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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.
Stock markets in the United Arab Emirates closed flat on Friday ahead of crucial U.S. employment data that could influence the Federal Reserve's stance on interest rate hikes.
In Dubai, the main share index (.DFMGI) closed flat, after initially trading up. Dubai's biggest lender Emirates NBD (ENBD.DU) dropped more than 1%, while blue-chip real estate developer Emaar Properties (EMAR.DU) was up 1.3%.
The benchmark index posted a 4.5% weekly gain.
Abu Dhabi's index (.FTFADGI) also traded flat, with First Abu Dhabi Bank (FAB.AD), the country's largest lender, easing 0.3%, while Emirates Telecommunications Group (EAND.AD) was down 0.5%.
Dubai's Roads and Transport Authority (RTA) has selected Rothschild & Co (ROTH.PA) to advise on the strategic review of its assets, two sources close to the matter said on Thursday.
The transport regulator is considering an initial public offering of Dubai Taxi Corp and its public parking business, said the sources, who declined to be named as the matter is not public.
The RTA and Rothschild & Co did not respond immediately to a request for comment.
The authority is expected to appoint Emirates NBD for the potential IPOs, two sources with knowledge of the matter said.
Emirates NBD did not immediately respond to a request for comment.
The RTA last year raised $1 billion and drew orders of $50 billion for a 24.9% stake in a public share sale of its toll-road business Salik (SALIK.DU).
