Luxury real estate sales soar in Dubai real estate market
In the first three months of 2024, 105 luxury residences worth more than AED 36.7M (USD 10M) were sold in Dubai. This figure is 6% higher than in Q1 2023.
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According to experts, the number of transactions in the emirate continues to grow, especially in the upper price category. There is tough competition in this segment due to the increase of wealthy investors and decrease in supply in the super-luxury housing market.
In the first three months of 2024, the total sales value of luxury real estate in Dubai amounted to AED 6.35B (USD 1.73B), which is 19% more than in the first quarter of 2023. Palm Jumeirah was the leader in terms of transaction value, accounting for 36% of total sales or AED 2.3B (USD 628M), and in the number of sales, reaching nearly 40 in all. In second and third place were Jumeirah Bay Island and Dubai Hills Estate, respectively.
The interest of wealthy individuals in Dubai's ultra-luxury real estate has increased in part due to the scarcity of luxury residences for sale. Over the past year, the transaction volume has decreased by 59%, amounting to only 864. Experts believe that in the coming years, the demand for such real estate will outstrip the supply, so the cost of super-luxury housing in Dubai will continue to grow.
