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75 percent of super prime home sales in the city took place on the Palm Jumeirah and in Emirates Hills.
UAE residential market continues its strong recovery as 54 properties worth USD 10 million plus have been sold in Dubai in the third quarter of 2021, according to the latest data.
The international property consultancy Knight Frank reported, that residential property values in UAE's two largest cities, Dubai and Abu Dhabi, had expanded at their fastest pace since 2015.
According to provisional data released on Wednesday, villa prices in Dubai jumped by 16.5 percent year-on-year during the period from July to September 2021, while in Abu Dhabi residential values increased by 2 percent.
Faisal Durrani, partner and head of Middle East Research at Knight Frank, said the real estate market is roaring back to life.
'The emerging euphoria around the fact that UAE has the pandemic so well and truly under control, coupled with the excitement around the much-anticipated World Expo are adding to the confidence that is taking hold in the residential market,' Durrani said.
Not to be understated, but UAE's decisive, rapid and world leading response to the pandemic has attracted the attention of the world's wealthiest people who continue to snap up the most expensive homes in the areas like Palm Jumeirah and Jumeirah Bay. This fact played an important part in driving up villa values, says Knight Frank.
Durrani said villa prices in Dubai were provisionally up by 5 percent in the third quarter and almost 17 percent higher than in the same period last year.
'Indeed, the number of $10 million plus homes sold currently stands at 54, smashing the previous record of 31, set back in 2015, and there's still three months left to run this year,' noted.
Predictably, 75 percent of super prime home sales in the city took place on the Palm Jumeirah and in Emirates Hills. But at the moment new Dubai submarkets are emerging to join the exclusive list of USD 10 million plus locations, for example, Business Bay.
