market breaks another record as units sold skyrockets

Dubai real estate: Luxury property market breaks another record as units sold skyrockets

Dubai saw a spike in influx of wealthy investors from around the world post-pandemic

Dubai has made a record in the luxury property market this year with sales of as many as 335 luxury units till July end, making 2023 the most successful year for this segment, a new market study revealed.

Besides, a strong demand for luxury residences and villas are predicted for the remaining months of this year amidst the ongoing post-pandemic global readjustment and the growing global awareness of Dubai’s largely untapped opulent real estate market.

To put this in perspective, only 12 luxury units were sold in Dubai way back in 2014, with most of these units being in Downtown Dubai.

The number shot up to 416 units in 2022, mostly in Business Bay Second and Palm Jumeirah, the study by Realiste, an AI-based proptech venture in Dubai said. A luxury unit carries a price tag of around $50 million. For instance, a 19,851 sq. ft 4-bedroom ready-to-move-in penthouse unit in Business Bay is currently listed at AED183,625,000 ($50.09 million). According to the study, luxury apartment sales from 2014 till date have mopped up close to AED 40 billion ($11 billion).

Dubai pips London, Paris, NY in luxury unit sales

According to Knight Frank’s worldwide index report, Dubai’s real estate had improved by 70.3 percent in September 2022, with the major concentration being on pricey luxurious properties, which were regularly in the top 5 market values.

This is far higher than the indexes rises of 2.5 percent in London, 8.9 percent in Paris and 7.3 percent in New York.

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