Dubai has seen an increase in luxury property sales in 2024.
According to the latest analysis by the global analytical service Knight Frank, from January to December in the emirate concluded 435 transactions of purchase and sale of housing worth more than $ 10 million. In turn, the fourth quarter of 2024 became a record in the number of sold expensive objects in the history of observations. A total of 153 units of luxury property were sold. This shows that despite the macro-economic problems, Dubai's appeal as a centre of global wealth is growing and developers are finding it increasingly difficult to keep up with the growing demand for super-luxury properties.
Dubai's attractiveness is also confirmed by its significant population growth, with the total population surpassing 3.8 million. For 2024 alone, the growth rate is 4.6 per cent or 170,000 people,' said Faisal Durrani, Partner and Head of Research at Knight Frank.
He also mentioned that residential property prices in Dubai rose by 19.1% last year. The interest of the world's richest people continued to be directed towards villas, which increased in value by 20.2% in 2024.
Interestingly, Palm Jumeirah remains the most popular location for investors. In 2024, 127 luxury residential transactions worth $10 million or more took place here, accounting for 29% of total sales. In second place was Palm Jebel Ali, where 36 expensive properties were sold.
Looking at the total value of property sales in 2024, Emirates Hills took second place. Here the value of transactions exceeded $514 million. This was followed by Jumeirah Bay Island, District One and Dubai Hills Estate, which contributed 6.7%, 6.6% and 6.2% respectively to the luxury market. Villas accounted for 68.5% of all luxury property transactions.
Dubai has emerged as the world's leading luxury residential sales market. This is an enviable position given the relatively young age of the market. The city's explosive entry into the luxury residential market coincides with an influx of high net worth investors moving their families and businesses to the emirate," concluded Petri Mannila, Partner, Head of UAE Luxury Residential at Knight Frank.