The most promising market for elite real estate

Around the world, many investors and property buyers are wondering where the most promising luxury real estate market is currently located. And if you're looking for the answer to that question, Dubai is your choice.

According to the Dubai Land Department, sales of luxury real estate in Dubai for the first quarter of 2023 indicate high prospects for the market. During this period, 88 deals were registered for the sale of premium properties worth over $10 million. The total amount of sales was $1.63 billion.

Clearly, luxury real estate in Dubai remains a popular choice for many investors. The average price per square meter of luxury properties sold in the first quarter of 2023 is $21,290, which is almost 16% higher than in 2022.

It is also worth noting that four out of the top 10 most expensive deals in the first quarter of 2023 were recorded in the Jumeirah Bay area, where apartments were sold on average for $24.8 million. The most expensive ones are located in Bulgari Lighthouse and Bulgari Resorts and Residences.

This indicates that luxury real estate in Dubai continues to attract high-end buyers, and according to Knight Frank's report, the Dubai luxury real estate market offers more square meters for $1 million than top cities like Singapore, London, or New York.

Analysts predict that the luxury real estate market in Dubai will continue to grow in the future, as local and foreign investors continue to purchase property in this region for both investment and personal living purposes. Developers also understand this growth and plan to launch new unique projects in the luxury real estate segment.

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