Dubai’s ultra luxury real estate market soars: $25M+ Home sales double in 2023, global elite flock in!

Dubai witnessed an increase in the sales of homes valued at $25 million or more last year, driven by affluent individuals worldwide investing in properties in the Middle East’s prominent business and tourism hub, as reported by property consultant Knight Frank LLP. The city saw the sale of 56 ultra-luxury homes, totaling $2.27 billion, in 2023, compared to 28 properties amounting to $1.24 billion the previous year. Notably, 22 of these properties were located on Dubai’s Palm Jumeirah Island, with an additional 15 on the seahorse-shaped Jumeirah Island.

“The global super rich continue zero in on Dubai, with the city’s lifestyle and relatively affordable luxury homes being the top pull factors,” said Faisal Durrani, head of Middle East research at Knight Frank. “There is also an element of a pooling of global wealth in Dubai, which is helping push the emirate to a state of critical mass, which itself has become a new magnet for the global elite.”

Dubai’s vibe and the relatively affordable luxury homes are pulling in the global super-rich. According to Faisal Durrani, head of Middle East research at Knight Frank, it’s not just about the homes but also a gathering of global wealth in Dubai, turning it into a hotspot for the elite crowd.

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Dubai’s ultra luxury housing demand surges, raising concerns about prime location availability

The crazy rich scene in Dubai is pretty new. Back in the day, we’re talking pre-2021, you’d be lucky to see four homes go for $25 million or more in a whole year. But hold on, now developers are going all out, adding more to the mix. Still, Faisal Durrani warns, the primo spots might get a bit tight as the demand keeps soaring.

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