Knight Frank data revealed that 244 residential real estate sales worth more than $10 million took place in New York in 2022, with Billionaire's Row topping the list of the most transactions. Los Angeles was close behind with 225 sales, followed by London with 223 and Dubai with 219. Other cities to make the list include Miami, Tokyo, and Saudi Arabia's Riyadh. Dubai was the city with the most sales in the very top range of the spending category, with 26 sales above $25 million. Many of these price tags are being paid entirely in cash, with 40% of all real estate sales in 2021 being paid in full in 2021 and 80% in 2022.
The growing concentration of wealth in Dubai is due to a combination of factors, such as the government's response to the pandemic, new residency visa options, and tax benefits. Sales of homes in the highest price category rose by 44% last year, and Knight Frank expects them to grow by another 13.5% in 2023. Some of the most popular districts in the city include Palm Jumeirah, Emirates Hills and Jumesirah Bay Island.
Dubai's reputation as a billionaire's destination is driving UHNWI buyers into the market, seeking a sun-sand-sea lifestyle and a steady stream of sales.