subscribe now to get the evening briefing five things matt levines money stuff balance of power and tech daily subscribe now to get the evening briefing five things matt levines money stuff balance of power and tech daily subscribe now to get the evening briefing five things matt levines money stuff balance of power and tech daily by submitting my information i agree to the privacy policy and terms of service and to receive offers and promotions from bloomberg sign up for our middle east newsletter and follow us middleeast for news on the region dubai’s luxury residential market continued its hot streak with 176 homes worth at least 10 million changing hands in the first half of this year according to property consultancy knight frank “dubai’s luxury homes market continues to attract the attention of the world’s wealthy with global highnetworthindividuals remaining laser focused on acquiring second homes in the emirate” said faisal durrani knight frank’s head of middle east research the city emerged as the world’s busiest market for properties worth over 10 million during the first quarter surpassing hong kong and new york demand has stayed resilient in the segment with transactions worth 31 billion recorded in the first half with average prices hovering around 6900 dirhams 1879 per square foot the emirate’s luxury offering is still “relatively affordable” knight frank said read more dubai’s luxury property market is cashing in on global slowdown dubai’s luxury property boom has been in part due to the emirate’s deft handling of the covid pandemic followed by a raft of government measures to attract more longterm expatriates and the war in ukraine that led to an influx of russians in addition international buyers from china are also “quickly reemerging as key players in the city’s residential landscape” knight frank said roughly a third of all luxury homes sold are located on palm jumeirah the artificial and palmshaped area on reclaimed land off dubai’s coast other more inland areas away from the coast could soon gain prime status according to knight frank “improving inland infrastructure could be one way to spur development away from the coast particularly given the rising importance of green space or parks to internationalhighnetworthindividuals eyeing up residential purchases in dubai” durrani said