The Palm Jumeirah continued to dominate sales in the luxury segment in the first six months of 2023. Antonie Robertson / The National
The Palm Jumeirah continued to dominate sales in the luxury segment in the first six months of 2023. Antonie Robertson / The National
The Palm Jumeirah continued to dominate sales in the luxury segment in the first six months of 2023. Antonie Robertson / The National
The Palm Jumeirah continued to dominate sales in the luxury segment in the first six months of 2023. Antonie Robertson / The National

Dubai is world's top market for $10m homes as sales hit $3.1bn in first half of year


Fareed Rahman
  • English
  • Arabic

Dubai’s luxury home sales, with a value of more than $10 million, crossed the $3.1 billion mark in the first half of 2023 amid higher demand for prime property in the emirate.

The total number of homes sold during the six-month period from January to June stood at 176, according to global property consultancy Knight Frank.

The rising volume of luxury home sales has helped to drive apartment and villa prices across the Emirate to 15 per cent and 46 per cent, respectively, during the period.

In the first six months, “the city has already achieved 79 per cent of the total number of $10 million homes sold in 2022”, said Faisal Durrani, partner and head of Middle East Research at Knight Frank.

“In addition, with average transacted prices continuing to hover at around Dh6,900 per square foot or about $1,800 per square foot, the emirate continues to offer relatively affordable access to luxury living.”

With 92 deals, Dubai also emerged as the busiest $10 million-plus market in the world during the first quarter of 2023, edging past Hong Kong (67) and New York (58), he said.

Demand for luxury property continues to rise in the UAE and Dubai has been ranked as the world’s fourth-most active market in the luxury residential segment, Knight Frank said in a report earlier this year.

Last year, the emirate recorded the sale of 219 homes priced above $10 million, with the total value of the transactions reaching $3.8 billion.

That ranked Dubai behind New York (244 sales), Los Angeles (225 sales) and London (223 sales).

Global high-net-worth individuals (HNWIs) plan to spend $2.5 billion on Dubai property this year, Knight Frank in another report.

The city's prime districts, including The Palm Jumeirah, Emirates Hills and Jumeirah Bay Island, continue to dominate sales, accounting for 63 per cent of all $10 million-plus home sales in the second quarter, the latest report said.

The average sales price during the second quarter stood at $16.5 million for homes in the category.

“The demand for luxury properties in the resale market, offering immediate occupancy, remains robust, driven by the discerning preferences of Dubai residents seeking both utility and a sense of presence within the city,” said Andrew Cummings, partner and head of prime residential at Knight Frank.

“Our flagship report, Destination Dubai report substantiates this claim, revealing that an impressive 66 per cent of buyers intend to personally utilise the properties, further attesting to the significance of this trend.”

There is also a “notable surge in interest for opulent branded residences”, in the off-plan segment, Mr Cummings said.

Luxury homes are being sold for record prices in Dubai as demand continues to pick up for plush property in the emirate.

A Versailles-like mansion is being sold for Dh750 million ($204 million) in Emirates Hills, according to Luxhabitat Sotheby’s International Realty.

The property has more than 70,000 square feet of land space, with an additional 60,000 square feet of built-up space that includes a coral reef aquarium, two domes and 160 marble columns.

In May, a luxury mansion at Lanai Islands, in the Tilal Al Ghaf project, was sold for Dh200 million.

'Unrivaled: Why America Will Remain the World’s Sole Superpower'
Michael Beckley, Cornell Press

The burning issue

The internal combustion engine is facing a watershed moment – major manufacturer Volvo is to stop producing petroleum-powered vehicles by 2021 and countries in Europe, including the UK, have vowed to ban their sale before 2040. The National takes a look at the story of one of the most successful technologies of the last 100 years and how it has impacted life in the UAE. 

Read part four: an affection for classic cars lives on

Read part three: the age of the electric vehicle begins

Read part two: how climate change drove the race for an alternative 

GOLF’S RAHMBO

- 5 wins in 22 months as pro
- Three wins in past 10 starts
- 45 pro starts worldwide: 5 wins, 17 top 5s
- Ranked 551th in world on debut, now No 4 (was No 2 earlier this year)
- 5th player in last 30 years to win 3 European Tour and 2 PGA Tour titles before age 24 (Woods, Garcia, McIlroy, Spieth)

The Brutalist

Director: Brady Corbet

Stars: Adrien Brody, Felicity Jones, Guy Pearce, Joe Alwyn

Rating: 3.5/5

UAE currency: the story behind the money in your pockets
Scoreline

Syria 1-1 Australia

Syria Al Somah 85'

Australia Kruse 40'

The specs

Engine: 2.0-litre 4cyl turbo

Power: 261hp at 5,500rpm

Torque: 405Nm at 1,750-3,500rpm

Transmission: 9-speed auto

Fuel consumption: 6.9L/100km

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Infiniti QX80 specs

Engine: twin-turbocharged 3.5-liter V6

Power: 450hp

Torque: 700Nm

Price: From Dh450,000, Autograph model from Dh510,000

Available: Now

THE DETAILS

Solo: A Star Wars Story

Dir: Ron Howard

Starring: Alden Ehrenreich, Emilia Clarke, Woody Harrelson

3/5

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Bugatti Chiron Super Sport - the specs:

Engine: 8.0-litre quad-turbo W16 

Transmission: 7-speed DSG auto 

Power: 1,600hp

Torque: 1,600Nm

0-100kph in 2.4seconds

0-200kph in 5.8 seconds

0-300kph in 12.1 seconds

Top speed: 440kph

Price: Dh13,200,000

Bugatti Chiron Pur Sport - the specs:

Engine: 8.0-litre quad-turbo W16 

Transmission: 7-speed DSG auto 

Power: 1,500hp

Torque: 1,600Nm

0-100kph in 2.3 seconds

0-200kph in 5.5 seconds

0-300kph in 11.8 seconds

Top speed: 350kph

Price: Dh13,600,000

RESULT

Fifth ODI, at Headingley

England 351/9
Pakistan 297
England win by 54 runs (win series 4-0)

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Lexus LX700h specs

Engine: 3.4-litre twin-turbo V6 plus supplementary electric motor

Power: 464hp at 5,200rpm

Torque: 790Nm from 2,000-3,600rpm

Transmission: 10-speed auto

Fuel consumption: 11.7L/100km

On sale: Now

Price: From Dh590,000

Our legal columnist

Name: Yousef Al Bahar

Advocate at Al Bahar & Associate Advocates and Legal Consultants, established in 1994

Education: Mr Al Bahar was born in 1979 and graduated in 2008 from the Judicial Institute. He took after his father, who was one of the first Emirati lawyers

Citadel: Honey Bunny first episode

Directors: Raj & DK

Stars: Varun Dhawan, Samantha Ruth Prabhu, Kashvi Majmundar, Kay Kay Menon

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The 12 breakaway clubs

England

Arsenal, Chelsea, Liverpool, Manchester City, Manchester United, Tottenham Hotspur

Italy
AC Milan, Inter Milan, Juventus

Spain
Atletico Madrid, Barcelona, Real Madrid

TOUCH RULES

Touch is derived from rugby league. Teams consist of up to 14 players with a maximum of six on the field at any time.

Teams can make as many substitutions as they want during the 40 minute matches.

Similar to rugby league, the attacking team has six attempts - or touches - before possession changes over.

A touch is any contact between the player with the ball and a defender, and must be with minimum force.

After a touch the player performs a “roll-ball” - similar to the play-the-ball in league - stepping over or rolling the ball between the feet.

At the roll-ball, the defenders have to retreat a minimum of five metres.

A touchdown is scored when an attacking player places the ball on or over the score-line.

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AGL AWARDS

Golden Ball - best Emirati player: Khalfan Mubarak (Al Jazira)
Golden Ball - best foreign player: Igor Coronado (Sharjah)
Golden Glove - best goalkeeper: Adel Al Hosani (Sharjah)
Best Coach - the leader: Abdulaziz Al Anbari (Sharjah)
Fans' Player of the Year: Driss Fetouhi (Dibba)
Golden Boy - best young player: Ali Saleh (Al Wasl)
Best Fans of the Year: Sharjah
Goal of the Year: Michael Ortega (Baniyas)

FROM%20THE%20ASHES
%3Cp%3EDirector%3A%20Khalid%20Fahad%3C%2Fp%3E%0A%3Cp%3EStarring%3A%20Shaima%20Al%20Tayeb%2C%20Wafa%20Muhamad%2C%20Hamss%20Bandar%3C%2Fp%3E%0A%3Cp%3ERating%3A%203%2F5%3C%2Fp%3E%0A
THE 12 BREAKAWAY CLUBS

England

Arsenal, Chelsea, Liverpool, Manchester City, Manchester United, Tottenham Hotspur

Italy
AC Milan, Inter Milan, Juventus

Spain
Atletico Madrid, Barcelona, Real Madrid

ALRAWABI%20SCHOOL%20FOR%20GIRLS
%3Cp%3ECreator%3A%20Tima%20Shomali%3C%2Fp%3E%0A%3Cp%3EStarring%3A%C2%A0Tara%20Abboud%2C%C2%A0Kira%20Yaghnam%2C%20Tara%20Atalla%3C%2Fp%3E%0A%3Cp%3ERating%3A%204%2F5%3C%2Fp%3E%0A
UPI facts

More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions

Updated: July 06, 2023, 10:11 AM