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.
Recent winners
2002 Giselle Khoury (Colombia)
2004 Nathalie Nasralla (France)
2005 Catherine Abboud (Oceania)
2007 Grace Bijjani (Mexico)
2008 Carina El-Keddissi (Brazil)
2009 Sara Mansour (Brazil)
2010 Daniella Rahme (Australia)
2011 Maria Farah (Canada)
2012 Cynthia Moukarzel (Kuwait)
2013 Layla Yarak (Australia)
2014 Lia Saad (UAE)
2015 Cynthia Farah (Australia)
2016 Yosmely Massaad (Venezuela)
2017 Dima Safi (Ivory Coast)
2018 Rachel Younan (Australia)
How to apply for a drone permit
- Individuals must register on UAE Drone app or website using their UAE Pass
- Add all their personal details, including name, nationality, passport number, Emiratis ID, email and phone number
- Upload the training certificate from a centre accredited by the GCAA
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What are the regulations?
- Fly it within visual line of sight
- Never over populated areas
- Ensure maximum flying height of 400 feet (122 metres) above ground level is not crossed
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Director: Shazia Iqbal
Starring: Siddhant Chaturvedi, Triptii Dimri
Rating: 1/5
SERIES SCHEDULE
First Test, Galle International Stadium
July 26-30
Second Test, Sinhalese Sports Club Ground
August 3-7
Third Test, Pallekele International Cricket Stadium
August 12-16
First ODI, Rangiri Dambulla International Stadium
August 20
Second ODI, Pallekele International Cricket Stadium
August 24
Third ODI, Pallekele International Cricket Stadium
August 27
Fourth ODI, R Premadasa Stadium
August 31
Fifth ODI, R Premadasa Stadium
September 3
T20, R Premadasa Stadium
September 6
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Engine: Electric motor generating 54.2kWh (Cooper SE and Aceman SE), 64.6kW (Countryman All4 SE)
Power: 218hp (Cooper and Aceman), 313hp (Countryman)
Torque: 330Nm (Cooper and Aceman), 494Nm (Countryman)
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Company profile
Date started: December 24, 2018
Founders: Omer Gurel, chief executive and co-founder and Edebali Sener, co-founder and chief technology officer
Based: Dubai Media City
Number of employees: 42 (34 in Dubai and a tech team of eight in Ankara, Turkey)
Sector: ConsumerTech and FinTech
Cashflow: Almost $1 million a year
Funding: Series A funding of $2.5m with Series B plans for May 2020
Indoor Cricket World Cup Dubai 2017
Venue Insportz, Dubai; Admission Free
Day 1 fixtures (Saturday)
Men 1.45pm, Malaysia v Australia (Court 1); Singapore v India (Court 2); UAE v New Zealand (Court 3); South Africa v Sri Lanka (Court 4)
Women Noon, New Zealand v South Africa (Court 3); England v UAE (Court 4); 5.15pm, Australia v UAE (Court 3); England v New Zealand (Court 4)
T20 World Cup Qualifier, Muscat
UAE FIXTURES
Friday February 18: v Ireland
Saturday February 19: v Germany
Monday February 21: v Philippines
Tuesday February 22: semi-finals
Thursday February 24: final
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Engine: 3.0-litre six-cylinder turbo
Power: 398hp from 5,250rpm
Torque: 580Nm at 1,900-4,800rpm
Transmission: Eight-speed auto
Fuel economy, combined: 6.5L/100km
On sale: December
Price: From Dh330,000 (estimate)
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KILLING OF QASSEM SULEIMANI
Killing of Qassem Suleimani
Killing of Qassem Suleimani
The biog
Mission to Seafarers is one of the largest port-based welfare operators in the world.
It provided services to around 200 ports across 50 countries.
They also provide port chaplains to help them deliver professional welfare services.
BRIEF SCORES:
Toss: Nepal, chose to field
UAE 153-6: Shaiman (59), Usman (30); Regmi 2-23
Nepal 132-7: Jora 53 not out; Zahoor 2-17
Result: UAE won by 21 runs
Series: UAE lead 1-0
Fighting with My Family
Director: Stephen Merchant
Stars: Dwayne Johnson, Nick Frost, Lena Headey, Florence Pugh, Thomas Whilley, Tori Ellen Ross, Jack Lowden, Olivia Bernstone, Elroy Powell
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Company profile
Name: Tratok Portal
Founded: 2017
Based: UAE
Sector: Travel & tourism
Size: 36 employees
Funding: Privately funded
UK's plans to cut net migration
Under the UK government’s proposals, migrants will have to spend 10 years in the UK before being able to apply for citizenship.
Skilled worker visas will require a university degree, and there will be tighter restrictions on recruitment for jobs with skills shortages.
But what are described as "high-contributing" individuals such as doctors and nurses could be fast-tracked through the system.
Language requirements will be increased for all immigration routes to ensure a higher level of English.
Rules will also be laid out for adult dependants, meaning they will have to demonstrate a basic understanding of the language.
The plans also call for stricter tests for colleges and universities offering places to foreign students and a reduction in the time graduates can remain in the UK after their studies from two years to 18 months.
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The specs: 2018 Audi RS5
Price, base: Dh359,200
Engine: 2.9L twin-turbo V6
Transmission: Eight-speed automatic
Power: 450hp at 5,700rpm
Torque: 600Nm at 1,900rpm
Fuel economy, combined: 8.7L / 100km
What are the main cyber security threats?
Cyber crime - This includes fraud, impersonation, scams and deepfake technology, tactics that are increasingly targeting infrastructure and exploiting human vulnerabilities.
Cyber terrorism - Social media platforms are used to spread radical ideologies, misinformation and disinformation, often with the aim of disrupting critical infrastructure such as power grids.
Cyber warfare - Shaped by geopolitical tension, hostile actors seek to infiltrate and compromise national infrastructure, using one country’s systems as a springboard to launch attacks on others.
