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.
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.
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.
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.
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.