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 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.
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.
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.
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.