Dubai Leads the Surge in Global Ultra-Luxury Home Market

Despite the global economic slowdown, there’s an exciting trend unfolding in the world’s most dynamic cities, including Dubai, Hong Kong, Geneva, Miami, and Sydney, which are witnessing an increase in individuals investing in ultra-luxury homes!

Recent reports have highlighted a remarkable figure over the past 12 months: the volume of global sales for homes priced above $10 million has reached an impressive $30.2 billion. This surge shows a growing demand among the wealthy for super-prime residences, which are more than just places to live; they are symbols of luxury and high status.

The standout performer in this trend is undoubtedly Dubai. The city, known for its opulent lifestyle and architectural wonders, has played a crucial role in strengthening the global super-prime market. Back in 2019, Dubai accounted for 2% of all super-prime sales across the 12 markets surveyed. However, in the most recent 12-month period, this figure has increased to 17%, underscoring Dubai’s growing prominence in this exclusive real estate segment.

CityFull year 2020Full year 2021Full year 202212-months to 2023 Q1
Hong Kong175247131166
Los Angeles155321234210
New York120441244219
Orange County441159054
Palm Beach88151113100

The boom in Dubai’s sales reflects sustained growth and strategic market positioning. Since the beginning of 2020, prime prices in Dubai have escalated by 149%, a rate that far outpaces the performance seen in other comparable markets. This impressive growth can be attributed to a range of factors, including Dubai’s stable economic environment, its appeal as a global business hub, and its reputation as a safe-haven for high-net-worth individuals.

Moreover, Dubai’s government policies and initiatives, focused on attracting foreign investment and ensuring a robust real estate sector, have played a significant role. These policies and initiatives, coupled with the city’s world-class infrastructure, high standards of living, and favorable tax environment, make it the number one destination for those looking to invest in super-prime properties.

Finally, while the world navigates through economic challenges, the ultra-luxury home market tells a different story, one of resilience and growth. At the heart of this narrative is Dubai, a city that has not only weathered the storm but also emerged as a beacon for high-end real estate investment. With its continued rise in the global super-prime market, Dubai is setting new benchmarks and reshaping the landscape of luxury real estate.

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