The number of luxury properties sold in the emirate in 2021 is more than in the whole of 2020.
22 luxury properties worth USD 770 million have already been sold in Dubai in 2021, while only 19 similar properties were sold in the whole of 2020.
According to the real estate company Knight Frank, the trend towards buying homes worth USD 10 million or more in Dubai could be a sign of the start of a new golden age for global residential real estate market. The company also adds, that the number of luxury properties sold in the emirate this year is now the highest since 2015.
Knight Frank attributes the rise in sales to the emirate's quick response to the pandemic, which made it one of the first cities in the world to create a path to recovering following the global lockdowns.
Faisal Durrani, Head of Middle East Research at Knight Frank, said, 'The uber luxury end of the market is a terrific barometer for general market sentiment. And in Dubai, we appear to be in the midst of a spectacular post-COVID rebound in luxury home sales. 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.'
Apart from the emirate’s response to the pandemic, the growing interest in Dubai luxury real-estate is attributed to the fact that USD 1 million there buys five times more real estate than in other global cities such as London, New York and Singapore, which makes a luxury lifestyle there more affordable.
Most part of high-end property transactions have taken place on the Palm Jumeirah, where the most expensive unit – a villa worth USD 30.3 million – has been sold this year.
The rebounding of Dubai's super prime market echoes a wider global trend. With over 42,000 million-dollar homes, Dubai is second only to London, where luxury home sales have also rebounded.