Dubai’s super-luxury real estate market continues to surge, with Palm Jumeirah and Jumeirah Bay Island emerging as the top choices for ultra-high-net-worth individuals (UHNWIs). The two iconic locations accounted for an impressive 48% of all property transactions valued at over $13.6 million (AED 50 million) during the first ten months of 2024, according to data from Metropolitan Premium Properties (MPP), a leading full-service real estate agency and the flagship company of the Metropolitan Group.
Other high-demand areas include Mohammed Bin Rashid City, Tilal Al Ghaf, and Dubai Hills Estate, reinforcing Dubai’s position as a global hub for ultra-luxury living.
The overall value of transactions in the $13.6 million-plus category reached an extraordinary $3.62 billion (AED 13.3 billion) as of October 2024, underlining the sector’s robust performance. This growth has been fuelled by a steady influx of UHNWIs relocating to Dubai, bolstering investor confidence, a thriving economy, and the city’s enduring appeal as a luxury lifestyle destination.
“The sustained growth of Dubai’s super-luxury real estate market is a testament to the city’s unwavering appeal as a global investment destination, attracting investors from across the globe,” said Nikita Kuznetsov, CEO of Metropolitan Premium Properties.
MPP has seen significant growth in its market share within the super-luxury segment. Kuznetsov noted, “We witnessed a substantial increase in both the value and volume of transactions in the $13.6 million-plus market. Our market share grew by over 50% in the first ten months of the year, rising from 2.3% to 3.5% in terms of value and from 2.8% to 4.3% in terms of transaction volume.”
British buyers dominated acquisitions in this elite category, followed by investors from the United States, Canada, Germany, and the UAE. This diverse mix of international buyers reflects Dubai’s appeal as a multicultural hub offering world-class infrastructure, safety, and tax benefits.
With landmark projects and unparalleled opportunities for high-net-worth investors, Dubai is firmly cementing its position as a global leader in the super-luxury real estate market.
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