Dubai registers 88 home sales over $10 million in Q1 2023

Dubai recorded 88 home sales above $10m hit Dh6 billion during the first quarter, according to the latest analysis carried out by global property consultant Knight Frank.

Knight Frank’s analysis also shows that the city’s prime residential neighbourhoods of the Palm Jumeirah, Emirates Hills and Jumeirah Bay Island continue to dominate luxury home sales, with average transacted prices in these highly sought-after locations for US10 million homes reaching Dh8,800 per square foot during the first quarter. Other locations in the city are however also fast rising prime status too.

While Dubai’s prime neighbourhoods of the Palm Jumeirah, Jumeirah Bay Island and Emirates Hills accounted for 64 per cent of $10 million home sales during Q1, other areas are also growing in prominence and are likely to be classed as ‘prime’ if they continue to entrench themselves as high-end neighbourhoods, the Knight Frank study shows. The Al Wasl-Dubai Canal corridor is one such area, with branded residential sales contributing to its emergence as a hotspot for UHNWI who are focused on securing the most expensive homes in the emirate’s most desirable neighbourhoods.