Sales of luxury homes in Dubai valued at over $10 million surged to a record 435 transactions in 2024, slightly surpassing the previous year’s total of 434, as reported by global property consultant Knight Frank.
Q4 Drives Record-Breaking Sales
The substantial growth in 2024 can be attributed to a robust performance in the final quarter, where 153 luxury homes were sold, setting a new record for quarterly sales.
Follow THE FUTURE on LinkedIn, Facebook, Instagram, X and Telegram
Palm Jumeirah remained the standout location for high-end property sales, accounting for 127 deals or 29% of the total. This area alone generated $2.3 billion in sales, making up 32.5% of the total value of Dubai’s luxury home market.
Other Key Luxury Areas
Palm Jebel Ali followed with 36 luxury property transactions in 2024, with the first homes in this area expected to be completed by 2027. In terms of transaction value, Emirates Hills secured second place, with sales totaling $514.5 million, or 7.3% of the market.
Jumeirah Bay Island, District One, and Dubai Hills Estate rounded out the top five locations, contributing 6.7%, 6.6%, and 6.2% to the luxury market, respectively.
Villa Demand Fuels Market Growth
Villas made up 68.5% of all luxury property sales in 2024, up from 52% in 2022 and 2023. This growth was primarily driven by increasing demand from international high-net-worth individuals.
More than half (52%) of luxury home sales took place in the primary market, with major developers such as Omniyat, Nakheel, and Emaar Properties accounting for 46% of these transactions.
A Slight Dip In High-End Listings
The report also revealed a 40% decrease in the number of homes listed above $10 million, with only 2,490 properties available in 2024, compared to 4,120 in 2023.
Faisal Durrani, Partner and Head of Research for MENA at Knight Frank, commented on Dubai’s growing appeal: “The city’s magnetic attraction is evident in its population growth, which reached over 3.8 million, increasing by 170,000 or 4.6% during 2024. This growth continues to fuel housing demand across all price ranges.”
Dubai Real Estate Market Performance
The Dubai Land Department recently reported that the emirate’s real estate sector achieved a total value of $207.2 billion (AED 761 billion) in 2024, marking a 20% year-on-year increase. The number of real estate deals reached a record 2.7 million, which includes sales and rental agreements, up 17% from the previous year.
Real estate transactions alone amounted to 226,000, reflecting a significant 36% rise compared to 2023.
Abu Dhabi’s Strong Growth
Meanwhile, Abu Dhabi’s real estate market also saw impressive growth in 2024, with transaction values rising by 10.5% to $26.2 billion (AED 96.2 billion). The number of transactions surged by 24.2% year-on-year to reach 28,249.
Leading Real Estate Players
Emaar Properties from Dubai and Aldar Properties from Abu Dhabi were the region’s top revenue-generating real estate companies, with Emaar reporting $6.5 billion and Aldar $4.5 billion for the first nine months of 2024.
This continued strong performance reflects a thriving luxury real estate market in the UAE, attracting international investors and contributing to the broader growth of the region’s economy.
