From the beginning of the year 2024 until the end of April, the Dubai real estate market recorded 63 sales of luxury residential homes worth $10 Million or more, and the total value of these homes reached 3.6 Billion Dirhams (about a billion dollars), according to data on the website of the Land and Property Department.
The price of the most expensive luxury residential unit reached 140.5 Million Dirhams ($38 Million), and it is a residential apartment on “Island 2”, consisting of 5 rooms in addition to many facilities on a total area of 1,803 square meters. As for the lowest sale, worth 36 Million Dirhams (about 10 Million Dollars), it came in the “Omniyat Villa” project within the “Dubai Water Canal” area, which is a residential apartment that includes 3 rooms on an area of 585 square meters.
It is worth noting that the total sales of luxury homes worth $10 Million or more increased by 92.4% to 431 sales during the year 2023, according to an analysis conducted by the international real estate consulting company Knight Frank. The total value of sales also witnessed an increase of 91% last year, reaching $7.6 Billion (27.9 Billion Dirhams), 28% of which was achieved in the last quarter alone.
It is worth noting that the total transactions in the Dubai real estate market, from the beginning of 2024 until the end of April, amounted to 214.4 Billion Dirhams, resulting from 64,250 procedures, according to Dubai Land Department data. It explained that the sector’s sales in the emirate during 4 months achieved 141 Billion Dirhams, through 48,380 transactions.
The department’s data indicated that the value of sales of residential units (apartments and villas), whose value exceeds $1 Million (3.66 Million Dirhams), in the real estate market in Dubai during 4 months of this year, recorded about 26.7 Billion Dirhams, resulting from 3,621 deals.
The 10 Most Expensive Real Estate Deals in Dubai Since the Beginning of 2024
- 140.5 Million Dirhams, Apartment on “Island 2”
- 140 Million Dirhams, Apartment in Dubai Water Canal
- 137.4 Million Dirhams, Apartment on “Island 2”
- 95.6 Million Dirhams, Apartment in Palm Jumeirah
- 80 Million Dirhams, Apartment in Palm Jumeirah
- 79 Million Dirhams, Apartment in Palm Jumeirah
- 79 Million Dirhams, Villa in The World Islands
- 78.6 Million Dirhams, Apartment in Palm Jumeirah
- 75 Million Dirhams, Apartment in Palm Jumeirah
- 73.2 Million Dirhams, Apartment in Palm Jumeirah