“Moreover, with 176 $10 million house gross sales within the first six months of 2023, the town has already achieved 79 per cent of the overall variety of $10 million houses offered in 2022,” mentioned Faisal Durrani, Associate – Head of Center East Analysis. “As well as, with common transacted costs persevering with to hover at round Dh6,900 per sq. foot, or about $1,800 per sq. foot, the emirate continues to supply comparatively reasonably priced entry to luxurious dwelling.”
The rising quantity of luxurious house gross sales has had a major influence on property costs throughout the town. As of the tip of June 2023, the annual price of change in condo costs reached 15 per cent, whereas villa costs soared by a powerful 46 per cent.
Knight Frank factors to an ongoing variety in purchaser profiles and preferences, with worldwide patrons from China shortly re-emerging as key gamers within the metropolis’s residential panorama.
Andrew Cummings, Associate – Head of Prime Residential says that the demand for luxurious properties within the resale market, providing instant occupancy, stays sturdy, pushed by the discerning preferences of Dubai residents searching for each utility and a way of presence throughout the metropolis.
“A formidable 66 per cent of patrons intend to personally make the most of the properties, additional testifying to the importance of this pattern,” mentioned Cummings. “In parallel, throughout the realm of off-plan developments, there’s a notable surge in curiosity for opulent branded residences, fuelled by the record-breaking gross sales and memorable sell-out achievements witnessed by esteemed manufacturers akin to Six Senses, Baccarat, and Bvlgari.”
“These market dynamics underline the compelling attract and enduring desirability of such properties, solidifying their place as coveted belongings inside Dubai’s esteemed actual property panorama.