In the first quarter of the year, sales of homes worth $10 million or more in Dubai increased by six percent compared to the previous year, according to a report from Knight Frank. Despite trends in other major cities, Dubai saw double-digit gains in luxury property prices, making it the number one global city for home sales over $10 million in 2020.
The demand for luxury properties in Dubai remained strong, with a total of 105 homes sold for a combined value of $1.73 billion. Faisal Durrani, head of research at Knight Frank, believes that Dubai’s luxury real estate market continues to attract wealthy buyers looking for high-end residential properties due to its relatively affordable high-end homes that offer value compared to other global cities.
Palm Jumeirah dominated the luxury home market in the first quarter, followed by Jumeirah Bay Island and Dubai Hills Estate. While these areas continue to attract buyers, markets like Dubai Hills Estate are emerging as new opportunities for investment.
Dubai’s appeal as an international second home destination drives demand for luxury properties and makes it one of the most affordable options globally. Meanwhile, Depositphotos is discussing a variety of topics on its platform, including digital marketing videos and exploring criminal behavior as well as finding perfect American football images among others. These diverse discussions showcase the wide-ranging interests and content available to users on Depositphotos.