Dubai’s ultra-luxury property market soared to new heights in 2024, with 435 homes sold for more than $10 million amid surging demand from high-net-worth individuals. The emirate’s thriving economy and investor-friendly policies continue to attract global elites, solidifying its position as a premier destination for luxury real estate.
According to Knight Frank, Dubai’s $10 million-plus home sales surpassed those in major global cities like New York, Hong Kong, and Los Angeles by the third quarter. The total value of these high-end transactions reached $7 billion, slightly up from 434 sales in 2023.
Top Luxury Neighborhoods in Dubai
Palm Jumeirah led the market with 127 transactions, followed by Palm Jebel Ali (36), Emirates Hills (31), and District One and The Oasis (29 each). Other sought-after locations included Dubai Hills Estate, Tilal Al Ghaf, Dubai Islands, Business Bay, Jumeirah Bay Island, and Downtown Dubai.
In terms of total sales value, Palm Jumeirah dominated with $2.3 billion in transactions, followed by Emirates Hills ($514.5 million) and Jumeirah Bay Island ($470 million).
Surging Demand Amid Population Growth
Despite global economic uncertainties, Dubai’s appeal as a wealth hub continues to strengthen. The city’s population grew by 170,000 in 2024 alone, surpassing 3.8 million residents. This rapid expansion has driven demand across all property segments, particularly in the ultra-luxury sector.
Government initiatives—such as long-term residency visas for investors, retirees, and remote workers—have further boosted Dubai’s real estate market. In 2024, total real estate transactions in the emirate surged to Dh761 billion, marking a 20% increase from the previous year, with 226,000 transactions recorded.
Rising Wealth and Soaring Home Prices
Dubai remains the wealthiest city in the Middle East, home to 72,500 millionaires, 212 centi-millionaires (net worth above $100 million), and 15 billionaires. Over the past decade, the city’s millionaire population has grown by 78%, reinforcing its status as a prime investment hub.
This wealth influx has driven a 19.1% surge in home prices in 2024, pushing them 13.1% above the 2014 peak. Villas dominated luxury sales, accounting for 68.5% of all transactions above $10 million—up from 52% in 2022 and 2023.
Developers like Omniyat, Nakheel, and Emaar Properties played a major role, contributing 46% of high-end transactions. However, limited supply remains a challenge, with luxury home availability steadily declining since mid-2023.
$25M+ Homes See Slight Dip
While overall luxury sales flourished, the number of ultra-premium homes exceeding $25 million declined to 46 in 2024, down from 56 the previous year.
Despite this, Dubai’s luxury property market continues to defy global trends, driven by strong international demand, a business-friendly environment, and an ever-growing pool of high-net-worth investors.
