The latest analysis from property consultancy Knight Frank has found that the emirate recorded 435 sales above $10m, surpassing the 434 US$10m+ transactions registered during 2023.
This record further cements Dubai’s position as the world’s leading market for luxury home sales.
The total number of sales above $10m in 2024 was bolstered by a remarkable performance in Q4, which saw 153 deals – the highest quarterly figure on record for this segment.
Palm Jumeirah retained the top spot, with 127 deals, followed by the Palm Jebel Ali at 36, Emirates Hills with 31 home sales and District One and the Oasis with 29 deals each, according to Knight Frank.
Other areas also recorded significant sales, including Dubai Hills Estate, Tilal Al Ghaf, Dubai Islands, Business Bay, Jumeirah Bay Island and Downtown Dubai.
“Despite macroeconomic headwinds, Dubai’s attractiveness as a hub for international wealth continues to grow, with developers struggling to match the pace of demand for ultra-luxury residences.
“The magnetic attraction of the city is also reflected in the fact that Dubai’s population has crossed the 3.8 million mark, up by around 170,000, or 4.6%, during 2024 alone, which continues to create new demand for housing at all price points.
“Indeed, last year, house prices rose by 19.1%, leaving them 13.1% above the 2014 peak. It’s villas though where the attention of the global super-rich remains focussed, with values rising by 20.2% last year, reflecting a 99.8% uplift on Q1 2020 levels”.
Faisal Durrani, Partner – Head of Research MENA, Knight Frank
In terms of value, Palm Jumeirah is at the top of the ranking with $2.3bn worth of sales, followed by Emirates Hills and Jumeirah Bay Island with sales amounting to $514.5m and $470m, respectively.
Dubai’s property market continues to perform strongly amid government initiatives such as residency permits for retired and remote workers, as well as the expansion of the ten-year golden visa programme and overall growth in the UAE’s economy.
