Last year, 93 residences with a price tag of $10 million or more were sold in Dubai, setting a new record.
Dubai’s residential market saw over 52,000 apartment and villa purchases in 2021, totaling Dh114.2 billion, which is greater than the combined totals for 2019 and 2020.
“The worldwide elite continue to have an insatiable taste for Dubai’s most luxury properties,” said Faisal Durrani, Partner – Head of Middle East Research at Knight Frank. “This has drove $10 million home sales to an all-time high of 93 in 2021, more than the previous five years combined.”
In fact, since 2010, 2021 has accounted for 39% of all $10 million property purchases in Dubai. This demonstrates the incredible strength of demand at the top of the market. And UHNWIs from India, Russia, and Europe, including buyers from Switzerland and Monaco, continue to stream into the city’s luxury residential market, he noted.
As a result, housing prices in four prominent regions – Emirates Hills, Jumeirah Bay Island, and the Palm Jumeirah – increased by 44.4 percent in the year ending September 2021.
The scenario is considerably different in the more mainstream market, particularly when it comes to apartments, according to Knight Frank’s data. As working habits change as a result of the pandemic, the race for space intensifies.
Larger homes continue to be in high demand, as evidenced by the fact that villa purchases are on the rise. Indeed, the market saw a quarterly gain of 29% in the number of villas sold in Q4.
According to Knight Frank’s research, villa prices have increased by nearly 22% since the beginning of the pandemic, while apartment prices have not increased at the same rate.
source: Khaleej Times