DUBAI LEADS IN SALES OF LUXURY HOMES VALUED AT OVER $10 MILLION IN THE SECOND QUARTER
In the second quarter of 2023, Dubai led the global market in residential sales valued at over $10 million, with 95 such luxury homes sold, up from 53 in the same period the previous year. The total volume of these sales in Dubai reached $1.5 billion. London and New York also reported sales exceeding $1 billion each, contributing to a total sales volume of $7.3 billion across 12 markets.
However, total sales in these 12 cities fell by 13% during this period, mainly due to rising global interest rates. Central banks, including the US Federal Reserve, continued to raise interest rates to control inflation.
Despite the quarterly dip, the 12-month period leading up to June 2023 showed robust sales, with a total of 1,638 luxury property sales globally compared to 1,009 in 2019. Super-prime sales remained strong but retreated from recent highs. Supply constraints, particularly a lack of new developments between 2020 and 2022, are expected to lead to increased competition for available stock, potentially supporting property prices.