Dubai has rocketed to the top of the global luxury real estate market, surpassing famous cities like London, New York, and Paris in 2023.
The bustling Emirate has raked in an impressive $850 million from the sale of high-end residences priced at $10 million and above in the first half of the year, according to the latest report.
Within these six months, 176 properties exceeding $10 million were sold. One of the most eye-catching transactions was a penthouse in the Bulgari Lighthouse residence on Jumeirah Bay Island, fetching $111.6 million.
Dubai’s growing prominence in the global scene has sparked a rise in off-plan sales, accounting for about half of all property sales in the first half of 2023, as per the Allsopp & Allsopp H1 2023 market report.
This heightened interest has also driven up property prices across Dubai, with an average growth rate of 17 percent. However, the luxury sector has witnessed even more significant hikes, says the report.
Allsopp & Allsopp could not predict the sale of a penthouse for $111.6 million as Dubai emerged as the top luxury real estate market worldwide, Lewis Allsopp, CEO of Allsopp & Allsopp stated, as quoted by Arabian Business.
“We had about four potential buyers bidding for each listed property, pushing the average sales price to roughly $981,000 – a nearly 10 percent increase over the past six months,” Allsopp said.
The first half of 2023 was a record-setting period for Dubai’s property market, achieving sales of $48.46 billion, a stunning 55.4 percent rise from H1 2022, according to the report.
The number of new buyer registrations surged by more than 84 percent compared to the same period last year, the agency reported.