In October, the luxury real estate market in Dubai saw a notable increase in demand, with Palm Jumeirah leading the way in terms of transaction volume, closely followed by MBR City and Palm Jebel Ali.
A report by Betterhomes shows that the luxury real estate market has experienced a remarkable upswing over the past three years, making Dubai the world’s leading luxury real estate market. The city’s appeal to wealthy individuals from all over the world is attributed to effective COVID-19 crisis management, visionary developments and a constant demand for luxury real estate. Despite recent price inflation, prime real estate in Dubai remains significantly more affordable than in major global cities such as London, New York and Hong Kong. Louis Harding, Managing Director at PRIME by Betterhomes, highlights the city’s compelling investment landscape, particularly with regard to ongoing developments such as the Dubai 2040 Urban Masterplan. Dubai’s luxury real estate market peaked in October 2023, when an unprecedented number of secondary market transactions for luxury properties were recorded. Secondary sales almost tripled compared to the previous month, while off-plan luxury sales remained consistently strong, indicating continued market interest.Source: Arabian Business
