Sales of homes with a price tag of $10 million or more climbed 19% in Dubai during the first quarter as the world’s ultra-wealthy continue to flock to the Middle East’s business and tourism hub despite mounting geopolitical tension across the region.
A total of 105 luxury homes were sold for $1.73 billion in the first three months of this year, according to property consultant Knight Frank LLP. Sales on Palm Jumeirah, the iconic tree-shaped artificial island off the coast of Dubai, accounted for 36.3% of the activity in the quarter.
“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,” Faisal Durrani, a partner at Knight Frank, said in a statement.
In the aftermath of the pandemic, Dubai faced an exodus of expatriates and mounting competition from neighboring business hubs and, in response, the government opened up and officials made it easier to receive the country’s famed ‘golden’ visas. That — along with an influx of investors such as Russians seeking to shield their assets, crypto millionaires and rich Indians setting up second homes — has driven a surge in demand for Dubai property.
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