Dubai: Home sales worth $10 million have reached a new record as the luxury real estate segment is growing rapidly

Sales of properties worth $10 million or more reached a record high in Dubai in 2021. According to Knight Frank, 93 luxury homes were sold in 2021, which is more than in the last five years combined.

In fact, according to the data, 2021 accounted for 39% of all $10 million real estate sales in Dubai since 2010.

In general, more than 52,000 transactions with apartments and villas totaling 114.2 billion dirhams were registered in the Dubai residential real estate market in 2021, which is more than in 2019 and 2020. Spacious houses are still in high demand, and this is reflected in the number of transactions with villas. In the fourth quarter, a 29% quarterly increase in the number of villas sold was registered on the market.

According to Knight Frank research, since the beginning of the pandemic, villa prices have jumped by almost 22%, while the cost of apartments has not increased so much over the same period.