It seems as if the property bubble in Dubai, accidentally keeps rupturing into a bigger one and now new statistics prove it. Despite the fact that an exceptional $1.73 billion amount of the houses priced above $10 million were sold in the first 3 months in 2024 according to the selling data published by the international propety firm Knight Frank and can be called impressive. For this quarter, we registered a solid 6% growth, which is higher compared to the performance for the entire last year.
While 105 high end properties are already sold giving Dubai the crown of the world’s hottest luxury housing market, other hot destinations in the world will still give a stiff competition to this goal. There were only 80 reported sales in the luxury segment of the London market in the same price range over the quarter while compared to other metros like Hangzhou which saw 2,000 sales in the similar price segment of the market. When did you not know, Dubai broke every single record from the previous year and finished on the 431 homes over 10 million dollars sold, which was double what London managed last year.
Under the leadership of the most expensive and well-known product class, Palm Jumeirah once again dominating and accounts for 36% shared rate of total sales value so far in 2022. The world has been made aware of how iconic the man-made island could be, and it rightfully and confessably ranks among the most distinguished addresses on the planet. However, this question could be tackled from another angle, stating that Dubai Hills Estate also experienced a rapid rise.
With foreign money pouring in from the likes of Fidelity, GQG Partners and major local players, it’s no wonder prices continue marching higher in prime locales. Knight Frank says values have jumped a stunning 26% in the past year alone! And yet Dubai’s luxury market somehow remains one of the most affordable among elite destinations. A cool $1 million still buys nearly 1,000 square feet here.
So whether you’re a cash-flush investor or ultra-wealthy buyer, it seems Dubai’s high-end property scene just keeps delivering the flashy sales and returns. With global interest stronger than ever, 2024 is shaping up to be another blockbuster year for luxury real estate in the world’s hottest housing market. The good times clearly keep on rolling in this desert metropolis!
In summary, Knight Frank’s latest analysis shows Dubai’s luxury property sector maintained its strong momentum in Q1 2024, with $1.73 billion in home sales and values up 26%, cementing its status as the world’s top market for high-end real estate. The Palm Jumeirah continues dominating with 36% of sales and areas like Dubai Hills Estate seeing growing interest.
