Residences are selling for up to $4,000 per square foot, as more HNWIs look to relocate to Dubai, Sotheby’s International Realty, said.
The growing number of high-net-worth individuals (HNWIs) relocating to Dubai has driven the cost of premium homes in the emirate to record levels, a real estate firm said on Friday.
Sale prices of super-luxury residences in the emirate went up to as much as $4,000 (AED14,692) per square foot in 2023, according to the 2024 Sotheby’s International Realty Luxury Outlook Report, released on Friday.
The price per square foot, which is roughly equivalent to a monthly rent for a furnished flat in Dubai, marks the consecutive year-over-year price increases since 2020, according to Chris Whitehead, Managing Partner, Dubai Sotheby’s International Realty.
