Dubai’s high-end property market is back in the international spotlight, with Bloomberg reporting on the emirate’s latest influx of ultra-luxury mansions and penthouses — some priced as high as USD 120 mn as developers race to outdo one another. “The upper end of the market is the most profitable,” Sankari Properties CEO Mark Phoenix told the newswire, pointing to the intense competition to attract global buyers.

The luxury sector is bucking the global slowdown, with prices surging 67% since 2021 on the back of demand from Europe, Asia, and the Americas. Some 6.7 mn m’naires are estimated to have moved into the UAE in 2024. A tightening supply of prime beachfront plots amid a three to four-year backlog is expected to continue supporting Dubai’s prime property market, despite some buyers starting to push back on price hikes, the newswire cites Dubai Sotheby’s International Realty executive partner Honey Deylami as saying.

Tags: