Dubai Q3 Luxury Home Sales Improve

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Dubai Q3 Luxury Home Sales Improve

Dubai's Q3 Luxury Home Sales Cross $1.6 Billion

According to a famous property consultant, the sales of luxury homes (worth more than $10 million) in Dubai remained strong during Q3 2023. Overall, around $1.6 billion worth of sales were concluded in Dubai, making it a prime real estate spot in the world.

If we look at the sales volume during the period between January to September, it was around $5 billion. Knight Frank, a famous property firm in the UAE, revealed this data.

Dubai Remains Focused On Improving RE Investment

The core focus of Dubai is to become a magnet for capital and people as it is trying to achieve sustainable long-term growth. The new economic model of Dubai is focused on foreign capital inflow, tourism, and real estate investment.

There's no doubt about the fact that the property business in Dubai is booming & showing strong growth. This is mainly driven by the demand from Russian investors and the easy residency rules of Dubai.

In addition, Dubai has also taken many measures to ensure that it doesn't face the same economic problems as it did during the 2008 crisis.

Overall, there's a high demand in Dubai for luxurious & high-end homes while the supply remains tight. This market dynamic means the prices of luxurious homes will only go up.

Any house that's worth 10+ million USD is regarded as a luxury home, and it appears around 227 such homes were sold during Q3 2023. This further cements the status of Dubai as the top market for luxury real estate & makes it far ahead of London, NY, and Hong Kong.

Another significant detail is that the bulk of this activity was done by the buyers dealing in 'cash'. It would be soon to draw any conclusions, but Dubai may attract some trouble from the FATF if it continues with its lax property rules. After all, cash-only transactions are dominating the markets, which can easily attract trouble.

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