Dubai has cemented its reputation as one of the world’s leading destinations for the affluent, with its luxury real estate market witnessing an impressive growth in recent years. Between 2010 and 2023, the city recorded a total of 933 sales of properties valued at $10 million or more (AED 36.7 million), according to data from Knight Frank and Reidin.
Dubai ranked first globally in terms of high-value sales of luxury homes worth $10 million and above, with 431 transactions. In comparison, London, New York, Hong Kong, and Los Angeles followed closely behind.
In Q1 2024, Dubai saw a significant number of high-value home sales ($10 million and above), totaling 101 deals. Since 2015, the Dubai real estate market has seen a remarkable increase in transactions exceeding $25 million (about AED 92 million), with a total of 12 deals recorded in Q1 2024 alone.
According to new statistics released by Knight Frank and Reidin, fifteen urban areas attracted the purchases of the wealthy in Dubai’s real estate market during Q1 2024. Palm Jumeirah led the list with thirty-nine deals, followed by Palm Jebel Ali and Business Bay. Other areas such as Mohammed bin Rashid City, Al Wasl, Jumeirah Bay, Dubai Hills Estate, and Tilal Al Ghaf also saw high-value transactions.
These statistics underscore Dubai’s position among the top cities for the wealthy worldwide in 2024. With a significant increase in its millionaire population over the past decade, Dubai is now home to over seventy-two thousand millionaires and two hundred centimillionaires worldwide. The city ranks twenty-first globally in terms of wealthy individuals and is expected to break into the top twenty list soon.
In addition to its impressive luxury property market growth
