In the third quarter, buyers invested $1.59 billion in Dubai's luxury real estate. According to Knight Frank LLP, the number of sales of homes valued at $10 million or more reached a record-breaking 277 in the first nine months of the year, totaling transactions worth $4.91 billion. This achievement confidently positions Dubai ahead of cities like New York and Hong Kong.
"Fascination with luxury homes in Dubai remains steadfast, with supply continuing to lag behind demand," noted Faisal Durrani, Head of Middle East Research at Knight Frank. "The extraordinary price growth in this third market cycle has led to an increase in prices for nine consecutive quarters."
Dubai's real estate sector is experiencing an upswing, thanks to government measures addressing the pandemic and its liberal visa policy, attracting an increasing number of foreign buyers. The luxury segment of the market, including villas on the waterfront on the city's artificial palm-shaped islands, benefits from an influx of wealthy investors, such as Russians looking to safeguard their assets, crypto-millionaires, and affluent Indians seeking a second home.
Nevertheless, Dubai has long been known for its sharp ups and downs in the real estate market, with one of the most dramatic downturns occurring in 2008 when a real estate crash, fueled by debt, pushed some of the largest developers to the brink of bankruptcy. This time around, developers are trying to hedge their bets more by demanding substantial upfront payments before commencing construction. However, affluent homebuyers are also taking on more significant risks by paying large sums in cash upfront.
If you are interested in the details and how we can help you, please leave contact information and our professional Agents will advise you for free.
We are also available in messengers:
ISIA is your guide in the world of real estate and investments. Our expert team offers a full range of services, including market analysis and finding favorable conditions for successful investments. We provide legal support and documentation, ensuring legal protection for your investments. With ISIA, you get not only access to exclusive offers and property management but also the opportunity to minimize risks and optimize tax obligations. With us, you'll create a diversified portfolio of investments for stability and profitability. ISIA is your partner in achieving financial success through real estate investments.
