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Published on 02/03/2025

Dubai’s Luxury Real Estate Market Hits Record $10M+ Sales in 2024

Dubai’s Luxury Real Estate Surpasses $4.5B in 2024, with Palm Jumeirah Leading at $2.3B

Dubai’s luxury property market soared to new heights in 2024, with 435 sales surpassing $10 million, breaking the 2023 record of 434 transactions, according to Knight Frank. The surge was fueled by an exceptional Q4 performance, recording 153 high-end deals—the highest quarterly figure on record.

Palm Jumeirah Leads, But New Hotspots Emerge

Palm Jumeirah dominated the market with 127 transactions worth $2.3 billion, accounting for 32.5% of total luxury sales. However, Palm Jebel Ali is rising fast, securing 36 luxury deals, reflecting the growing demand for waterfront living. Other high-value areas included Emirates Hills ($514.5M in transactions), Jumeirah Bay Island, District One, and Dubai Hills Estate.

Villa Sales Surge as Demand Grows

Villas accounted for 68.5% of all $10M+ sales, up from 52% in previous years, driven by global high-net-worth individuals relocating to Dubai. 52% of these sales were off-plan, with top developers Omniyat, Nakheel, and Emaar leading the market.

Emaar’s The Oasis – Lavita, launched in Q3, emerged as 2024’s most sought-after luxury project, with 29 out of 43 villas sold for over $10M.

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Prime Market Sees Strong Growth

Dubai’s prime neighborhoods—Palm Jumeirah, Jumeirah Bay Island, Emirates Hills, and Jumeirah Islands—also saw impressive gains. Q4 2024 transacted prices hit AED 6,626 per sq. ft., up 6% YoY, while Palm Jumeirah’s prices surged 15% to AED 7,305 per sq. ft.

Ultra-Luxury Segment ($25M+) Remains Strong

At the very top of the market, $25M+ home sales remained resilient, with Q4 recording 15 transactions—just shy of the previous record.

Despite demand, supply remains tight. The number of $10M+ homes dropped by 40% in 2024, with only 2,490 properties listed compared to 4,120 in 2023. While supply slightly recovered in Q3, Q4 listings remained 14% lower than the previous year.

Dubai’s luxury real estate market is thriving, cementing its status as the world’s top destination for ultra-high-end homes.