Dubai recorded 435 sales above $10 million, surpassing the 434 transactions registered during 2023, according to the latest analysis from global property consultant, Knight Frank.
In the fourth quarter alone, 153 deals were signed, making it the highest quarterly figure on record for the luxury segment.
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Faisal Durrani, partner and head of research, Mena at Knight Frank, said 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 per cent, during 2024 alone, which continues to create new demand for housing at all price points,” he said.
Durrani added that house prices rose by 19.1 per cent last year. The attention of the global super-rich remained focused on its villas, with values rising by 20.2 per cent last year, reflecting a 99.8 per cent uplift on the first quarter of 2020 levels.
Palm Jumeirah tops again
The Palm Jumeirah remained Dubai's luxury sales hotspot, recording 127 deals – 29 per cent of the total volume – worth over $10 million in 2024, amounting to nearly $2.3 billion of property sales and accounting for 32.5 per cent of Dubai's $10 million-plus sales by total value.
Palm Jebel Ali, which has been rapidly gaining momentum, finished second in transaction volume with 36 deals.
In terms of value, Emirates Hills ranked second, with $514.5 million in transactions. Jumeirah Bay Island, District One, and Dubai Hills Estate followed, contributing 6.7 per cent, 6.6 per cent, and 6.2 per cent of the luxury market, respectively.
Villas accounted for 68.5 per cent of all luxury deals.
“Dubai has emerged as the world's leading market for luxury home sales, an enviable position given the relatively young age of the market. The explosive arrival of the city on the luxury homes market stage coincides with an influx of ultra-rich residents who are relocating to the emirate with their families and businesses,” said Petri Mannila, partner, head of prime residential, UAE, at Knight Frank.
It said 52 per cent of all luxury sales in 2024 occurred in the primary (off-plan) market, with the top three developers - Omniyat, Nakheel and Emaar Properties - accounting for a combined 46 per cent of these transactions.
“Dubai's US$ 10 million homes market has seen extraordinary sales growth despite a prolonged decline in the availability of luxury homes. Since mid-2023, the supply of luxury properties has steadily decreased as developers struggled to meet the surging demand from both Dubai's elite and the global HNWI,” said Mannila.