Soaring demand for luxury homes has propelled Dubai above the more established centres for prime property for the first time, as the Gulf’s business hub post-pandemic rebound continues to attract the world’s wealthy, including Russian buyers.

Dubai was the world’s busiest market for $10mn-plus homes in the first quarter of 2023, with 92 deals worth $1.7bn, according to research by real estate consultancy Knight Frank. By comparison, Hong Kong had 67 transactions valued at $988mn, New York raised $942mn in 58 deals and 36 sales were completed in London worth $736mn.

Many of the world’s richest individuals are turning to Dubai as a financial haven, as they compete to snap up a limited stock of high-end properties. “Dubai’s luxury homes market continues to attract the attention of the world’s wealthy,” said Faisal Durrani, Knight Frank’s head of Middle East Research, adding that many were second homes. Over a five-year period, the number of sales of $10mn-plus homes in Dubai has risen seventeen-fold.