Prices for luxury housing in Dubai increased by 27% in Q1 2023

The average price of ultra-luxury homes in Dubai increased by more than 27% in Q1 2023 compared to the previous quarter, as demand for luxury real estate in the emirate continued to grow amid a broader economic recovery.

The average price of luxury real estate in the emirate increased to 25.2 million AED ($6.86 million), and the total volume of transactions in this segment over a three-month period reached 14.7 billion AED ($4 billion), according to the Dubai Land Department.

The average price per square meter of luxury real estate increased by 21% to 36,428 AED ($9,919).

Jumeirah Bay recorded the highest quarterly sales growth by an impressive 220% to 2.05 billion AED ($560 million), followed by Al Barari with sales growth of about 168% to 926 million AED ($252 million) and Downtown Dubai with sales growth of 49% to 3.4 billion AED ($930 million).