Got a $10 million home to sell in Dubai? Consider it sold. That's what 2023 seemed like. Image Credit: Shutterstock

Dubai: The rich investor sure was active in Dubai’s property market during 2023 as sales of $10 million homes shot up by over 92 per cent for a grand total of 431. The year saw multiple records being set or broken when it came to these price tags, and the trend is all set to continue in 2024.

“Dubai has doubled down on its position as the world’s most active $10 million plus homes market,” said Faisal Durrani, Partner – Head of Research for MENA at the property consultancy Knight Frank.

The value of $10 million plus homes sold during the final three months of 2023 was up 28 per cent year-on-year.

“The depth of demand from international buyers for Dubai’s most luxurious homes is also reflected in the fact that city-wide listings above $10 million fell by 8.9 per cent last year,” said Durrani. Developers are still scrambling to respond to the emirate’s meteoric rise as one of, if not the most sought-after luxury-second home markets in the world."

During the first nine months of 2023, Dubai had already sold more than twice as many homes priced over $10 million than its nearest competitor – New York, which recorded 159 deals, against 323 in Dubai.

Dubai has doubled down on its position as the world’s most active US$10 million plus homes market

- Faisal Durrani of Knight Frank

Build more multi-million dollar homes 

Scrambling, they are. In the second-half of 2023 developers rushed in with projects – high-rises and communities alike – that would likely meet the need of a discerning buyer, and willing to put up some serious cash to fund that need.

“Indeed, the voracity of international ultra-high-net-worth demand has also super-charged the $25 million plus (property) market,” said Durrani. “The number of homes trading at this uber-swanky end of the market doubled in 2023 to 56 deals worth $2.3 billion”.

Palm and Jumeirah Bay

Palm Jumeirah remains the top choice for buyers when it buys of $10 million, with Jumeira Bay Island in second spot. This was despite Palm Jumeirah having '9.5 per cent less homes for sale last year than in 2022, reflecting the buy-to-stay and buy-to-hold attitude of the bulk of purchasers', said Will McKintosh, Regional Partner and Head of Residential, MENA.

"The island’s location at the heart of New Dubai and recently achieved prestigious 'Blue Flag' status only adds to its appeal amongst the world’s elite looking for instant access to the ‘Dubai life’ ”.