The sale of homes valued at $10 million or more in Dubai remained steady during the first half of the year, despite a decline in listings, according to an industry report released on Monday. This consistency highlights the continued strong demand from the global ultra-wealthy.
A total of 190 luxury homes, collectively worth $3.2 billion, were sold from January to June, closely matching the 189 properties sold for $3.3 billion during the same period in 2023, based on provisional data.
The report revealed that the volume of sales held firm despite a significant 65.5% year-on-year decrease in the availability of such high-end homes in the market during the second quarter.
This trend indicates that international high-net-worth individuals are primarily focused on purchasing homes in Dubai for personal use rather than for quick resale, a characteristic that distinguished previous market cycles.
Dubai, home to the world’s tallest tower, is the UAE’s largest tourism and trade hub, drawing a record 17.15 million international overnight visitors last year.
Under the D33 plan, a 10-year strategy, Dubai aims to expand its economy by boosting tourism, transforming its financial center into one of the world’s top four, and attracting foreign investment, particularly in real estate, where property prices show no signs of slowing.
The city is also increasingly becoming a preferred wealth hub for entrepreneurs and affluent families, particularly from Asia. Last year, Dubai launched a "family wealth center" to assist wealthy individuals and businesses in managing cultural and governance issues.
The report highlighted that the Palm Jumeirah, the iconic palm tree-shaped artificial island, was the most coveted area, with 21 sales of homes worth $10 million or more in the second quarter, representing 26% of sales during this period.
Emirates Hills followed with 10%, and the District One area accounted for 7.8% of such transactions.
Sales of properties valued at $25 million or more surged by 25% in the second quarter compared to the first three months of the year, totaling 15 homes.
Last year, Dubai led the world in the number of home sales above $10 million, with nearly 80% more sales in this category than second-placed London.
Source: Economic Times
