UAE's Dubai ranks fourth in luxury residential sales in 2022
Luxury home sales that exceeded $10 million each in Dubai amounted to 219 in 2022, only ranking behind New York (244), Los Angeles (225) and London (223).
Dubai’s prime residential market became the fourth most active in the world in 2022, reaching this position for the first time ever, according to a global real estate report released Wednesday.
There were 219 luxury Dubai home sales that exceeded $10 million last year, ranking behind New York City in the top spot with 244 sales, Los Angeles with 225 and London with 223, according to global property consultant Knight Frank’s 2023 Wealth Report.
Faisal Durrani, partner and head of Middle East Research at Knight Frank, said this was a monumental jump in prime residential sales for the city.
“The total number of $10 million transactions in Dubai in 2022 was more than the combined total during the 10-year period of 2010-2020,” he told Al-Monitor. He said such sales reached only 93 in 2021 and 22 in 2020.
