Dubai’s Luxury Residential Market Hits Record High in 2024 with US$ 10 Million+ Home Sales 🌟
Dubai’s luxury residential sector soared to new heights in 2024, setting an all-time record for homes priced over US$ 10 million. According to the latest insights from global property consultancy Knight Frank, the emirate recorded an impressive 435 sales exceeding US$ 10 million. This figure surpasses the 434 transactions recorded in 2023, solidifying Dubai’s status as the global leader in luxury home sales.
The surge in sales was driven by an outstanding performance in Q4 2024, which witnessed 153 transactions—marking the highest quarterly total ever for this premium segment.
“Dubai’s Global Appeal Fuels Unmatched Growth” 🌍
Faisal Durrani, Partner and Head of Research for MENA at Knight Frank, highlighted: “Despite global economic challenges, Dubai’s appeal as a magnet for international wealth continues to strengthen. Developers are finding it challenging to keep pace with the skyrocketing demand for ultra-luxury homes.”
Durrani also noted, “The city’s population crossed 3.8 million in 2024, growing by approximately 170,000 residents, a 4.6% increase. This growth is driving demand for homes across all price ranges. Property prices surged by 19.1% last year, pushing them 13.1% above the 2014 peak. Villas remain the preferred choice for the global elite, with values rising 20.2% in 2024—an astounding 99.8% increase since Q1 2020.”
🏡 US$ 10 Million+ Homes Market Dominated by Iconic Locations
The Palm Jumeirah retained its crown as Dubai’s top luxury hotspot, recording 127 transactions in 2024, accounting for 29% of all US$ 10 million+ deals. These sales totaled nearly US$ 2.3 billion, representing 32.5% of Dubai’s ultra-luxury market by value.
Palm Jebel Ali, Dubai’s second palm-shaped island, made a remarkable entry, securing second place with 36 transactions. This highlights the growing demand for luxury waterfront properties, with the first homes on Palm Jebel Ali expected for handover in 2027.
In terms of transaction value, Emirates Hills ranked second, generating US$ 514.5 million (7.3% of the luxury market). Jumeirah Bay Island, District One, and Dubai Hills Estate followed closely, contributing 6.7%, 6.6%, and 6.2% respectively.
Villas Lead the Luxury Market Boom 🏠
Villas dominated the luxury segment, making up 68.5% of all sales above US$ 10 million—a significant rise compared to 52% in 2022 and 2023. This growth reflects Dubai’s strengthening position as a global hub for luxury real estate, particularly appealing to international high-net-worth individuals.
Petri Mannila, Partner and Head of Prime Residential, UAE, commented: “Dubai has firmly established itself as the world’s premier luxury real estate market. The city’s rapid rise coincides with a wave of ultra-wealthy individuals relocating with their families and businesses.”
Off-Plan Market and Top Developers Shine ✨
In 2024, 52% of luxury sales occurred in the primary (off-plan) market, with leading developers Omniyat, Nakheel, and Emaar Properties accounting for a combined 46% of transactions. Their contributions stood at 19%, 16%, and 11%, respectively.
Emaar’s The Oasis – Lavita, launched in Q3 2024 near Jumeirah Golf Estates, quickly became the year’s standout luxury development. Out of 43 villas, 29 were sold for over US$ 10 million, highlighting its immense popularity.
🌟 Prime Homes Market Experiences Exceptional Growth
Dubai’s prime residential market, covering Palm Jumeirah, Jumeirah Bay Island, Jumeirah Islands, and Emirates Hills, also witnessed significant growth.
During Q4 2024, the average transaction price in these affluent areas reached AED 6,626 per square foot, marking a 6% increase from Q4 2023. Palm Jumeirah dominated this segment with 105 transactions, representing two-thirds of all prime deals. The average price per square foot rose to AED 7,305, a 15% year-on-year increase.
Mannila added: “Dubai’s US$ 10 million+ homes market has experienced extraordinary growth despite limited supply. Since mid-2023, the number of luxury properties available has steadily declined as demand from both local elites and global high-net-worth individuals surged.”
Luxury Property Supply Tightens 📉
While the listed supply of luxury homes began to recover slightly in Q3 2024, growth remained modest. By Q4, the total number of US$ 10 million+ listings stood at 805—14% lower than Q4 2023. Overall, there was a 40% drop in homes priced above US$ 10 million in 2024, with only 2,490 properties listed compared to 4,120 in 2023.
💼 US$ 25 Million+ Homes Market Remains Strong
Demand at the ultra-luxury end remained robust, with sales of homes priced above US$ 25 million showing resilience despite fluctuations earlier in the year.
In Q4 2024, the number of transactions rebounded to 15 deals, just one short of the all-time record set in Q3 2023. This underscores the enduring strength of Dubai’s ultra-luxury real estate market, attracting elite buyers from around the world.
