$25 million homes sell like hotcakes in Dubai

Highlights: $25 Million worth of Dubai Homes sell out!

• The sale of homes in Dubai doubled, with profits worth $25 million.
• According to property consultant Knight Frank LLP, most of the homes were reportedly purchased by wealthy people.
• The tourism and business hubs in the Middle East were the hotspots for home sales.
• Around $2.27 billion was profited from selling 56 ultra-luxury homes within the city.

 

A complete breakdown of the Dubai homes Sales

Homes in Dubai worth $25 million were sold in 2023, double the previous year's sales. Ultra-luxury homes totalling up to 56 were sold in Dubai with profits worth $2.27 billion.

The table given below has details of the sales of homes in Dubai:

 

56 Ultra-Luxury homes worth $2.27 billion
22	Palm Jumeirah Island
15	Jumeirah Bay

 

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Dubai Real Estate Scenario

The government's flexible visa policies and initiatives set the state's real estate market at an all-time high. Buyers and investors from Monaco and China are actively interested in Dubai.

The luxury end of the real estate market is hugely benefitted via investments from:

• Russians who are looking to protect their assets
• Millionaires
• Crypto Millionaires
• Rich Indians

 

Statistics of Sales of Homes in Dubai

An apartment with five bedrooms in 21,949 square feet in the Como Residences Development received the highest investment transaction in 2023. The apartment, which was yet to get a tower of Palm Jumeira, was sold for a whopping $136.2 million. Before 2021, a maximum of 3-4 homes, valued at $25 million or more, were sold in a given year.

 

 

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Also Read: Saudi Arabia launches new permanent residency visa to attract talent in healthcare, sports and real estate.
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