Dubai: The new homes in the Al Wasl-Dubai Canal area is emerging as the city’s latest hotspot for $10 million plus deals as wealthy investors keep chasing all available options. This particular area will likely see more launches as developers offer options outside of the Palm, Emirates Hills and Jumeira Bay island when it comes to residences with these kind of price tags.

Dubai’s property market did well in the first three months of 2023, with 88 deals being priced at $10 million or over. These netted a combined Dh6 billion in sales.

At this rate, chances of $10 million home sales beating 2022’s full-year tally of 219 such deals are more than rosy. “2023 is shaping up to be another record year for this segment of the market,” said Faisal Durrani, Partner – Head of Middle East Research at Knight Frank. “The depth of demand for homes at this price point from local and international UHNWI (ultra-high networth individuals) is helping to drive up prices in this exclusive segment of the market.”

More to follow...