Dubai has experienced “a spectacular post-Covid rebound in luxury home sales” with sales of multi-million dirham properties soaring.
One company has reported that 22 properties worth over AED50 million each have been sold in just five months this year.
The Dubai property boom has been ‘spectacular’ according to real estate consultancy Knight Frank with sales at a six-year high.
“The rebounding of Dubai’s super prime market echoes a wider global trend, signaling the start perhaps of a ‘Roaring Twenties’ for global real estate,” Faisal Durrani, head of Middle East Research at Knight Frank told Bloomberg.
“The uber luxury end of the market is a terrific barometer for general market sentiment,” Durrani said. “Homebuyers are clearly oozing with confidence when it comes to the emirate’s uber luxury homes market.”
Most of the property sales have come on Palm Jumeirah, with $770 million spent on propery there in just five months this year.
Don’t worry, there are plenty of big-value properties still left. Knight Frank estimate Dubai has 42,000 homes valued at $1 million or more, second only to London.
And if you want to check out what AED100 million will buy you, this house sold at the start of the year in Dubai.