- Dubai saw 88 deals totalling US$1.66 billion for homes worth over US$10 million in the first quarter, followed by Hong Kong with 67 deals worth US$988 million
- Dubai continues to be a magnet for the world’s wealthy, attracting 5,200 high-net-worth individuals last year, according to Henley & Partners
Dubai overtook Hong Kong as the world’s top market for ultra-luxury homes in the first quarter as wealthy individuals flock to the Gulf’s financial hub, according to a report from Knight Frank on Wednesday.
The United Arab Emirates’ largest city recorded 88 transactions totalling US$1.66 billion for homes worth more than US$10 million in the first three months of the year. Hong Kong followed in second place with 67 deals worth US$988 million, followed by New York on 58 transactions totalling US$942 million.
London, a perennial favourite, slipped four places to sixth with 36 transactions.
“The latest figures point to the rise of Dubai as a critical part of the global super-prime landscape, as well as the centrality of New York, Los Angeles, London, Singapore, and Hong Kong for the world’s wealthy,” said Liam Bailey, the global head of research at Knight Frank.
Dubai has grown as an attractive property destination for the wealthy since 2019. Its share of super-prime sales across 12 markets tracked by Knight Frank surged from 2 per cent in 2019 to 17 per cent in the 12 months to March.
The Gulf city continues to draw Asia’s rich, with its property market registering robust growth. A report from Henley & Partners on Tuesday showed that 5,200 high-net-worth individuals with investible wealth of at least US$1 million flocked to the UAE last year, while 2,400 left Hong Kong.
“In Dubai, during the pandemic and subsequent years, a majority of investors sought out existing properties as a safer investment option,” Faraz Ahmed, a research associate at JLL MENA, said in a note in April.
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