Dubai ranked as the world’s fourth most active luxury residential market

Dubai has emerged as the world’s fourth most active luxury residential market, with sales of prime properties increasing amid an economic recovery. The emirate recorded 219 home sales priced above $10 million last year, with a total value of $3.8 billion. Dubai is also considered more affordable than other global cities, with $1 million translating to around 1,130 square feet of space. The government’s decisive response to the pandemic and new residency visa options have contributed to the growing concentration of wealth in the city. Despite being a year of slow global growth, 37% of ultra-high net worth individuals in the Middle East grew their wealth by more than 10% in 2022.

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