The emirate was the largest market for luxury real estate in the fourth quarter of 2023, according to the report. <According to the report, the emirate formed the largest market for luxury real estate in the fourth quarter of 2023. In the fourth quarter of 2023, Dubai saw 108 sales of luxury properties, villas and condominiums priced above $10 million each, up from 95 sales in the second quarter, which was the highest in the previous three quarters.
In the second quarter of 2023, the emirate was the largest market for luxury real estate. <In second place behind Dubai were London and New York with 52 sales each, Sydney ranked fourth and Geneva fifth, with strong activity throughout the quarter. The Knight Frank report also showed that Hong Kong's sales volumes dropped to 15 sales during the same quarter, pushing it out of the top five markets.
Sales volumes in Hong Kong fell to 15 sales during the same quarter, pushing it out of the top five markets.
Annual sales of properties worth more than $10 million have risen in recent quarters despite the impact of rising interest rates in global housing markets.
While annual sales of properties worth more than $10 million have increased in recent quarters. The report noted that Dubai accounted for 384 of the 1,782 sales in the 12 months to the end of December 2023, with the global total representing a 1 percent increase compared to all of 2022.
Dubai's share was 384 sales out of 1,782 in the 12 months to the end of December 2022. In Q4 2023, Dubai saw annualized sales of $1.81 billion for luxury properties priced above $10 million, out of a global total of $7.58 billion.
Dubai also saw annualized sales of $1.81 billion for luxury properties priced above $10 million, out of a global total of $7.58 billion.
On a full-year basis, the emirate achieved annual sales for this category of real estate worth $6.70 billion in 2023.
On a full-year basis, the emirate achieved annual sales of $6.70 billion in 2023. While the total value of global luxury real estate sales reached $31.9 billion in the year ending December 2023, while down 22% from the peak of $40.7 billion during the real estate boom in 2021, it is still well above the pre-pandemic level in 2019.
While the total value of global luxury real estate sales reached $31.9 billion in the year ending December 2023, it is down 22% from the peak of $40.7 billion during the real estate boom in 2021, it is still well above the pre-pandemic level in 2019.
