Dubai’s luxury market sets new record for over $10-million home sales

Dubai’s luxury residential market steadied in 2024 but achieved a new record for $10 million-plus home sales.

Dubai recorded 435 sales above $10 million, surpassing the 434 transactions registered during 2023, according to the latest analysis from global property consultant, Knight Frank.

In the fourth quarter alone, 153 deals were signed, making it the highest quarterly figure on record for the luxury segment.

Faisal Durrani, partner and head of research, Mena at Knight Frank, said despite macroeconomic headwinds, Dubai’s attractiveness as a hub for international wealth continues to grow, with developers struggling to match the pace of demand for ultra-luxury residences.

“The magnetic attraction of the city is also reflected in the fact that Dubai’s population has crossed the 3.8 million mark, up by around 170,000, or 4.6 per cent, during 2024 alone, which continues to create new demand for housing at all price points,” he said.

Durrani added that house prices rose by 19.1 per cent last year. The attention of the global super-rich remained focused on its villas, with values rising by 20.2 per cent last year, reflecting a 99.8 per cent uplift on the first quarter of 2020 levels.

The Palm Jumeirah remained Dubai’s luxury sales hotspot, recording 127 deals – 29 per cent of the total volume – worth over $10 million in 2024, amounting to nearly $2.3 billion of property sales and accounting for 32.5 per cent of Dubai’s $10 million-plus sales by total value.

Palm Jebel Ali, which has been rapidly gaining momentum, finished second in transaction volume with 36 deals.

In terms of value, Emirates Hills ranked second, with $514.5 million in transactions. Jumeirah Bay Island, District One, and Dubai Hills Estate followed, contributing 6.7 per cent, 6.6 per cent, and 6.2 per cent of the luxury market, respectively.

Villas accounted for 68.5 per cent of all luxury deals.