Dubai's Ultra-Luxury Home Market Stays Hot with Steady Sales

Despite a drop in listings, Dubai's luxury home market remained robust in the first half of the year. The city saw 190 homes worth over $10 million sold, driven by international high-net-worth individuals looking for personal residences. The trend aligns with Dubai's economic growth plans under the D33 strategy.

Despite a decline in listings, the number of homes in Dubai worth $10 million or more sold in the first half of 2023 remained steady, according to an industry report released on Monday. Demand from the international ultra-rich has continued to stay strong.

Industry data from Knight Frank reveals that 190 luxury homes, totaling $3.2 billion, were sold in the first six months of the year. This is comparable to the 189 properties valued at $3.3 billion sold during the same period last year. This stability persisted despite a 65.5% year-on-year drop in listings of such homes in the second quarter.

Faisal Durrani, Knight Frank's head of research for the Middle East and North Africa (MENA), noted that this consistency indicates a 'buy-to-hold' trend among buyers. Unlike previous market cycles characterized by quick resales, these properties are being purchased for personal use. Dubai's appeal continues to grow, bolstered by strategic economic plans under the D33 initiative, which aims to enhance tourism and attract foreign investment.

(With inputs from agencies.)