In Q1 2023, 88 luxury properties worth more than AED 36.73 million (USD 10 million) were sold in Dubai. Total sales exceeded AED 6 billion (USD 1.63 billion). In comparison, there were 67 luxury homes sold in Hong Kong and 58 in New York over the same period. The overall number of super-premium properties sold worldwide is 417.
Due to the large foreign investment inflows, the Dubai real estate market has grown remarkably over the past five years and now accounts for about 17% of the total luxury real estate sales worldwide, up by 15% since 2019. London is next in line at 14%.
Experts have pointed out that the sales growth in Dubai is far ahead of the corresponding figures in comparable markets and is contributing to the increase in the price of luxury housing worldwide.
