DUBAI, July 8 Reuters The number of homes worth 10 million or more that were sold in Dubai held steady in the first half of the year despite a drop in listings, an industry report showed on Monday, as demand from the international ultrarich stayed strong.

A total of 190 homes worth an overall 3.2 billion were sold in the six months to end June compared with 189 properties for 3.3 billion in the same period of 2023, according to provisional data from property consultancy Knight Frank.

The total number of deals held up despite a 65.5 yearonyear drop in the number of such luxury homes available on the market in the second quarter, the report showed.

This is a strong sign of the 39;buytohold39; buyer profile that has taken root in the market, Faisal Durrani, Knight Frank39;s head of research for Middle East and North Africa MENA, was quoted as saying in the report.

The trend suggests international highnet worth individuals are largely focused on purchasing homes in the city for personal use, rather than to 39;flip39;, which was a defining feature of the previous two market cycles, he added.

Home to the world39;s tallest tower, the United Arab Emirates39; Dubai is the Middle East39;s biggest tourism and trade hub, attracting a record 17.15 million international overnight visitors last year.

The citystate was quick to reopen after the pandemic. That, together with massive infrastructure spending, generous income tax policies and relaxed social and visa rules, lured…