$25 million homes sell like hotcakes in Dubai

Highlights: $25 million homes sell like hotcakes in Dubai

• Last year, the homes in Dubai were selling for $25 million, or double.
• 56 luxurious homes were sold for $2.27 billion in 2023.
• Twenty-two properties were on Dubai’s artificial palm-shaped Palm Island, and 15 were on the seahorse-shaped Jumeirah Bay Island.
• The demand for Dubai property has increased, and the liberal visa policies are attracting more foreigners.

 

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Details of the Dubai’s Properties that was high on demand:

According to a property consultant, last year, some of the world’s wealthiest people exchanged their homes with a Middle East business and tourism hub, which tends to sell homes worth $25 million.

 

In 2023, 56 luxurious homes worth $2.27 billion were sold in the city. Out of these, twenty-eight properties were worth $1.24 billion a year.

 

Twenty-two properties were located on Dubai’s artificial palm-shaped Palm Jumeirah Island, and 15 were on the seahorse-shaped Jumeirah Bay Island.

 

From that, the demand for the Dubai property has increased. The government has also initiated liberal visa policies to attract more foreigners. Dubai luxury market has also benefited from investors such as Russians searching to shield their assets, crypto millionaires, and wealthy immigrants setting up second homes.

 

Dubai's Expenses in 2023

In 2023, Dubai had the most expensive transaction: the five-bedroom apartment in the Como Residences development, which was yet to be built on the tower of the trunk of Palm Jumeirah. The 21,949-square-foot apartment was sold for $136.2 million.

 

Dubai's ultra-luxurious sectors are a new phenomenon. In 2021, a maximum of four homes were sold for $25 million. 

 

Developers are expanding their portfolio, but getting the supply's availability according to the desirable location takes time and effort.

 

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