Dubai has long been recognised for its opulent and luxury houses, which draw wealthy individuals and foreign investors. Three of the world’s most expensive houses were sold in Dubai in 2022, and this trend is expected to continue in 2023.
According to Zoom Property Insights, Palm Jumeirah remains the top option for ultra-rich investors and HNWIs, accounting for 30% of total luxury market real estate transactions. Some famous neighbourhoods for ultra-luxurious residences include Jumeirah Beach Residence, Emirates Hills, and Tilal Al Ghaf, which has become one of the most sought-after communities for excellent properties.
According to Zoom Property Insights, the prices of ultra-luxury residences are expected to rise further in 2023 owing to increased demand from HNWIs, end-users, and overseas investors. Dubai’s economic expansion also helps to the success of its real estate, positioning it as a secure investment choice.
Let’s take a look at some of the most expensive properties sold in Dubai in 2023:
Luxury Apartments:
- Bulgari Lighthouse, Island 2: The highest deal for luxury apartments was closed for AED410m ($112m), and another transaction was recorded for a luxury apartment costing AED119m ($32.4m).
- Aire Dubai, Al Wasl: A property was sold for AED119m ($32.4m), and another was sold for AED62m ($17m).
- One Canal, Dubai Water Canal: A property was sold for AED73m ($20m).
Luxury Villas:
- Palm Jumeirah: Two luxury villas were sold for AED125m ($34m) and AED183m ($50m).
- Tilal Al Ghaf: A luxury property was sold for AED90.1m ($24.5m).
- Emirates Living: Luxury properties were sold for AED70m and AED45m.
Despite the thriving luxury real estate market, there could be a slowdown due to the tight supply and shortage of residential units in the luxury segment, leading to a reduced number of transactions.
In conclusion, Dubai’s luxury real estate market is booming, and with the predicted increase in prices in 2023, it remains a lucrative investment opportunity for HNWIs and foreign investors alike.
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