There has been a rising demand for luxury properties in Dubai. The April 2022 report by Knight Frank titled – ‘Dubai Ultra-Prime home sales hit new record’ reveals that the demand for over USD 10 million properties reached 93 which was higher than the combined sales between 2016 to 2020. The year 2021 accounted for 39% of all US$ 10 million in home sales in Dubai which was the highest figure since 2010. The year 2022 also started on a very positive note with an exponential rise in the sales of over USD 10 million properties. The first quarter of the current year (Q1, 2022) witnessed sales of 30 properties over USD 10 million. The trend continued in the second quarter of the current year (Q2, 2022) as well.
This whitepaper sheds light on the top 5 factors for the rising demand for luxury properties in Dubai.