Dubai’s luxury home sales, with a value of more than $10 million, crossed the $3.1 billion mark in the first half of 2023 amid higher demand for prime property in the emirate.
The total number of homes sold during the six-month period from January to June stood at 176, according to global property consultancy Knight Frank.
The rising volume of luxury home sales has helped to drive apartment and villa prices across the Emirate to 15 per cent and 46 per cent, respectively, during the period.
In the first six months, “the city has already achieved 79 per cent of the total number of $10 million homes sold in 2022”, said Faisal Durrani, partner and head of Middle East Research at Knight Frank.
“In addition, with average transacted prices continuing to hover at around Dh6,900 per square foot or about $1,800 per square foot, the emirate continues to offer relatively affordable access to luxury living.”
With 92 deals, Dubai also emerged as the busiest $10 million-plus market in the world during the first quarter of 2023, edging past Hong Kong (67) and New York (58), he said.
Demand for luxury property continues to rise in the UAE and Dubai has been ranked as the world’s fourth-most active market in the luxury residential segment, Knight Frank said in a report earlier this year.
Last year, the emirate recorded the sale of 219 homes priced above $10 million, with the total value of the transactions reaching $3.8 billion.
That ranked Dubai behind New York (244 sales), Los Angeles (225 sales) and London (223 sales).
Global high-net-worth individuals (HNWIs) plan to spend $2.5 billion on Dubai property this year, Knight Frank in another report.
The city's prime districts, including The Palm Jumeirah, Emirates Hills and Jumeirah Bay Island, continue to dominate sales, accounting for 63 per cent of all $10 million-plus home sales in the second quarter, the latest report said.
The average sales price during the second quarter stood at $16.5 million for homes in the category.
“The demand for luxury properties in the resale market, offering immediate occupancy, remains robust, driven by the discerning preferences of Dubai residents seeking both utility and a sense of presence within the city,” said Andrew Cummings, partner and head of prime residential at Knight Frank.
“Our flagship report, Destination Dubai report substantiates this claim, revealing that an impressive 66 per cent of buyers intend to personally utilise the properties, further attesting to the significance of this trend.”
There is also a “notable surge in interest for opulent branded residences”, in the off-plan segment, Mr Cummings said.
Luxury homes are being sold for record prices in Dubai as demand continues to pick up for plush property in the emirate.
A Versailles-like mansion is being sold for Dh750 million ($204 million) in Emirates Hills, according to Luxhabitat Sotheby’s International Realty.
The property has more than 70,000 square feet of land space, with an additional 60,000 square feet of built-up space that includes a coral reef aquarium, two domes and 160 marble columns.
In May, a luxury mansion at Lanai Islands, in the Tilal Al Ghaf project, was sold for Dh200 million.
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I Feel Pretty
Dir: Abby Kohn/Mark Silverstein
Starring: Amy Schumer, Michelle Williams, Emily Ratajkowski, Rory Scovel
Results:
6.30pm: Maiden | US$45,000 (Dirt) | 1,400 metres
Winner: Tabarak, Royston Ffrench (jockey), Rashed Bouresly (trainer)
7.05pm: Handicap | $175,000 (Turf) | 3,200m
Winner: Dubhe, William Buick, Charlie Appleby
7.40pm: UAE 2000 Guineas Group 3 | $250,000 (D) | 1,600m
Winner: Estihdaaf, Christophe Soumillon, Saeed bin Suroor
8.15pm: Handicap | $135,000 (T) | 1,800m
Winner: Nordic Lights, William Buick, Charlie Appleby
8.50pm: Al Maktoum Challenge Round 2 Group 2 | $450,000 (D) | 1,900m
Winner: North America, Richard Mullen, Satish Seemar
9.25pm: Handicap | $175,000 (T) | 1,200m
Winner: Mazzini, Adrie de Vries, Fawzi Nass
10pm: Handicap | $135,000 (T) | 1,400m.
Winner: Mubtasim, William Buick, Charlie Appleby
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
UAE currency: the story behind the money in your pockets
Sole survivors
- Cecelia Crocker was on board Northwest Airlines Flight 255 in 1987 when it crashed in Detroit, killing 154 people, including her parents and brother. The plane had hit a light pole on take off
- George Lamson Jr, from Minnesota, was on a Galaxy Airlines flight that crashed in Reno in 1985, killing 68 people. His entire seat was launched out of the plane
- Bahia Bakari, then 12, survived when a Yemenia Airways flight crashed near the Comoros in 2009, killing 152. She was found clinging to wreckage after floating in the ocean for 13 hours.
- Jim Polehinke was the co-pilot and sole survivor of a 2006 Comair flight that crashed in Lexington, Kentucky, killing 49.
THE LOWDOWN
Photograph
Rating: 4/5
Produced by: Poetic License Motion Pictures; RSVP Movies
Director: Ritesh Batra
Cast: Nawazuddin Siddiqui, Sanya Malhotra, Farrukh Jaffar, Deepak Chauhan, Vijay Raaz
ESSENTIALS
The flights
Emirates flies from Dubai to Phnom Penh via Yangon from Dh2,700 return including taxes. Cambodia Bayon Airlines and Cambodia Angkor Air offer return flights from Phnom Penh to Siem Reap from Dh250 return including taxes. The flight takes about 45 minutes.
The hotels
Rooms at the Raffles Le Royal in Phnom Penh cost from $225 (Dh826) per night including taxes. Rooms at the Grand Hotel d'Angkor cost from $261 (Dh960) per night including taxes.
The tours
A cyclo architecture tour of Phnom Penh costs from $20 (Dh75) per person for about three hours, with Khmer Architecture Tours. Tailor-made tours of all of Cambodia, or sites like Angkor alone, can be arranged by About Asia Travel. Emirates Holidays also offers packages.
Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
