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The sale of top-tier luxury homes – $25 million (DHS92 million) and above – doubled to 56 the past year in Dubai, due to scarce availability as compared to 2022, reported Khaleej Times on Tuesday.

Citing data released by real-estate consultancy Knight Frank, total sales of the ultra-luxury property segment reached $2.3 billion (DHS8.4 billion) last year as demand for luxury in Dubai remained robust, added the report.

Additionally, the total number of $10 million-plus homes sold in Dubai also saw a marked uptick, growing by 92.4 percent in 2023.

Dubai’s luxury property market heats up with Ambani’s $163mn purchase

“Dubai has doubled down on its position as the world’s most active $10 million plus homes market,” Faisal Durrani, Partner-Head of Research, Mena at Knight Frank, was quoted as saying by Khaleej Times.

“The depth of demand from international buyers for Dubai’s most luxurious homes is also reflected in the fact that city-wide listings above $10 million fell by 8.9 per cent last year. Developers are still scrambling to respond to the emirate’s meteoric rise as one of, if not the most, sought-after luxury-second home markets in the world.”

Data for luxury home sales shared by Knight Frank also put Dubai ahead of its fiercest competitor, New York, with 323 property deals for homes over $10 million. New York closed 159 deals in comparison.

Dubai, Doha, London among top cities where international travellers loved to splurge in 2022

Area-wise

The Palm Jumeirah remained at the forefront of luxury home sales in Dubai.

The palm tree-shaped island accounted for 38.5% of homes sold for more than $10 million during 2023 –166 deals – and 39.2% – 22 deals for sales of more than $25 million.

Following closely behind the Palm Jumeirah was Jumeirah Bay Island with 47 transactions and the recently launched Palm Jebel Ali with 36 transactions.

In 2022, Indian billionaire Mukesh Ambani set a record for the most expensive property to be sold in the Persian Gulf emirate, with a landmark $163 million purchase located on the Palm Jumeirah.

The same year, Pakistanis also emerged as one of the top 10 buyers of real estate in Dubai, following closely behind Russians and Indians as Dubai witnessed an influx of foreign investment following western sanctions.

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