The 25 most expensive properties sold worldwide last year included three Dubai properties. The famous Palm Jumeirah, which has been the main draw for foreign buyers of high-end real estate, is where all three of the homes were situated.
According to Savills, Dubai’s upscale real estate experienced one of the largest capital value growths last year at 12.4%. The third most expensive premier property sold in 2017 was a Dh600 million villa on Frond N on the Palm Jumeirah, according to Forbes Global Perspective.
Forbes said nearly a third of surveyed markets reported that the number of foreign buyers had exceeded 2017 levels.
“In Dubai, foreigners grew to about 30 percent of luxury home buyers in 2022, due in part to the UAE’s new infrastructure, tax and investment opportunities, and economic growth, as well as its dynamic approach to adapting immigration regulations to attract private wealth, capital, and talent,” it said.
Globally, five South Florida ultra-prime properties, four each in Hong Kong and Los Angeles, and three each in Dubai, London, and New York City made the top 25 list. In total, the total value of all 25 sales was Dh9.175 billion, with the US accounting for 56 percent.