Dubai luxury home sales robust in H1 ’24

Dubai’s luxury home market remained robust with 190 homes worth $3.2 billion sold in the first half of the year, compared to 189 homes for $3.3 billion in 2023, according to property consultancy, Knight Frank. Despite a 65.5 per cent drop in available listings, demand from the ultra-rich sustained sales.

Knight Frank’s Faisal Durrani highlighted the Buy-to-Hold trend, indicating that high-net-worth individuals purchase homes for personal use rather than resale.

Dubai, known for its iconic skyline and attractions, continues to draw international interest. Last year, it welcomed 17.15 million visitors and ranked first globally in sales of homes worth over $10 million, surpassing London.

Palm Jumeirah was the most popular area, with 21 sales of homes worth $10 million or more, followed by Emirates Hills and District One. Sales of properties worth $25 million or more also increased by 25 per cent in the second quarter.

Attribution: Reuters.