DUBAI was able to sell 88 homes totaling US$1.66-B, with each ultra-luxury property boasting a whopping price tag worth more than $10-M—proof of how the so-called city of gold continues to be a magnet for the world’s super-rich.
Hong Kong placed second with 67 deals closed worth US$988-M during the first quarter followed by New York with 58 transactions totaling US$942-M.
London, a forever favorite, slipped four places to sixth with 36 transactions.
The first quarter of the year saw wealthy individuals flock to the Gulf’s financial hub including Asia’s rich.
A report published by Henley & Partners, a London-based investment migration consultancy, showed that 5,200 high-net-worth individuals with an investible wealth of at least US$1-M flocked to the United Arab Emirates (UAE) last year.
Dubai has grown as an attractive property destination for the wealthy since 2019, with experts considering the glitzy financial hub of the UAE as one of the world’s most affordable luxury residential markets.
Meanwhile, Real Estate Agency Knight Frank predicts US$2.5-B to flow into Dubai’s Real Estate from individuals with a net worth of over US$3-M mostly coming from China, Hong Kong, and Singapore.
In April, the UAE made headlines after a British fashion entrepreneur sold an empty plot of sand half the size of a football field in the luxury palm Jumeirah Island for $34-M, making the deal a massive record-breaker.
Earlier this week, Dubai’s most expensive luxury home also known as the marble palace which boasts indoor pools, a 24-carat gold-plated jacuzzi, and 700,000 sheets of gold leaf gilding went on sale for 750-M dirhams.
For Knight Frank, it remains to be seen how much longer Dubai can hold on to the title of being the world’s top market, as home prices in the emirate increased by 5.6% in the first quarter, while luxury homes surged 44% last year, the highest globally.
