Dubai’s luxury home sales reached a record 435 units in 2024 due to high demand in the fourth quarter
In 2024, 435 luxury homes in Dubai, each costing more than $10 million, were sold. This is just above the 434 sales in 2023, as reported by the global property consultant Knight Frank.
Luxury Residential Market
The high number of sales in 2024 was due to a strong fourth quarter, which saw 153 sales, the highest number in a single quarter.
The report showed that Palm Jumeirah was the top place for luxury home sales in Dubai, with 127 sales in 2024, making up 29% of the total sales. The total value of these homes was $2.3 billion, representing 32.5% of the total value of luxury home sales in Dubai.
Palm Jebel Ali came second with 36 sales. The first homes on Palm Jebel Ali are expected to be ready in 2027.
Emirates Hills had the second-highest value, with $514.5 million in sales, or 7.3% of the luxury market. Other areas, such as Jumeirah Bay Island, District One, and Dubai Hills Estate, followed with 6.7%, 6.6%, and 6.2% of the market share, respectively.
Knight Frank stated that 68.5% of luxury sales in 2024 were for villas, up from 52% in 2022 and 2023. This growth is mainly from increased interest by wealthy international buyers.
The report also found that 52% of all luxury home sales in 2024 were in the primary market. Companies like Omniyat, Nakheel, and Emaar Properties made up 46% of these sales.
The number of homes priced over $10 million dropped by 40% in 2024, with 2,490 properties listed, down from 4,120 in 2023.
“The city’s growing popularity is clear, as Dubai’s population grew by 170,000, or 4.6%, to over 3.8 million in 2024, creating more demand for housing at all price points,” said Faisal Durrani, Partner and Head of Research, MENA at Knight Frank.
Dubai’s Real Estate Market
The Dubai Land Department reported that Dubai’s real estate transactions reached $207.2 billion (AED 761 billion) in 2024, a 20% increase compared to the previous year.
Dubai’s real estate sector hit a record 2.7 million deals in 2024, including real estate transactions and rental agreements, which is a 17% increase from 2023. Of these, 226,000 were real estate transactions, marking a 36% year-on-year rise.
Abu Dhabi’s Real Estate Market
In January, the Abu Dhabi Real Estate Centre (ADREC) reported that real estate transactions in Abu Dhabi grew by 10.5% in 2024, reaching $26.2 billion (AED 96.2 billion).
The total number of transactions increased by 24.2% year-on-year, with 28,249 transactions. This includes 16,735 sales worth $15.9 billion (AED 58.5 billion) and 11,514 mortgage transactions valued at $10.26 billion (AED 37.7 billion).
Tangent
Emaar Properties in Dubai and Aldar Properties in Abu Dhabi were the top real estate companies in the GCC region in terms of revenue in the first nine months of 2024, earning $6.5 billion and $4.5 billion, respectively.
Published: 4th February 2025
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