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Dubai: $10m-plus luxury properties in strong demand – News

Dubai: $10m-plus luxury properties in strong demand – News

Dubai has over 42,000 million-dollar homes, second only to London. Luxury property in Dubai is seeing a sharp rebound as high-end properties priced above $10 million are seeing strong demand, recording the highest sale boom since 2015. Global property consultants Knight Frank said sales of homes with a value of $10 million-plus have

Dubai has over 42,000 million-dollar homes, second only to London.

Luxury property in Dubai is seeing a sharp rebound as high-end properties priced above $10 million are seeing strong demand, recording the highest sale boom since 2015.

Global property consultants Knight Frank said sales of homes with a value of $10 million-plus have already surpassed last year’s figures, reaching 22 homes between January and May 2021, as compared to 19 last year worth Dh2.8 billion, with most of the transactions taking place on the Palm Jumeirah.

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“Even if we step back to the period before the pandemic, the number of home sales in this price bracket so far this year is at the highest level since 2015. Home buyers are clearly oozing with confidence when it comes to the emirate’s uber luxury homes market,” said Faisal Durrani, head of Middle East Research at Knight Frank.

Reflecting increased activity in the real estate sector, the latest data released by Property Finder showed Dubai real estate market recording the highest total sales transaction value in May 2021 in the last four years, reaching over Dh11.11 billion.

Knight Frank attributed the spike in sales to the decisive way in which the emirate responded to the pandemic, the world leading vaccine roll-out programme in the UAE and the fact that Dubai was one of the first cities in the world to begin a path to normalisation following the wave of global lockdowns.

“Investor sentiment has clearly been influenced by the way in which Dubai managed the impact of the pandemic. The world’s wealthy have their eyes firmly set on the city, where a million dollars gets you five times more residential real estate than London, New York, or Singapore — which means accessing a luxury lifestyle is relatively more affordable,” said Durrani.

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Durrani said the rebounding of Dubai’s super prime market echoes a wider global trend, signalling the start perhaps of a ‘Roaring Twenties’ for global real estate. “With over 42,000 million-dollar homes, Dubai is second only to London, where luxury home sales have also rebounded.”

Maria Morris, partner and head of residential at Knight Frank Middle East, said the surge in interest at the current time reinforces its appeal with those looking for well-designed, luxury homes with a beachfront location.

“The overriding sentiment in the prime sector is certainly one of positivity, with global buyers continuing to see the appeal of Dubai for real estate investment. We have witnessed high levels of transactional activity recently in the prime marketplace, with the appeal of Palm Jumeirah, as an example, still more popular than ever,” he said.

waheedabbas@khaleejtimes.com

Waheed Abbas

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