According to data from real estate consultancy firm Knight Frank International, sales of homes priced over $10 million nearly doubled last year, reaching $7.6 billion, surpassing global competitors London and New York.

Throughout 2023, sales of homes in this price range increased by 91%, with nearly a third of transactions concentrated in the last quarter of the year. Sales of properties valued over $25 million also saw significant growth, totaling 56 transactions with a combined value of $2.3 billion, doubling the previous year's total.

Knight Frank International noted that in the first nine months of this year, Dubai's sales of homes priced over $10 million were twice that of New York, with a total of 323 units sold, far exceeding New York's 159 units. Meanwhile, the total sales value in Dubai's high-end market reached $5.8 billion, almost double that of second-place London ($3.2 billion).

The top buyers in Dubai's high-end real estate market came from the United Kingdom, China, the United Arab Emirates, and India. Faisal Durrani, Director of Research at Knight Frank International, stated that these data indicate Dubai is one of the most active markets globally for residences priced above $10 million.

Jumeirah Palm Island has become one of the most popular iconic projects in Dubai's luxury residential market, accounting for 38.5% of all transactions for homes priced over $10 million and 39.2% for properties valued over $25 million.

According to the monthly report from real estate consultancy firm ValuStrat, in December 2023, villa prices on Jumeirah Palm Island increased by 3% month-on-month and 31.9% year-on-year. Jumeirah Palm Island has 237 residential units under construction, accounting for only 0.3% of the total number of under-construction residences in the city. Additionally, Jumeirah Palm Island has 1,438 apartments in the launch stage, representing 3.4% of all such apartments in Dubai.

Will McCintosh, Partner and Head of Residential MENA at Knight Frank International, stated that Jumeirah Palm Island has solidified its position as one of the world's most coveted addresses. He added that situated in the heart of the new Dubai and enjoying the prestigious Blue Flag status, Jumeirah Palm Island will further enhance its appeal to the global elite seeking to experience "Dubai life."

Apart from Jumeirah Palm Island, nearby Jumeirah Bay Island and Jebel Ali Palm Island have also become popular areas in Dubai's luxury residential market. It is reported that Jumeirah Bay Island recorded 47 transactions for apartments priced over $10 million last year, while the recently launched Jebel Ali Palm Island saw 36 transactions.

Knight Frank International stated that this demand indicates local and international interest in purchasing waterfront residences on Dubai's next Palm Island. Mr. Durrani expressed that buyers are increasingly interested in villa communities that offer luxurious living in green surroundings, prompting Dubai to witness the emergence of new prime locations like Al Barari, Jumeirah Golf Estates, Tilal Al Ghaf, Blue Waters, and the Jumeirah Islands.