Real Estate
Dubai Sales of $25 Million Homes Double as Global Elite Move In
- Wealthy buyers spent $2.27 billion on luxury homes last year
- Most expensive transaction was for a $136 million apartment
Residential villas on the Jumeirah Palm island resort.
Photographer: Chris Ratcliffe/Bloomberg
Sales of homes worth $25 million or more doubled in Dubai last year after some of the world’s wealthiest people snapped up homes in the Middle East’s business and tourism hub, according to property consultant Knight Frank LLP.
A total of 56 ultra-luxury homes worth $2.27 billion were sold in the city in 2023, up from 28 properties worth $1.24 billion a year earlier. Most of those properties, 22, were on Dubai’s man-made palm-shaped Palm Jumeirah island and 15 were on the seahorse-shaped Jumeirah Bay island.