Dubai upholds stability in luxury home market – MENAFN.COM

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(MENAFN) In the first half of this year, Dubai’s market for luxury homes priced at USD10 million or higher demonstrated resilience, maintaining stability despite a decrease in available listings. According to Knight Frank, a total of 190 such luxury properties were sold, amounting to USD3.2 billion in sales from January to June. This figure compares closely with the same period in 2023, when 189 homes were sold for USD3.3 billion. The report highlighted that while the number of available luxury homes dropped significantly by 65.5 percent year-on-year in the second quarter, the overall transaction volume remained steady.

Faisal Durrani, Knight Frank’s head of research for the Middle East and Africa, noted a notable trend towards a ‘buy-to-hold’ strategy among wealthy global individuals. This trend indicates a shift away from previous market cycles focused on speculative buying and quick resale. Instead, high-net-worth buyers are increasingly opting to purchase properties in Dubai for personal use, signaling confidence in the city’s real estate market stability.

Dubai, renowned for its iconic structures and status as the Middle East’s major tourism and trade hub, continues to attract significant international attention. In 2023, the city welcomed a record 17.15 million foreign visitors, underscoring its appeal as a global destination. Dubai’s strategic initiatives include expanding its economy through tourism, developing a robust financial sector, and attracting foreign investment, particularly in real estate.

The report highlighted Palm Jumeirah as the most sought-after area for luxury home purchases in Dubai during the second quarter, accounting for 26 percent of sales in this segment. Following closely were Emirates Hills with 10 percent and District 1 with 7.8 percent of high-value property transactions. Additionally, sales of homes valued at USD25 million or more saw a notable 25 percent increase in the second quarter compared to the first three months of the year, totaling 15 transactions.

Dubai’s strong performance in the luxury real estate market is further underscored by its global leadership in the sale of homes priced above USD10 million in 2023, surpassing other major cities like London. This ongoing stability and attractiveness in Dubai’s luxury property market indicate sustained investor confidence and robust demand from affluent buyers seeking premium residential opportunities in the city.

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