Dubai has solidified its reputation as one of the world’s premier destinations for the affluent, with the luxury real estate market in the city witnessing 933 sales of properties valued at $10 million or more (AED 36.7 million) between 2010 and 2023, according to data from Knight Frank and Reidin. Dubai ranked first globally in terms of the highest sales of luxury homes worth $10 million and above, with 431 transactions, followed by London, New York, Hong Kong, and Los Angeles.
The first quarter of 2024 saw a significant number of high-value home sales ($10 million and above) in various areas of Dubai, totaling 101 deals. Since 2015, the Dubai real estate market has seen 115 transactions exceeding $25 million (about AED 92 million), with 12 deals recorded in the first quarter of 2024.
During the first quarter of 2024, 15 urban areas attracted the purchases of the wealthy in Dubai’s real estate market. “Palm Jumeirah” led the list with 39 deals, followed by “Palm Jebel Ali,” “Business Bay,” and Mohammed bin Rashid City. Other areas such as “Al Wasl,” “Jumeirah Bay,” “Dubai Hills Estate,” and “Tilal Al Ghaf” also saw high-value transactions.
These statistics underscore Dubai’s position among the 50 most desirable cities for the wealthy in 2024. With a significant increase in its millionaire population over the past decade, Dubai is home to over 72,500 millionaires, 212 centimillionaires, and 15 billionaires. The city ranks 21st globally in terms of wealthy individuals and is expected to break into the top 20 list soon.
In 2023, Dubai experienced the second-highest net inflow of millionaires worldwide, highlighting the emirate’s remarkable progress across various sectors, particularly in aviation, which is closely tied to its exceptional economic growth.