Dubai has surpassed London and New York’s status as one of the most sought-after, if not the most, luxury second-home markets globally.

According to Knight Frank, the real estate sector soared to new heights in 2023; it became the world’s biggest market for $10 million plus homes. 

The sales of $10 million plus homes in the emirate rose to 431 residences in 2023, a growth of 92.4% when compared to the previous year’s 224.

In addition, the report shows that the total value of sales above this price point grew by 91% last year to reach $7.6 billion, 28% of which was achieved in Q4 alone. 

The emirate’s Palm Jumeirah has maintained its position as the epicenter of luxury home sales in Dubai, resulting in 38.5% of homes sold for more than $10 million during 2023.

Moreover, the data revealed that Dubai’s first nine months of 2023 saw more than twice as many homes priced over $10 million, 323 deals, compared to its New York competitor, which showed 159 deals. 

During Q1–Q3 2023, the emirate’s residential property market also registered sales amounting to $5.8 billion, doubling against London’s $3.2 billion.

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