Palm Jumeirah remained the top destination,
Dubai Achieves Record-Breaking Q1 with 111 Luxury Home Sales Over $10 Million in 2025
Dubai saw a total of 111 property transactions exceeding $10 million during the first quarter of 2025, showcasing continued strength in the emirate’s high-end residential sector amid a steady influx of ultra-wealthy buyers.
This figure represents the highest first-quarter performance ever recorded, with an annual increase of 5.7% and a cumulative sales value reaching $1.9 billion, according to Knight Frank’s latest report. Palm Jumeirah emerged as the leading location for luxury transactions, recording 34 deals totaling $562.8 million in Q1.
Emirates Hills ranked second, witnessing 15 high-value property sales worth $356.7 million. Notably, the most expensive transaction of the quarter was also in this upscale area—a six-bedroom villa that changed hands for $106.3 million in January, originally purchased in 2015 for $6.6 million.
Additionally, Dubai registered 12 home sales exceeding $25 million during the same period, signaling persistent interest from global ultra-high-net-worth individuals (UHNWIs) looking for exceptional, statement-making residences.
Knight Frank noted, “The luxury property segment in Dubai remains resilient and continues to set benchmarks. International demand dominates, distinguishing the emirate on the world stage.” Faisal Durrani, Partner and Head of Research, MENA at Knight Frank, emphasized that Dubai has solidified its position as the global hub for ultra-luxury real estate, outpacing traditional markets such as London, New York, and Hong Kong.
In 2024, Dubai led the globe in both volume and total value of home sales above the $10 million threshold, with 435 transactions amounting to $7.1 billion.
This surge in demand is closely linked to a growing population of affluent individuals, driven by policies such as the UAE’s golden visa expansion, residency options for retirees and remote workers, and continued economic diversification efforts.
Knight Frank, referencing data from Henley & Partners, reported that the UAE attracted 7,200 millionaires in 2024, following 4,700 in 2023 and 5,200 in 2022. As of December, the total number of millionaires in the country had reached 130,500, placing the UAE as the 14th-largest wealth market globally.
Over the last decade, the population of dollar millionaires in the UAE has grown by 98%, ranking it as the second-fastest growing wealth hub worldwide. The majority of this inbound wealth originates from India, followed by the Middle East, Russia and the CIS, the UK, and Europe.
In tandem with the rise in UHNWIs, the expansion of family offices in the region is also fueling property market growth. According to Knight Frank, the inclination to invest in Dubai real estate correlates with net worth—rising from 28% among individuals with $2 million–$5 million to 78% among those exceeding $15 million in wealth.
Among ultra-wealthy individuals considering a Dubai home, 25% are ready to spend $60 million to $80 million, while 16% are open to paying over $80 million. This substantial demand is intensifying pressure on the city’s high-end housing inventory.
In the Dh2,000–3,000 per square foot bracket, which comprises several high-end properties, new supply dropped 57% year-on-year in Q1. A comparable pattern was observed in the Dh3,000–5,000 per sq ft segment, where availability fell by 39%.
However, the sharpest shortfall appeared in the ultra-luxury segment. In 2023, no new villas were introduced in the Dh5,000+ per sq ft category. By 2024, only 16 villas entered the market at this elite price level, highlighting the limited availability of Dubai’s most exclusive residential properties, as per Knight Frank’s insights.
