Dubai led global cities in the sales of super-prime residential properties worth over $10 million in H1 2023, Knight Frank reported.
Dubai sold 95 residential properties having a price tag greater than $10 million in Q2 and 92 in Q1, 2023. No less than 320 such properties were sold in the 12 months to Q2 2023.
Total residential sales above $10 million in the 12 cities covered by the Knight Frank Global Super-Prime Intelligence report reached 422 in Q2 2023. This number was 11 percent lower than the 475 recorded in Q1 2023.
Prime residential sales in the 12-month period up to June of this year totaled 1,638 globally.
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Out of the total cities surveyed, four markets saw volumes rise, led by Dubai up 79 percent between Q2 2022 and Q2 2023. Sydney was up 46 percent, Paris was up 17 percent, and Geneva rose 7 percent. The biggest decline during that period was led by Los Angeles which was down 63 percent.
Dubai led the pack in the total value of sales with $1.5 billion. The total sales volumes for the quarter amounted to $7.3 billion across the 12 markets covered by the report.
Total sales in the 12 months up to June in all markets stood at just under $30 billion, down from the peak of $40.7 billion seen in 2021.
Knight Frank said global HNWIs are expected to spend $2.5 billion on properties in Dubai this year.
It was previously reported that average prices of luxury homes in Dubai rose over 27 percent in Q1 2023 compared with Q4 2022 s demand picked up.
The average price of a prime property in the emirate increased to $6.86 million.
The average price per square foot of a prime property rose 21 percent to $920.
Last year, the emirate recorded the sale of 219 homes priced above $10 million, with the total value of the transactions reaching $3.8 billion.
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