The volume and cost of luxury properties in the emirate have reached record levels that Dubai has not recorded since 2015.
In total, in 2021, more than 52,000 villas and apartments were sold in the city, the total value of which exceeded USD 31,000,000,000. It is more than the combined results of 2019 and 2020. At the same time, 93 properties of the super-elite category, worth from USD 10,000,000, were sold during the year.
Dubai has also experienced a record influx of new and wealthy investors. The growth of the market was determined by «ultrahainets» from India, Russia and Europe, including Switzerland and Monaco.
Ultra-rich foreign buyers continue to have a significant appetite for expensive real estate in Dubai. Thus, sales of real estate worth USD 10 million or more in 2021 accounted for 39% of all sales in this category made in the emirate since 2010.
Villa prices have increased by 21.2% in the past year. Prices for luxury real estate increased by an average of 44%. The growth leaders were the Emirates Hills, Jumeirah Bay Island and Palm Jumeirah.
Apartment prices increased by 7.2%. The most premium properties were sold in Burj Khalifa. Prices for apartments in the world's tallest skyscraper have increased by 23% over the year.
The biggest deal of 2021 was the sale of a villa on Jumeirah Bay Island. It cost the buyer USD 32,900,000.
The market has obviously recovered after the most difficult period of COVID-19 pandemic, but old trends continue to shape consumer demand.
People are still looking to purchase real estate with a large living area. There is a growing demand for properties with large private plots with a sufficient number of various amenities: for recreation, entertainment and recreation.
