Luxury real estate in Dubai: sales double in 2023

Dubai's appeal as a global hub for luxury and high standards of living is underlined by new data on growth in luxury property sales in the city. At the end of 2023, the number of transactions for the purchase of exclusive houses and apartments doubled compared to the previous year.

According to data recorded by Knight Frank, 56 deals worth $2.27 billion were concluded in 2023, which represents a significant increase compared to 2022, when only 28 deals worth $1.24 billion were recorded.

The most popular locations for purchasing luxury real estate were the Palm Island, where 22 houses were sold, and Jumeirah Bay, where 15 transactions were concluded. The most impressive agreement was the purchase of an apartment of more than 2,000 m² in the Como Residence complex on Palma for $136.2 million.

Analyzing the categories of buyers, it can be noted that the predominant part are wealthy foreigners, in particular those who are looking for ways to preserve their assets, crypto-millionaires investing their wealth and wealthy Indian citizens who are buying second homes.

Total property sales in Dubai for 2023 have also increased significantly. According to Betterhomes, it amounted to $56.6 billion, which is 80% more than in 2022. The number of home sales transactions also broke the 2009 record, reaching 86 thousand.

These impressive figures demonstrate that Dubai remains one of the most attractive regions for property investment, whether for personal residence or wealth preservation and growth.

Luxurious living in an exotic environment and a high level of service make Dubai very attractive to investors from all over the world.