Dubai ranked as the world’s fourth most active luxury residential market

Emirate recorded sales of 219 homes priced at more than $10m in 2022, report finds

Dubai has been ranked as the world’s fourth most active market in the luxury residential segment as sales of prime properties continued to pick up amid a wider economic recovery, a new report said.

The emirate, the commercial and tourism hub of the Middle East, recorded the sale of 219 homes priced above $10 million last year, with the total value of the transactions reaching $3.8 billion, global property consultancy Knight Frank said in a report on Wednesday.

Dubai ranks behind New York (244 sales), Los Angeles (225 sales) and London (223 sales).

It is also the fifth most active city for sales of homes price above $25 million, with the same three cities plus Hong Kong ranking higher.

“The emirate has taken its place among long-established hub cities as one of the world’s most sought-after luxury residential markets,” Faisal Durrani, partner and head of Middle East Research at Knight Frank, said.

Dubai’s economy expanded by 4.6 per cent on an annual basis in the first nine months of 2022, with wholesale and retail trade accounting for 24.1 per cent of its gross domestic product, according to the Dubai Statistics Centre.

Emirates NBD estimates Dubai's full-year 2022 growth at 5 per cent. It expects the emirate’s GDP to grow by 3.5 per cent in 2023.

Dubai's property market also had a record-breaking year in 2022.

The market recorded 90,881 transactions last year, exceeding the previous high of 81,182 in 2009, property consultancy CBRE said in its Dubai Residential Market Snapshot report.

“With the strongest prime residential growth rate in the world forecast this year at 13.5 per cent, Dubai’s market still represents outstanding relative value,” Andrew Cummings, partner and head of prime residential at Knight Frank, said.

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