Dubai is the fastest-growing market for super luxury properties, with sales of opulent dwellings, priced at $10m or more, rising from 23 in 2019 to 436 in the last 12 months.
The Emirate also led the market by the number of super luxury sales in Q2 2024, recording 85 transactions, although this represents a decline from the peak of 131 in Q3 2023.
“Substantial wealth creation has supported the growth in the global super-prime sales market. The transformation of markets like Dubai, Palm Beach and Miami has more than offset the slowing experienced by some more mature markets. With rates moving lower, total transaction volumes are likely to tick higher into 2025.”
Liam Bailey, Global Head of Research, Knight Frank
It comes as Property Finder has announced market performance highlights for August 2024, offering valuable insights into the real estate landscape.
According to Property Finder’s data, August was a pivotal month for the industry, as transaction values remained at par with the highest peak recorded earlier this year, in May.
16,163 transactions were recorded – a 37% increase compared to the same month last year. The value of these transactions increased by 38%, totalling to AED 47.2bn.
Popular areas for apartment ownership were Jumeirah Village Circle, Dubai Marina, Downtown Dubai, Business Bay and Palm Jumeirah.
Also, Dubai Hills Estate, Al Furjan, Palm Jumeirah, Damac Hills 2 and Dubai South were the most desired areas to own villas/townhouses.
“August was a particularly exciting month, with several project developments feeding into sustained growth in Dubai’s thriving real estate sector. The industry continues to see a breadth of demand – with younger families looking for community-centric living options, driving affordable housing interest; while luxury demand is also on the rise, with the influx of ultra high networth individuals expected in the coming years.”
Cherif Sleiman, Chief Revenue Officer, Property Finder
Over the last five years, August property sales in Dubai’s real estate market have risen from AED 4.7bn in 2020 to AED 14.98bn in 2021, AED 23.4bn in 2022, AED 33.6bn last year and over AED 47bn last month.
