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DUBAI'S HIGH-END PROPERTY SALES RISE ON OVERSEAS DEMAND

By Reuters
April 16, 20247:35 AM GMT+2Updated 3 days ago
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Item 1 of 2 General view of Palm Jumeirah development, in Dubai, United Arab
Emirates, June 1, 2023. REUTERS/Abdelhadi Ramahi/File Photo
[1/2]General view of Palm Jumeirah development, in Dubai, United Arab Emirates,
June 1, 2023. REUTERS/Abdelhadi Ramahi/File Photo Purchase Licensing RightsNew
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DUBAI, April 16 (Reuters) - Sales of homes in Dubai worth $10 million or more
rose 6% in the first quarter versus last year, an industry report showed on
Tuesday, as demand from the international ultra-rich for homes in the emirate
showed little sign of abating.
A total of 105 homes worth an overall $1.73 billion were sold from January to
March, up from around $1.6 billion a year earlier, according to property
consultancy Knight Frank.
Advertisement · Scroll to continue

Activity was dominated by cash buyers, with palm tree-shaped artificial island
Palm Jumeirah the most sought-after area, accounting for 36.3% of sales by total
value, followed by Jumeirah Bay Island and Dubai Hills Estate.
Home to the world's tallest tower, the United Arab Emirates' Dubai is seeking to
grow its economy through tourism, building a local financial centre and by
attracting foreign capital, including into property.
Advertisement · Scroll to continue

The recent property boom has shown signs of fizzling out, however, with
developers, investors and brokers worrying whether a painful correction akin to
the slump that rocked the emirate in 2008 can be avoided.
Last year, Dubai ranked first globally for number of home sales above $10
million, selling nearly 80% more such properties than second-placed London,
according to Knight Frank. The city also bucked the trend of falling luxury
prices seen in cities like London and New York last year, posting double-digit
gains, Knight Frank said in February.

"The level of deal activity in Dubai continues to strengthen, particularly at
the top end of the market, where the near constant stream of international
high-net-worth-individuals vying for the city's most expensive homes persists,"
said Faisal Durrani, Knight Frank's head of research for Middle East and Africa.
Durrani told Reuters Dubai was aided by the relative affordability of its luxury
homes, where well-heeled buyers can purchase about 980 square feet of
residential space for $1 million, "about three or four times more than you would
get in most major global gateway cities".
Advertisement · Scroll to continue

The strong demand suggests many international investors are acquiring Dubai
property for second homes rather than "constant buying to flip", he said,
referring to the past practice of buying in order to sell to others quickly for
more money.

Get a look at the day ahead in U.S. and global markets with the Morning Bid U.S.
newsletter. Sign up here.

Reporting by Federico Maccioni Editing by Tommy Reggiori Wilkes and Mark Potter

Our Standards: The Thomson Reuters Trust Principles.New Tab, opens new tab

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