Despite the global economic downturn, Dubai continued to lead the luxury real estate market, with sales rising by 51% in the third quarter of 2023.
A recent report by real estate consulting firm “Knight Frank” states that in the third quarter of this year, 89 properties in Dubai were sold for more than $10 million, up from 58 properties in the same quarter last year.
Although sales of luxury homes have decreased in many other markets due to the global economic downturn, sales of these homes have increased in Dubai.
Reasons contribute to the rise in the sales of luxury homes in Dubai, such as:
— Dubai’s economic recovery: The city has experienced strong economic growth in recent years, which has resulted in a high demand for luxury real estate.
— Political and economic stability in Dubai: Dubai has excellent political and economic stability, making it an appealing destination for foreign investors.
— Moderate climate in Dubai: Dubai has a temperate climate all year round, which makes it a desirable place to live and work.
Dubai is a highly sought-after location for luxury real estate investors, as it is widely recognised as a top global tourist and business destination.
Due to its numerous benefits that draw in buyers and investors from around the globe, Dubai is predicted to maintain its position as the leader in the world market for luxury homes in the coming years.