In the first 9 months of the year, Dubai continued to lead the world when it sold 277 houses priced at 10 million USD or more.
A report released on October 4 by real estate consultancy Knight Frank showed that in the first 9 months of the year, the number of houses priced at 10 million USD or more traded in Dubai was 277.
This is a new record for Dubai, helping them consolidate their position as the world's busiest luxury real estate market, ranking above New York, Hong Kong and London. The total value of these properties sold is about 5 billion USD.
In the third quarter alone, sales of homes priced at $10 million or more were $1.6 billion, up from $1.13 billion in the same period last year.
Dubai is actively attracting human resources and capital to drive long-term growth. They are building economic pillars such as real estate investment, tourism and foreign investment.
Dubai’s property market has boomed this year, fueled by demand from Russians following the conflict in Ukraine and Dubai’s loosening of residency rules, with the emirate recording transactions worth 177 billion dirhams ($48 billion) in the first half of the year alone.
The influx of new buyers has helped end a seven-year slump in the city’s property market. Dubai topped the world for home sales worth $10 million or more in the second quarter, according to real estate consultancy Knight Frank.
"Demand for luxury homes in Dubai remains strong, but supply has not been able to keep up," said Faisal Durrani, head of research for the Middle East and Africa at Knight Frank.
Danube Properties has launched five projects this year, with a total of 10 projects launched in the past 19 months. Meanwhile, Samana Developers expects to launch 12 projects by the end of the year. 2023 is expected to surpass 2009 as Dubai’s highest year for real estate sales to date.
Ha Thu (according to Reuters)
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