Over the years, the attraction towards buying luxury properties in Dubai has been on the rise, thanks to the region’s ever-growing properties with utmost facilities.

There has been a boom in the sale of luxury homes in Dubai priced at over $10 million between January and May 2021. According to global property consultants Knight Frank, there have been over 22 sales of homes in the $10 million price range during this time. Compared to a total of 19 in 2020, there has been a spike in sales. This has made the sales of this level reach a record-high since 2015.

The firm noted that most of the transactions made were for homes on the Palm Jumeirah priced between $10 million range, where the most expensive property sold this year was a $30.3 million villa.

 
“Investor sentiment has been influenced by the way in which Dubai managed the impact of the pandemic. The world’s wealthy have their eyes firmly set on the city, where a million dollars gets you five times more residential real estate than London, New York, or Singapore – which means accessing a luxury lifestyle is relatively more affordable”, said the firm’s head of Middle East research Faisal Durrani in a statement released on Monday.

The spike in sales is was seen due to the way the United Arab Emirates dealt with the pandemic, namely with their world-leading vaccination drive., noted the company. Dubai was also one of the first cities in the world to return to normalcy amid a wave of global COVID-19 lockdowns.

“Dubai is the epitome of lifestyle living, and the surge in interest at the current time reinforces its appeal with those looking for well-designed luxury homes with a beachfront location,” shared the firm’s partner, head of residential, Marina Morris.