DUBAI: 52,000 APARTMENTS, VILLAS WORTH AED114.2 BILLION

Ultra-prime home sales in Dubai that cost more than $10 million have reached record levels.

In 2021, Dubai’s residential market recorded over 52,000 apartment and villa transactions, totalling AED114.2 billion, more than the total for 2019 and 2020 combined.?

“The international elite continue to have an insatiable appetite for Dubai’s most luxurious homes, and this has driven $10 million home sales to an all-time record high of 93 I 2021, more than the last 5 years combined,”?said Faisal Durrani, Partner Head of Middle East Research at Knight Frank.?

“In fact, 2021 accounts for 39% of all $10 million home sales in Dubai since 2010. This underscores the phenomenal depth of demand at the top end of the market. And these ultra-high-net-worth individuals (UHNWI) continue to pour into the city’s luxury residential market from locations such as India, Russia and Europe, including buyers from Switzerland and Monaco,”?he added.?

As a result, four prime areas Emirates Hills, Jumeirah Bay Island and the Palm Jumeirah, have together seen house prices climb by 44.4% in the 12 months to the end of September 2021.

The analysis revealed that the picture is however somewhat different in the more mainstream market, particularly when it comes to apartments. The pandemic continues to fuel the race for space as working habits shift.

Larger homes remain in high demand, and this is reflected in the fact that villa transactions continue to climb. Indeed, in Q4, the market registered a 29% quarterly increase in the number of villas sold.

Villa prices have jumped nearly 22% since the start of the pandemic, while apartment values have not had the same increases, over the same period.