Could Dubai’s luxury market defy war? One data point says yes. An off-plan apartment at Aman Residences Dubai on the Jumeirah Peninsula, expected to be delivered in 2028, has sold for 422 million dirhams, according to fäm Properties — that’s $115 million for 31,201 square feet of real estate in the middle of a conflict zone.
Dubai logged about 500 home sales worth more than $10 million last year, the most of any city globally, according to Knight Frank, including nearly 70 properties priced above $25 million. Whether it maintains momentum this year depends on the outcome of the war, but this single transaction will push it up the ranks. At the other end of the spectrum, a developer is still pushing its latest project — Binghatti Skyflame — which may need a rebrand.