Despite the overall downward trend facing the global super-luxury residential market, Dubai has shown strong sales momentum with year-on-year growth in home sales over the last quarter. This is largely attributed to Dubai's appeal as a safe and diverse cosmopolitan city, as well as continued innovation and infrastructure development in Dubai's property sector.

Demand for luxury homes in Dubai continues to be strong, while supply is lagging significantly behind demand. PNC Menon, chairman of Sobha Group, said the figures are not surprising as Dubai remains one of the most favoured destinations for the world's super-rich, thanks to the city's immense appeal as a safe and wonderfully diverse melting pot. Ethnicity and culture.

Despite the overall downward trend in the global super-luxury property market, Knight Frank's report shows that home sales in Dubai have continued to grow, reflecting the market's resilience and ability to withstand pressure.

The report noted that Dubai's performance was particularly impressive in the face of a 20 to 30 per cent year-on-year decline in home sales in many mainstream markets around the world. For Dubai, the super-luxury residential market saw a decline of just 2.4 per cent compared to the same period in 2022, with sales reaching 362 units, further confirming the level of activity in the market.

Liam Bailey, head of global research at Knight Frank, said that although sales in the global super-luxury market have moved away from their 2021 peak, market activity remains above pre-pandemic levels.

Higher debt costs will continue to put some pressure on the sector, but a lack of new new-build starts in major markets such as London and New York will impact sales in 2024. He also noted that the drive for new-build sales will fade as the reduction in new project starts during the pandemic begins to be felt.

Sales volumes in the global super-luxury property market, while facing some challenges, remain resilient, according to the report. Annualised data shows that sales for the 12 months to September are down 4.1% on the full year 2022 performance, but remain well above the pre-2019 epidemic total value. Sales in the super luxury market are expected to grow further and return to pre-epidemic levels as global travel volumes gradually recover.