Real Estate
Dubai’s Luxury Homes Lead the World’s Best (and Worst) Property Markets
- Dubai is now world’s fourth-busiest luxury real estate market
- City’s prime home prices are expected to climb 13.5% this year
Dubai is the world’s busiest luxury property market behind New York, Los Angeles and London after a deluge of wealthy investors flocked to the city when it emerged as a safe haven amid geopolitical and economic uncertainty elsewhere.
The Middle Eastern business hub racked up 219 sales of properties worth $10 million or more last year, according to property consultant Knight Frank LLP. By comparison, New York registered 244 deals worth $10 million or more, Los Angeles, 225 transactions and London, 223. Dubai was also the fifth most active city for sales worth $25 million and above with 26 transactions.