Dubai has emerged as the leading market for luxury real estate sales in the first quarter of 2023. The city has witnessed record sales week by week with the rents continuing to skyrocket as the upward trend continues.

The sector growth has been attributed to increasing sales of luxury units and an influx of high net-worth individuals to the city, according to real estate agency, Unique Properties.

According to a recent report by Knight Frank, 176 homes worth over AED36.73 million was sold in the first half of the year. This led to an annual rate price increase through all residential properties in the city.

 

The record-breaking sales were registered as the highest ahead of global cities including Hong Kong and New York. Palm Jumeirah, Emirates Hills and Jumeirah Bay Island were recognised as the key contributing areas to the high performance.

Strong demand boosts Dubai’s real estate

Arash Jalili, Founder, and Chief Executive Officer of Unique Properties, said: “Dubai has continued to be an increasingly trending destination to live in, especially for the world’s wealthiest who are entering the market with the aim of looking for greener pastures wherever they are in the world.

“Strong investment opportunities coinciding with a profitable career and a comfortable lifestyle are among the key reasons driving this strong demand and increase in total sales for the city by allowing new expats and residents to be content with their investment despite the increase in prices.”