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It is expected that Dubai will remain the world leader in luxury housing sales


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City Monitor expects Dubai to retain the global lead in sales of luxury residential units among all cities of the world in 2023, after it occupied it last year.

The British platform specializing in urban affairs published a report on which cities are expected to lead globally in luxury home sales in 2023.

In its report, City Monitor cited data from Morgans International Real Estate, which reported that 752 luxury real estate units were sold in Dubai in the last quarter of last year, an increase of 164% compared to the same period in 2021.

The platform’s report included statements made by Elias Hannouche, CEO of Morgans International Realty, who said: “Given the economic stability that Dubai enjoys, and the lack of taxes on real estate or income, in addition to its safety, the real estate market is in Dubai is characterized by being accessible to a large segment of buyers and investors.

In addition to its attractiveness to global investors, which we believe is the biggest factor behind the explosive growth in sales of its luxury real estate, a trend that we expect to continue in 2023.

In its report, the platform also cited the results of a previous report issued by the British company “Knight Frank”, which specializes in real estate studies and consulting, in which it expected that Dubai would lead the world’s cities in increasing the capital value of luxury housing in 2023, to retain its lead in 2022.

And the Knight Frank report monitored a growth in the capital value of luxury housing in Dubai last year by 50%, and the report expected that Dubai would maintain its global lead in increasing the capital value of luxury housing in 2023 as well, but with an increase of 13.5%, while it was expected The report states that the American city of Miami comes in second place, with an increase of 5%.