Sales of ultra-luxury homes have risen by 11% since December in the world’s financial centers. Dubai tops the list with over 80 sales of high-end homes.
In the first three months of 2023, there were 417 transactions completed for luxury homes, worth over $10 million or more within the world’s top 12 financial markets. This compares with 376 sales in the second quarter of 2022, according to a report published by Knight Frank, a company specializing in real estate consultancy.
The company also notes an upturn compared to the second quarter of the previous year.
“The recent rise comes after several quarters of slowing activity caused by higher interest rates and increasing geopolitical risks,” said Liam Bailey, global head of research at Knight Frank.
Dubaï, otherwise known as the City of Gold, topped the list with 88 sales in the first quarter.
“Dubai’s role in supporting the global luxury home sales market cannot be overstated,” said Liam Bailey. “In 2019, the emirate accounted for 2% of all high-end sales in our 12 markets, but in the most recent 12-month period, that share had risen to 17%.”
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