Over the first three months, cash-ready purchasers from the UAE and outside purchased slightly over 30 $10 million properties in Dubai, setting the stage for another record year for ‘super-prime’ residential sales in the city. There were 93 of these $10 million and over sales in 2021.
“The total number of $10 million properties sold in 2021 was higher than the total number of $10 million residences sold in Dubai from 2015 to 20,” said Faisal Durrani, Head of Middle East Research at Knight Frank, a UK consultancy. “Based on the year-to-date sales of these super-prime residences, 2022 sales will be equivalent to or near to 2021 sales.” This implies that demand for luxury houses in Dubai from the world’s ultra-wealthy continues to rise.
Prices for villas in Dubai increased by 20.2 percent in the year ending March 2022. Property prices have risen by 58.9% (excluding plot sales) in just three locations: the Palm, Emirates Hills, and Jumeira Bay, with average transactions showing buyers spending Dh2,700 per square foot.