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Published on 02/04/2025

Dubai’s Luxury Real Estate Market Sets New Record for $10M+ Sales

Dubai’s Property Market Hits 435 Sales in 2024, Villa Prices Surge 20.2%, Palm Jumeirah Leads with $2.3B Transactions

Dubai’s luxury property market continues to soar, breaking records with 435 sales above $10 million in 2024, surpassing the 434 transactions in 2023, according to Knight Frank.

Luxury Home Sales Boom

  • Q4 2024 alone saw 153 deals, marking the highest quarterly figure for this segment.

  • Palm Jumeirah led the market with 127 transactions worth $2.3 billion, accounting for 32.5% of total $10M+ sales.

  • Palm Jebel Ali followed with 36 deals, reflecting strong demand for waterfront properties.

Soaring Property Values

  • Villa prices surged 20.2% in 2024, nearly 100% higher than Q1 2020 levels.

  • Overall house prices rose 19.1%, standing 13.1% above the 2014 peak.

  • In Q4 2024, prime real estate prices reached AED6,626 ($1,804) per sq. ft., a 6% increase from Q4 2023.

  • Palm Jumeirah properties hit AED7,305 ($1,990) per sq. ft., a 15% rise from Q4 2023.

INNER (90)

Luxury Market Trends

  • Villas dominated 68.5% of all luxury sales, up from 52% in 2022-23.

  • 52% of luxury deals occurred in the off-plan market, with Omniyat, Nakheel, and Emaar leading sales.

  • Emaar’s The Oasis – Lavita became 2024’s most sought-after luxury project, selling 29 out of 43 villas above $10M.

Supply Struggles & Market Resilience

  • The number of $10M+ homes dropped 40% in 2024, with just 2,490 listings compared to 4,120 in 2023.

  • $25M+ transactions remained strong, with 15 deals in Q4 2024, just one short of the all-time high.

  • Rental prices are expected to increase by 18% for short-term leases and 13% for long-term rentals.

Despite global economic challenges, Dubai remains the world’s top luxury property market, attracting ultra-high-net-worth individuals with its thriving real estate sector.