How US$ 190bn in transactions, 170,000 home sales, and a surge of ultra-wealthy buyers are rewriting the rules of global real estate
Dubai’s property market isn’t just breaking records anymore—it’s operating on a scale that rivals entire countries.
In 2024, the emirate registered US$ 190 billion in total real estate transactions. To put that in perspective, that’s more than the combined total of most major regional markets. Saudi Arabia, for comparison, recorded US$ 75 billion. Dubai’s deal activity is now comparable to the GDP of Greece, Qatar, and Kazakhstan—and four times the GDP of Jordan.
This isn’t hype. This is data. And for those of us advising high-net-worth clients on where to deploy capital in 2025 and beyond, understanding why this is happening—and where it’s heading—is critical.
A Record Year That Set New Benchmarks
Let’s start with the headline numbers from 2024, because they tell a story of persistent, strengthening demand:
Almost 170,000 home sales were completed in Dubai last year, totalling close to US$ 100 billion in residential transactions alone.
The city hit the AED 100 billion milestone in home sales by 4 March 2025—ahead of the 22 March date in 2024. That’s the fastest pace on record.
Residential prices surged by 19.1% in 2024, taking total growth since the start of this cycle in November 2020 to 65.5%.
Villas outperformed, rising 20.2% last year to an average of AED 2,009 per square foot—now 38.1% above the 2014 peak.
And perhaps most impressively, Dubai has retained its title as the world’s busiest market for US$ 10 million+ homes for the second consecutive year. The city recorded 435 sales in this exclusive price bracket in 2024—almost equalling the combined number of US$ 10 million+ home sales in London and New York.
If you’re wondering whether this momentum is sustainable, the answer lies in understanding who is buying, why they’re buying, and what they’re buying.
Who’s Buying: The Ultra-Wealthy Are Leading the Charge
This year, we surveyed 387 high-net-worth individuals (HNWI) from India, the UK, Saudi Arabia, and East Asia—each with an average net worth of US$ 22 million, excluding their primary residence. The results reveal a clear pattern: the deeper the pockets, the stronger the pull.
Key Findings:
52% of those with personal net wealth exceeding US$ 20 million are interested in purchasing property in the UAE in 2025 (up from 49% last year).
68% of those worth between US$ 30–50 million plan to invest in UAE property this year.
By contrast, only 12% of those worth US$ 2–5 million are actively planning a purchase.
From this sample of 387 individuals alone, we’ve identified US$ 10.3 billion of private capital targeting Dubai’s residential market.
Who’s Most Interested?
Saudi nationals have the strongest appetite overall, with 66% planning a purchase in 2025 and an average budget of US$ 45.7 million per acquisition.
Indian HNWI follow closely, with 41% planning to buy this year.
UK HNWI have an average budget of US$ 30 million, with 38% planning to spend less than US$ 10 million and 23% willing to commit over US$ 20 million.
East Asian HNWI (China, Hong Kong, Singapore) have the lowest average budget at US$ 23 million, but Hong Kong buyers show the strongest appetite in this region at 22%.
In our own sales data at Knight Frank Dubai, Saudi, Indian, and British nationals accounted for just over 50% of homes sold in 2024. Turkish and Chinese buyers are also growing in number.
Why They’re Buying: Infrastructure, Value, and Lifestyle
When we asked HNWI what makes a property purchase in the UAE attractive, the top three motivators were:
High-quality infrastructure (69%)
Better value for money (63%)
Global tourist destination (59%)
Interestingly, the range of residential visa options (46%) and lack of personal taxation (45%) ranked lower. While these are important, they’re not the primary drivers for the ultra-rich. What matters more is quality of life, world-class infrastructure, and investment fundamentals.
And the data backs this up:
Dubai ranked #1 globally for greenfield foreign direct investment projects for the fourth consecutive year, attracting US$ 14.2 billion in FDI capital in 2024—a 33% increase on 2023.
The UAE ranked 3rd in the 2024 InterNations Quality of Life Index, behind only Spain and Austria, with high marks for safety, political stability, transport, and culinary variety.
The UAE was also ranked first globally for the fourth year running in the Global Entrepreneurship Monitor (GEM) 2024–2025 report for its entrepreneurial environment.
Dubai isn’t just selling homes. It’s selling a fully-funded future—from the US$ 35 billion expansion of Al Maktoum International Airport to the US$ 8.7 trillion D33 Economic Agenda, which aims to double the economy and position Dubai as the fourth largest global financial centre (after New York, London, and Singapore) by 2033.
Where They’re Buying: The Holy Trinity of Dubai Real Estate
71% of our global HNWI respondents named Dubai as their most preferred emirate for a real estate acquisition. Among Saudi HNWI, that figure jumps to 80%. For UK buyers, it’s 74%. For Indian buyers, 69%.
Top Target Neighbourhoods:
Dubai Marina – 28% overall
39% of British HNWI
35% of Saudi HNWI
43% of HNWI worth over US$ 50 million
Dubai Hills Estate – 24%
Emirates Hills – 23% (and the most preferred location for Indian HNWI)
For the ultra-rich, Dubai Marina, Dubai Hills Estate, and Emirates Hills remain the holy trinity of Dubai real estate.
Prime Neighbourhoods Expand
In 2024, we upgraded Jumeirah Islands to join the ranks of Emirates Hills, Palm Jumeirah, and Jumeirah Bay Island as a “prime” neighbourhood. To qualify, 10% of deals in a neighbourhood (by number) must take place at over AED 10 million—and this must be sustained for three consecutive years. The number of neighbourhoods we now classify as prime has expanded to 10 areas.
Jumeirah Islands led the city in price growth over the 12 months to Q1 2025, rising 38.4% versus a city-wide average of 17.4%.
The Rise of the “Accidental Millionaire”
One of the most striking findings from our analysis this year is the sheer scale of wealth creation in Dubai’s property market.
As of Q1 2025, there are 110,000 homes in Dubai valued at over US$ 1 million, out of 624,000 total homes sold since 2002. That’s 17.7% of all homes ever sold in the city. The combined value of these homes is AED 994 billion (US$ 271 billion)—up 21% since the end of 2024.
But here’s what’s remarkable: 37,000 of these homes are owned by “accidental millionaires”—people who bought properties for under US$ 1 million and crossed the threshold purely through price appreciation. The number of accidental millionaires has risen by 79.5% on average over the past three years.
Only 19% (21,000 units) of these US$ 1 million+ homes are rented. The majority are being held as primary residences, second homes, or long-term capital-gain plays—reflecting strong confidence in Dubai’s residential market among the ultra-wealthy.
Where Are These Homes?
The top three neighbourhoods by concentration of US$ 1 million+ homes are:
Palm Jumeirah – 9,071 homes
Downtown Dubai – 8,376 homes
Dubai Hills Estate – 6,138 homes
Together, the city’s top 10 communities account for 46,700+ homes—almost 50% of all “property millionaire” homes in Dubai.
Branded Residences: The 114% Premium
One of the most significant shifts we’ve tracked is the surge in demand for branded residences.
In our 2024 survey, 69% of global HNWI were keen on securing a branded residence in Dubai. This year, that figure has jumped to 86%.
By Nationality:
Saudi HNWI: 92%
Indian HNWI: 88%
East Asian HNWI: 81%
UK HNWI: 78%
By Wealth:
34% of those with US$ 1–5 million net wealth are strongly likely to buy branded.
75% of those with US$ 50 million+ net wealth.
Branded homes in Dubai currently trade at a 114% premium over mainstream market values—more than triple the global average of 35–40%.
What Drives the Demand?
The top three motivators for purchasing a branded residence are:
Services and physical amenities (63%)
Building maintenance and management (59%)
High yield / investment potential (59%)
For Saudi HNWI and those worth over US$ 50 million, brand prestige and identity ranks as the top driver (72%).
Branded residences offer instant access to the “Dubai lifestyle”—world-class property management, exclusive services, and the option to rent out the property with virtually guaranteed returns.
What HNWI Actually Want to Buy
Understanding product preferences is critical for both buyers and developers.
Asset Class Preference:
68% of HNWI say UAE residential is their top target asset class.
49% are interested in branded residences.
47% are interested in office (and 52% of Indian HNWI rank office as their second choice).
Villa vs Apartment:
46% prefer villas or ranch-style homes.
43% prefer apartments.
Among villa buyers:
66% want standalone villas.
74% prefer beachfront villas over golf course villas (17%).
Top Villa Sizes:
4-bedroom villas: 30%
6+ bedroom villas: 27%
3-bedroom villas: 26%
The sweet spot for internal area is 2,000–5,000 square feet (41% overall). For those worth over US$ 50 million, the sweet spot is 3,000–5,000 square feet (23%).
The Land Opportunity:
Perhaps the most striking finding: 83% of HNWI are interested in purchasing land to build their own home. This ranges from 74% (East Asia) to 91% (Saudi). 96% of those worth over US$ 50 million find land attractive.
Yet only 4% chose land purchase as their market entry preference—a clear gap between demand and supply.
Supply, Population, and the 2040 Story
With prices rising by 65.5% since November 2020, the question on everyone’s mind is: can this continue?
The answer depends on supply, population growth, and economic fundamentals.
The Supply Pipeline:
We’re currently tracking 352,000 launched and under-construction homes expected to complete by the end of 2029:
81.2% apartments
17.3% villas
1.5% branded residences
That translates to an average of 70,400 deliveries per year between 2025–2029, compared to a historic average of 36,000 since 2010.
The Population Story:
Between 2022 and 2024, housing stock grew at a compound annual growth rate (CAGR) of 3.8%. Over the same period, we estimate Dubai’s population grew at a CAGR of 8.5%—based on expat school enrolment data, which provides a robust proxy given that c.90% of Dubai’s population are expats.
If completion materialisation stays around 60% (as it has been from 2022–2024), supply growth to 2029 would be approximately 4.2% CAGR—still below recent population growth rates.
The Bottom Line:
If population growth continues anywhere near recent rates, new stock is likely to be absorbed without triggering broad-based market weakness. However, any slowdown in arrivals may put pressure on prices in the low-to-mid-range apartment market. High-end segments—particularly villas, beachfront homes, and branded residences—are expected to remain resilient, supported by persistent demand from ultra-wealthy buyers.
Final Thoughts: A Market Built on Fundamentals
Dubai’s rise as a premier investment destination has been carefully orchestrated by the government over the past five decades, culminating in one of the most desirable residential markets in the world.
The numbers speak for themselves:
US$ 190 billion in total real estate transactions in 2024.
435 sales of US$ 10 million+ homes—more than London and New York combined.
US$ 10.3 billion of private HNWI capital targeting the market this year.
352,000 homes in the pipeline, supported by US$ 8.7 trillion in economic infrastructure investment.
This isn’t a speculative bubble. This is a market driven by genuine end-users, families relocating, businesses setting up regional headquarters, and ultra-wealthy individuals seeking quality of life, world-class infrastructure, and long-term capital appreciation.
For those with the capital, the expertise, and the patience to navigate this market strategically, the opportunities are significant.
Laura Victoria
Associate Director, Provident Real Estate Dubai
Founder, The Agent Dubai
RERA License No. 7870
For a confidential portfolio review or strategic market consultation, contact me at www.theagentdubai.com.
data from Destination Dubai 2025 Knight Frank