Wednesday, July 17, 2024

18 billion dirham luxury house sales in Dubai within 9 months

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A market analysis by global real estate consultancy Knight Frank – the total volume of luxury homes in Dubai worth more than $10 million was reported at $1.59 billion (5.84 billion dirhams) in the third quarter of the year. . Sales of homes valued at more than $10 million exceeded $4.91 billion (AED 18 billion) in the January to September period this year.

Faisal Durrani, partner and head of research, Middle East and Africa, explained: “Demand for luxury homes in Dubai continues, and demand outstrips supply, with total home sales in Dubai worth more than $10. Millions owned 277 homes in the first nine months of the year. This reinforces Dubai’s position as the world’s most active market for homes worth over $10 million in the first half of the year, as Dubai tops the list and is ahead of New York (125) and Hong Kong (109). ), and London (99).”

The average transaction price for homes sold for more than $10 million was AED 6,557 per square foot at the end of the third quarter of the year.

Demand for luxury homes in the city is on the rise, attracting both local and international buyers. The city’s prime residential areas continue to see interest, with Palm Jumeirah being the main focal point for luxury home sales, accounting for 52.3% of all sales of this exclusive category of homes valued at over $10 million.

Among the key areas that have seen significant success, the Umm Suqeim 3 area stands out, where the Jumeirah Living City project is located. Average transaction prices in this area are 15.7 thousand dirhams per square foot, which is 62% higher than its closest competitor. , which is the (Business Bay) area.

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Nadia Barnett
Nadia Barnett
"Award-winning beer geek. Extreme coffeeaholic. Introvert. Avid travel specialist. Hipster-friendly communicator."

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