Dubai Emerges as Top Destination for $10M+ Home Sales, Outshining London, LA

Dubai’s exclusive property sector has been experiencing a notable boost. The city now sells more ultra-expensive homes worth $10 million or more than any other city globally. Dubai also has the most branded luxury residences in the world.

The experts pointed out that wealthy people show their interest in Dubai. This, in turn, makes Dubai stand out among Los Angeles, New York, and London in the luxury real estate retail sector.

Several factors make Dubai appealing to wealthy property buyers:

Political stability
Favorable tax policies
Luxurious lifestyle

Between 2020 and now, Dubai has been this very niche market. The COVID-19 pandemic changed things. Wealthy people wanted to move to safer places with better lifestyles and lower taxes. Developers took it as a signal and built more high-end properties to rise. The farther the market rose, the more buyers were attracted to it.

Likewise, in no more than a few years, Dubai has entered the elite list of cities where the most coveted real estate properties are found, just like London, Los Angeles, and many others. During the pandemic, the average room prices in Dubai jumped 33%. Dubai keeps adding new luxury offerings like branded residences. These were previously only found in more established cities. For example, Dubai has seen new Four Seasons, Baccarat, and Mr.C branded properties in the last three years.

The demand for amenities like private pools, holistic spas, and sustainability features has also risen. Wealthy buyers want privacy, space, and luxury facilities. Top developers are offering exclusive beachfront villas starting at $130 million. This positions Dubai with elite markets like Beverly Hills and St. Tropez.

Dubai attracts more international buyers now. Europeans are buying holiday homes in Dubai. Even global celebrities are looking at Dubai’s luxury market. For example, US rapper Kanye West has shown interest in several luxury projects.

Experts say Dubai offers advantages across all real estate asset classes:

No property tax
No capital gains tax
Higher rental yields
Faster construction times

Dubai’s central location provides easy global access too. It keeps attracting wealthy foreigners thanks to policies like the Golden Visa.

The population of Dubai is expected to hit 5.8 million by 2040. Its residential market is forecast to grow over 8% yearly. So Dubai’s rise as a top global luxury real estate hub will likely continue despite slowing economies elsewhere.