Dubai's property market continues to attract high net worth individuals and foreign investors with its ultra-luxury properties. According to Zoom Property Insights, three of the world's most expensive properties to be sold in 2022 will be located in Dubai.

Insights' data further shows that all three villas are located on The Palm Jumeirah, which continues to be a top choice for ultra-rich investors and high net worth individuals in Dubai. It accounted for 30% of the total real estate transactions in the luxury market segment (AED 20 million and above) in 2022.

In addition to The Palm Jumeirah, Jumeirah Beach Residences and Emirates Hills are other notable areas for ultra-luxury property in Dubai. tilal Al Ghaf has also emerged as one of the most in-demand neighbourhoods for premium properties in Dubai this year.

Ata Shobeiry, CEO of Zoom Property, believes that prices of ultra-luxury properties will rise further in 2023.

He said: "The prime real estate sector, and the Dubai property market in general, continues to cruise on, supported by growing demand from high net worth individuals, end users and foreign investors. The emirate's economic growth has also contributed to the success of its real estate as it presents itself as a safe option for investors."

According to Zoom Property Insights, the highest transaction for a luxury flat was completed at the Bulgari Lighthouse on Dubai Island 2 for Dh410 million. The development also recorded another deal for a luxury flat at Dh119 million.

This was followed by Aire Dubai, Al Wasl (Dhs119 million), One Canal, Dubai Water Canal (Dhs73 million) and Aire Dubai, Al Wasl (Dhs62 million).

So far, the iconic Palm Jumeirah has recorded two deals for luxury villas worth Dhs125 million and Dhs183 million. Other areas where luxury homes have been sold include Tilal Al Ghaf (Dhs90.1 million), and Emirates Living (Dhs70 million and Dhs45 million).

"The tight supply and shortage of residential units in the luxury segment is likely to slow down and the number of transactions is likely to decrease," Shobeiry concluded.