Dubai’s luxury residential market continued its hot streak, with 176 homes worth at least $10 million changing hands in the first half of this year, according to property consultancy Knight Frank.
“Dubai’s luxury homes market continues to attract the attention of the world’s wealthy, with global high-net-worth-individuals remaining laser focused on acquiring second homes in the emirate,” said Faisal Durrani, Knight Frank’s head of Middle East research.
The city emerged as the world’s busiest market for properties worth over $10 million during the first quarter, surpassing Hong Kong and New York. Demand has stayed resilient in the segment, with transactions worth $3.1 billion recorded in the first half.
With average prices hovering around 6,900 dirhams ($1879) per square foot, the emirate’s luxury offering is still “relatively affordable,” Knight Frank said.
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