Dubai sales of $25 million homes double as global elite move in

January 15, 2024

BloombergSales of homes worth $25 million or more doubled in Dubai last year after some of the world’s wealthiest people snapped up homes in the Middle East’s business and tourism hub, according to property consultant Knight Frank LLP.A total of 56 ultra-luxury homes worth $2.27 billion were sold in the city in 2023, up from 28 properties worth $1.24 billion a year earlier. Most of those properties, 22, were on Dubai’s man-made palm-shaped Palm Jumeirah island and 15 were on the seahorse-shaped Jumeirah Bay island.Demand for Dubai property is booming as the government’s handling of the pandemic and its liberal visa policies attract more foreigners. The 21,949 square-foot (2,039 square-meter) apartment was sold for $136.2 million, according to Knight Frank.The ultra-luxury sector is a relatively new phenomenon in Dubai. Before 2021, a maximum of four homes worth $25 million or more were sold in any given year. Developers are now expanding their portfolio, but the availability of supply in the most desirable locations could become more constrained, Durrani said.