Cash buyers taking over Dubai luxury real estate market

Sales of homes worth $10 million or more in Dubai rose 6% in the first quarter compared to last year, with 105 homes worth $1.73 billion sold. The market was dominated by cash buyers, with Palm Jumeirah, Jumeirah Bay Island, and Dubai Hills Estate being the most sought-after areas. Dubai's efforts to grow its economy through tourism, finance, and foreign investment, including in property, have contributed to the recent property boom, though concerns remain about a potential correction. Dubai ranked first globally for the number of home sales above $10 million in 2022, selling nearly 80% more such properties than second-placed London, and the city's luxury home prices saw double-digit gains last year. The relative affordability of Dubai's luxury homes, where $1 million can purchase about 980 square feet, compared to other major global cities, has attracted a "constant stream of international high-net-worth-individuals" seeking second homes in the emirate.