Dubai ranks first in global luxury real estate market

Dubai, known for its opulent lifestyle and towering skyline, has surpassed all expectations in 2023 by cementing its position as a frontrunner in the global luxury real estate market. According to the latest market report issued by prominent real estate company Allsopp & Allsopp, Dubai achieved a staggering $850 million (Dhs3.1 billion) in total sales during the first half of the year. This impressive feat has outperformed the renowned real estate hubs of London, New York, and Paris for the very first time.

The high-end residential sector witnessed a remarkable 176 real estate deals, each valued at more than $10 million, from January to June 2023. Among these transactions was an eye-catching deal for a penthouse apartment in the Bulgari Lighthouse complex on Jumeirah Island, which was sold for an astounding $111.6 million (Dhs410 million).

Dubai's soaring popularity on the global stage has triggered a surge in off-plan sales, constituting approximately 50 percent of all real estate transactions during the first half of the year. This significant shift in focus towards Dubai reflects the growing international interest in the city's real estate market.

Notably, the rising demand for luxury properties has also driven up the average residential sales price in Dubai by an impressive 17 percent, surpassing even the gains in the general luxury market. Overall, the real estate market in Dubai witnessed a record-breaking surge in the first six months of 2023, with total sales reaching an astounding $48.46 billion (Dhs178 billion).

One of the key drivers behind this unprecedented growth has been the influx of new buyers which saw an increase of over 84 percent compared to the same period last year. Foreign investors have been particularly drawn to Dubai, initially lured by the luxurious lifestyle and later opting to invest in the city's lucrative real estate market. Additionally, the current financial situation and instability in several other markets, including Europe and the United States, have further bolstered investors' preference for Dubai as a safe haven for their investments.

As Dubai continues to shine on the world stage, its real estate market is expected to maintain its upward trajectory, attracting discerning buyers and investors from around the globe. With its impressive accomplishments in 2023, Dubai has firmly established itself as the premier destination for luxury real estate in the global arena.

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Dubai ranks first in global luxury real estate market

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