WRE News July 22, 2023
Main
The capital of the global luxury home market during the first quarter of this year was Dubai, according to a new data analysis from the real estate consulting group Knight Frank.
Working with the definition of luxury homes being residences costing $10 million and up, Dubai saw 92 luxury home deals closed in the first three months of 2023, resulting in $1.7 billion in transactions. The UAE city was far ahead of the other major centers for luxury housing during this period: Hong Kong totaled 67 transactions worth $988 million, New York had 58 deals worth $942 million and London saw 36 sales with a combined value of $736 million.
“Dubai’s luxury homes market continues to attract the attention of the world’s wealthy,” said Faisal Durrani, head of Middle East research at Knight Frank, who noted many of the residences sold in that market were second homes.
Knight Frank is forecasting that high-net-worth individuals from around the world will spend $2.5 billion on Dubai properties this year.
Stay up to date on the latest real estate trends.
Lifestyle
July 26, 2024
A trip to Paris wouldn’t be complete without indulging in France’s most iconic culinary delights, from buttery croissants to fine cheeses and wine.
Buyer
July 26, 2024
Two newly published data reports are offering very different views on the best markets for rental housing.
Buyer
July 25, 2024
When 51-year-old Pazit Aviv walks her dog in her Silver Spring, Md., neighborhood, it takes an extra 30 minutes as she inevitably gets lost in an impromptu chat with a… Read more
Buyer
July 25, 2024
If you’re in the market to buy a home, there’s some exciting news for you.
Lifestyle
July 24, 2024
The success of a food or drink business is predicated on many things—quality, flavor, price and market reach, to name a few—but in a world plagued by climate change, w… Read more
Buyer
July 24, 2024
Even though data shows inflation is cooling, a lot of people are still feeling the pinch on their wallets.
We Guide Homeowners through the complicated process of selling their home using our 4 Phase Selling Process and 3 Prong Marketing Strategy that alleviates their stress and moves them effortlessly to their next destination. Schedule a 15 Minute Complimentary Strategy Session Today