Dubai Ultra‑Luxury Property Boom Shows No Slowdown
Palm Jumeirah held its status as the top destination for high‑end buyers, with La Mer following closely behind. Both areas have seen robust developer confidence, evident in pipeline projects like Dar Global's Trump Tower and Arada's twin‑tower Akala on Sheikh Zayed Road, aimed at the ultra‑rich.
Knight Frank's global data shows Dubai remained the world's busiest market for homes over $10 million throughout 2024 and continued its leadership into Q2 2025. In Q1 2025 alone, 111 such homes sold— the strongest first‑quarter tallies ever recorded.
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Experts attribute the surge to a growing pool of ultra‑high‑net‑worth individuals attracted by tax‑friendly policies, infrastructure, and lifestyle amenities. Knight Frank's 'Destination Dubai 2025' report indicates that over US $10.3 billion in private capital, from buyers in India, Saudi Arabia, the UK, and East Asia, is earmarked for Dubai's residential market.
Faisal Durrani, Head of Research for MENA at Knight Frank, noted that total luxury home sales value has risen by 282 % since 2020, and that Dubai almost matched London and New York combined in transactions over $10 million in 2024.
Villa sales have been especially strong. In 2024, 68.5 % of all homes priced over $10 million were villas—a sharp increase from around 52 % in 2022–23—reflecting UHNWI preference for standalone luxury residences.
Despite high demand, supply at this price tier remains limited. Listings for homes over $50 million have plunged—from 37 to just nine—prompting developers to speed up villa construction. Nearly 9,000 villas are expected by the end of 2025, with a further 19,700 slated for completion next year.
This supply‑demand imbalance has pushed prices higher: villa values rose approximately 20 % during 2024 and prime neighbourhoods like Palm Jumeirah and Emirates Hills saw quarterly price increases of around 20 %. In Emirates Hills alone, land prices now range up to AED 7,154 per square foot, with some high‑end plots trading at over AED 200 million.
Still, despite rising costs, Dubai's luxury home market offers relative affordability. A million dollars buys 91 sqm of prime property in Dubai, compared with just 33 sqm in London and 34 sqm in New York.
However, analysts stress that several risks could temper growth. A sharp global economic downturn or a drop in oil prices might undermine demand, potentially deflating the market. Additionally, strains on infrastructure and rising rental costs—up to 20 % in some areas in 2024—highlight challenges in managing Dubai's rapid expansion.
Still, momentum remains strong. Much of the surge reflects rising global wealth flows, particularly from India, Saudi Arabia, the UK, and East Asia, and government efforts to enhance Dubai's appeal. High‑net‑worth buyers are favouring off‑plan villas and branded residences in locations such as Dubai Marina, Dubai Hills Estate and Emirates Hills.
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