Dubai’s luxury real estate market continues to break records, with buyers from around the world snapping up high-end properties at record prices. In the first nine months of 2023, the total value of luxury property sales in Dubai reached $4.91 billion, according to real estate consultancy Knight Frank. This is more than double the amount sold in the same period last year.
The average price of a luxury property in Dubai is now AED 6,557 per square foot, up 15% from a year ago. The most popular areas for luxury property buyers include the Palm Jumeirah, Emirates Hills, and Jumeirah Bay Island.
Detailed Analysis of the Dubai Luxury Real Estate Market
The strong demand for luxury property in Dubai is being driven by a number of factors, including:
Dubai’s growing economy and rising population of high-net-worth individuals: Dubai’s economy is expected to grow by 4.5% in 2023, according to the International Monetary Fund. This growth is being driven by a number of factors, including the city’s tourism sector, which is expected to attract 16.5 million visitors in 2023. Dubai is also home to a growing population of high-net-worth individuals, with the number of people with a net worth of over $30 million expected to reach 100,000 by 2025.
Dubai’s status as a global hub for business and tourism: Dubai is a global hub for business and tourism, with the city attracting businesses and visitors from all over the world. Dubai is home to a number of world-class amenities, including the Burj Khalifa, the Dubai Mall, and the Palm Jumeirah. The city also has a number of free zones, which offer businesses a number of advantages, such as 100% foreign ownership and no corporate tax.
Dubai’s favorable tax regime: Dubai has a favorable tax regime, which includes no income tax or capital gains tax. This makes the city a very attractive destination for wealthy investors and buyers.
Dubai’s wide range of luxury properties to choose from: Dubai offers a wide range of luxury properties to choose from, including villas, apartments, and penthouses in prime locations. Buyers can find luxury properties in a variety of architectural styles, from traditional to contemporary.
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Notable Luxury Property Sales in Dubai in 2023
Some of the most notable luxury property sales in Dubai in recent months include:
- Jumeirah Bay Island, Bulgari Lighthouse – 15,706 (sq ft) – 7 410,000,000 (AED)
- Palm Jumeirah, XXII Carat (Club Villas) – 11,595 6 (sq ft) – 183,000,000 (AED)
- Jumeirah Bay Island, Bulgari Lighthouse – 15,706 (sq ft) – 7 160,300,000 (AED)
- Palm Jumeirah, The fronds,Frond D – 10,764 8 (sq ft) – 150,000,000 (AED)
- Emirates Hills, Marble Palace – 10,012 (sq ft) – 7 128,000,000 (AED)
Outlook for the Dubai Luxury Real Estate Market
We expect Dubai’s luxury real estate market to continue to perform strongly in the coming months and years,” said Abdul Ahad Siddqui managing director at Next Level Real Estate. The city has a lot to offer wealthy buyers, and the demand for luxury property is only going to grow.
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