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In terms of the luxury real estate market, Dubai is catching up with New York and Los Angeles.
After New York, Los Angeles and London, Dubai today has the busiest luxury real estate market in the world. This is caused by the influx of wealthy investors seeking refuge from global geopolitical and economic unrest.
According to Knight Frank consulting company, 219 properties worth US 10 million or more were sold in Dubai in 2022. For comparison, 223 transactions were registered in London during the same period, 225 in Los Angeles, and 244 transactions with objects with a price of US 10 million or more in New York. Including in Dubai, 26 real estate transactions worth US 25 million or more were carried out. According to this indicator, Dubai ranked 7th among the cities of the world.
Due to the competent response of the government to the coronavirus pandemic and the liberal visa amendments introduced by it, the demand for real estate in Dubai is growing rapidly. The influx of wealthy investors pushes up prices in the emirate's luxury real estate market, primarily in such fashionable areas as Palm Jumeirah and other man-made islands.
