Page 59 - SOBHA REALTY PR REPORT NOVEMBER 2023

“Dubai once again leads the ranking of quarterly sales, a position it has held
since Q4 2022. London follows in second position, with Hong Kong sitting in third
place,” Knight Frank said in its study.

The super-prime market is driven more than most by new-build completions.
“Strong sales volumes in 2021 were flattered to an extent by delayed
completions in 2020. As we move into 2024, the tailwind from new build sales will
weaken as the lower volume of new projects starts through the pandemic begins
to be felt.”

The volume of super-prime homes sold in Dubai, priced at over $10 million,
totalled $1.59 billion during Q3, according to Knight Frank's finding.

PNC Menon, chairman of prime property developer Sobha Group, said the data
is not surprising as Dubai remains one of the most sought-after destinations for
the world’s super-rich, thanks to the city’s overarching appeal as a safe and
splendid melting pot of diverse nationalities and cultures.

“The remarkable growth of Dubai’s property sector could be attributed to factors
like economic stability, consistent innovation, infrastructure development, and a
cosmopolitan lifestyle. The outlook for the city’s realty sector is very bright as
Dubai will continue to witness a steady surge in population over the years,” said
Menon.

“Demand for luxury homes in Dubai remains resilient and supply continues to
stubbornly lag demand. The total number of $10 million home sales in Dubai for
the first nine months of the year has hit 277, a record high with three months of
the year still left to run. This builds on Dubai’s emergence as the world’s busiest
$ 10 million+ sales market during H1, ranking ahead of New York (125), Hong
Kong (109), and London (99),” said Faisal Durrani, partner–head of Research,
Middle East & Africa.

“Super-prime activity has come off the 2021 peak, but our latest results confirm a
market still seeing activity above pre-pandemic levels. Higher debt costs will
continue to weigh on the sector – but a lack of fresh new-build project launches
in key markets like London and New York will impact on sales in 2024,” said
Liam Bailey, Knight Frank’s global head of research.

The report said residential sales in many of the world’s mainstream markets are
down by 20 per cent to 30 per cent year-on-year. This weakness is mainly due to
the surge in finance costs over the past year, which has had a dramatic impact
on affordability and market accessibility. “While not immune from slowing activity,
our latest data confirms that global super-prime markets have been more

https://www.msn.com/en-ae/money/news/dubai-bucks-global-dip-in-super-prime-house-sales-tops-
ranking/ar-AA1kJRYj