Dubai’s real estate market has long been a magnet for international investors, offering a blend of cutting-edge infrastructure, world-class amenities, and a tax-friendly environment. Over the past decade, the emirate has firmly established itself as a premier destination for high-net-worth individuals seeking ultra-luxury residences.
Unprecedented Growth in the Luxury Segment
In line with this Dubai’s luxury property market set a new record in 2024, achieving an all-time high in transactions for properties priced above $10 million. The emirate recorded an impressive 435 such sales, surpassing the previous record of 434 in 2023.
Palm Jumeirah
Palm Jumeirah remains at the forefront of Dubai’s luxury real estate market, solidifying its position as the city’s premier high-end residential destination. In 2024, the iconic waterfront community accounted for 127 transactions representing 29% of all luxury home sales amounting to approximately $2.3 billion in sales. This equates to 32.5% of the city’s high-end property market by total value, reflecting its continued appeal among affluent buyers.
While Palm Jumeirah leads the market, Palm Jebel Ali has emerged as a strong contender, securing the second position with 36 high-value transactions. Emirates Hills followed closely in terms of total sales value, recording $514.5 million in luxury transactions. Other neighborhoods Jumeirah Bay Island, District One, and Dubai Hills Estate also played a significant role, contributing 6.7%, 6.6%, and 6.2% of luxury sales, respectively.
A Historic Fourth Quarter for High-Value Sales
The fourth quarter of 2024 saw an unprecedented surge in luxury home sales, with 153 transactions recorded the highest quarterly figure ever. This exceptional performance underscores Dubai’s resilience and its growing appeal among international investors and buyers.
Villas and Off-Plan Properties Drive Sales
Villas continued to dominate the ultra-luxury segment, accounting for 68.5% of all transactions. Off-plan properties also played a crucial role, representing 52% of luxury sales. Leading developers Omniyat, Nakheel, and Emaar Properties accounted for 46% of all off-plan transactions, reflecting strong buyer confidence in Dubai’s long-term real estate prospects.
The Road Ahead
With record-breaking sales figures and a thriving luxury real estate sector, Dubai’s property market is on a trajectory to reach new heights. The emirate’s ability to attract global investors, coupled with its dynamic growth and investor-friendly environment, ensures its position as a global leader in high-end property investments.
One Investments has established itself as a leader in Dubai’s luxury real estate market, providing investors with access to prestigious developments and exclusive high-end residences. Committed to excellence, the firm offers expert guidance throughout the investment process, whether the focus is on acquiring a distinguished home or building a portfolio for passive income.
