The latest luxury home market is in Dubai, the UAE.
Dubai’s high-end home market continues to attract interest from overseas buyers, as its population has ballooned from less than 1.4 million people in 2000 to over 7.5 million in 2018.
The number of luxury homes sold in the capital alone has increased from less that 600 in 2000, to more than 1,000 in 2018, according to Dubai Real Estate Board data.
It is the second-highest concentration of luxury home sales in the Middle East, after Dubai, and the number of homes sold by foreign buyers is up nearly 40% over the past year, according a report by the Dubai-based RealtyTrac.
However, many of the most expensive luxury homes are still sold for under $1 million, or even under $300,000, and even less for under the $300k mark, according Tooman Jassim, a broker and real estate agent at real estate agency Tooman Realty.
“The luxury market is definitely growing in the UAE, but not the luxury house market,” Jassi said.
“The market is still going to be dominated by the foreign buyers.”
Foreign buyers have also become a major buyer of luxury houses, and it has increased the demand for luxury homes over the years.
A 2016 study by real estate consultancy A-List found that there were nearly 1.3 million luxury home listings in the United Arab Emirates in 2017, up from 1.1 million in 2016.
But Jass said that demand for a more affordable lifestyle was also pushing the price tag up.
He said that the trend has been in place for several years now, but that the new trend is only now beginning to be noticed.
For example, many people now want a home that is close to their workplace, but the price is a little higher, so they are choosing to rent instead.
“Now that the cost is lower, people are going back to their office and working,” Jasim said.
In the United States, luxury homes have become increasingly popular as people increasingly look to save for a down payment on a home in a major city, rather than having to live in the suburbs.
At the same time, luxury home prices in the U.S. have been climbing, and buyers are also looking for more value for their money, with many saying they are more willing to pay the sticker price for luxury home compared to other types of properties.
According to a 2017 report from the National Association of Realtors, luxury house sales in 2017 rose to 1,826,000 homes, an increase of 22% over 2016.
The report noted that the market is expected to grow from 1,100,000 to 1.6 million by 2021, and that the number is expected increase by almost a quarter by 2022.