Projects priced at $25 million are being purchased twice as often

23 Jan 2024

The Emirates have adapted better than many to the new post-pandemic realities and continue to reap the benefits of an unending flow of investments. While other markets sought to minimize risks, the UAE created favorable conditions for businesses and investors. The latest news confirms this fact – in Dubai, projects priced at $25 million are being purchased twice as often. And this is not the limit.

Statistics don't lie

According to Knight Frank, in 2023, 56 luxury real estate properties were sold, with a total value of $2.27 billion. For comparison, in 2022, 28 properties were sold, totaling $1.24 billion. In this regard, one might ask – where are the armchair experts who predicted the imminent collapse of the Dubai real estate market? Apparently, they've gone silent, waiting for their moment.

Areas of purchase

• 22 villas on Palm Jumeirah;

• 15 houses in Jumeirah Bay.

Sales leader

The most expensive deal in 2023 was the purchase of a 5-bedroom apartment covering 2039 m² for $136.2 million. The residence was acquired in the under-construction Como Residences project located on the trunk of Palm Jumeirah.

The ultra-luxury real estate sector – deals exceeding $25 million – is a relatively new phenomenon for Dubai. Before 2021, in any given year, a maximum of four homes priced at $25 million or more were sold. Quite a growth in two years, isn't it?

If you want to buy an elite villa or a luxurious penthouse and are ready to invest — call +971 (4) 450-2640 for a consultation.