The capital of the global luxury home market during the first quarter of this year was Dubai, according to a new data analysis from the real estate consulting group Knight Frank.
Working with the definition of luxury homes being residences costing $10 million and up, Dubai saw 92 luxury home deals closed in the first three months of 2023, resulting in $1.7 billion in transactions. The UAE city was far ahead of the other major centers for luxury housing during this period: Hong Kong totaled 67 transactions worth $988 million, New York had 58 deals worth $942 million and London saw 36 sales with a combined value of $736 million.
“Dubai’s luxury homes market continues to attract the attention of the world’s wealthy,” said Faisal Durrani, head of Middle East research at Knight Frank, who noted many of the residences sold in that market were second homes.
Knight Frank is forecasting that high-net-worth individuals from around the world will spend $2.5 billion on Dubai properties this year.
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No surprise here.