Dubai cemented its status as the world’s busiest market for luxury homes with buyers pouring $1.59 billion into high end properties during the third quarter, according to Knight Frank LLP.
The number of sales for homes worth $10 million or more reached a record 277 in the first nine months of the year with $4.91 billion of transactions, putting the emirate firmly ahead of cities such as New York and Hong Kong, the property consultant said.
“Demand for luxury homes in Dubai remains resilient and supply continues to stubbornly lag demand,” said Faisal Durrani, head of Middle East research at Knight Frank. “The extraordinary run of price rises in this third market cycle has seen prices escalating for nine-consecutive quarters.”
Dubai’s property sector is booming as the government’s handling of the pandemic and its liberal visa policies attract more foreign buyers. The luxury end of the market — including waterfront villas on the city’s man-made palm-shaped islands — is benefitting from an influx of wealthy investors such as Russians seeking to shield their assets, crypto millionaires and rich Indians seeking second homes.
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