According to a new whitepaper produced by global property consultancy Knight Frank, sales of ultra-prime residences in Dubai that cost more than $10 million have reached record levels.
Dubai’s residential market saw over 52,000 apartment and villa purchases in 2021, totaling Dh114.2 billion, which is greater than the combined totals for 2019 and 2020.
“The international elite continue to have an insatiable appetite for Dubai’s most luxurious homes, and this has driven $10 million home sales to an all-time record high of 93 in 2021, more than the last 5 years combined,” said Faisal Durrani, Partner – Head of Middle East Research at Knight Frank.
“In fact, 2021 accounts for 39 per cent of all $10 million home sales in Dubai since 2010. This underscores the phenomenal depth of demand at the top end of the market. And these UHNWI continue to pour into the city’s luxury residential market from locations such as India, Russia and Europe, including buyers from Switzerland and Monaco,” he added.
As a result, housing prices in four prominent regions – Emirates Hills, Jumeirah Bay Island, and the Palm Jumeirah – increased by 44.4 percent in the year ending September 2021.
The scenario is considerably different in the more mainstream market, particularly when it comes to apartments, according to Knight Frank’s data. As working habits change as a result of the pandemic, the race for space intensifies.
Larger homes continue to be in high demand, as evidenced by the fact that villa purchases are on the rise. Indeed, the market saw a quarterly increase of 29% in the number of villas sold in Q4.
According to Knight Frank’s analysis, villa prices have increased by roughly 22% since the beginning of the epidemic, whereas apartment prices have not increased at the same rate.
Source: Khaleej Times
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