Chapter Twenty-Six DUBAI’S PROPERTY MARKETS SETS A NEW RECORD

Dubai’s property markets sets a new record for $10m+ home sales – crosses 54 transactions

The UAE’s decisive and rapid response to the pandemic has caught the attention of the world’s wealthy who continue to flock to Dubai, snapping up the most expensive homes in locations such as the Palm Jumeirah and Jumeirah Bay. This has played a large part in driving up villa values, according to Knight Frank.

Villa prices in Dubai are provisionally up by 5 per cent in Q3 and nearly 17 per cent higher than they were at this time last year.

“Indeed, the number of $10m plus homes sold currently stands at 54, smashing the previous record of 31, set back in 2015 – and there’s still three months left to run this year,” said said Durrani. “Unsurprisingly, the Palm Jumeirah and Emirates Hills account for almost 75 per cent of super prime home sales in the city, but we are witnessing new Dubai submarkets such as Business Bay join the exclusive list of $ 10m plus locations.”

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