Dubai remains top market for homes transacted for over US$10 mil: Knight Frank
Knight Frank adds that among the East Asia HNWIs, those in Hong Kong presented the strongest desire, with 22% of participants signifying the intent to get UAE estate in 2025.
“The super-rich continue to be laser-focused on buying deluxe properties in the city, and this unrelenting need has been a vital driver of Dubai being the world’s busiest US$ 10 million+ homes market place for the 2nd year running,” claims Shehzad Jamal, partner for strategy and consultancy at Knight Frank MENA (Middle East and North Africa).
The steady interest has supported activity in Dubai’s housing market, that logged record residence sales of almost 170,000 homes in 2024 worth a total of US$ 100 billion, claims Knight Frank. That energy has actually carried over right into this year, with AED100 billion ($35 billion) in home sales already reached since March 4. Dubai property fees have also persisted to increase, rising 19.1% in 2024 to hit approximately AED1,685 psf.
At the same time, Dubai stays the global’s busiest market available of homes marked up over US$ 10 million, the record states. Last year, a total of 435 transactions in this bracket were recorded in Dubai, almost equalling the amount of such deals logged in London and New York joined. In Between January and March this year, 111 homes were reselled for over US$ 10 million in Dubai.
In its most current Destination Dubai report, Knight Frank surveyed 387 international HNWI throughout the UK, India, Saudi Arabia and East Asia (China, Hong Kong and Singapore) to assess their desire for investing in United Arab Emirates realty. Over fifty percent of the respondents (52%) showed they have an interest in getting property in the UAE.
“As we have identified in our research study in former years and matching the experience of our teams, the highest appetite for a property acquisition in the UAE comes from those with the most wealth and is a testimony to the success of the government’s programmes to strengthen the emirate’s look as an area for the world’s rich to reside and invest,” claims Faisal Durrani, affiliate and head of research study for Knight Frank MENA.
According to the survey, residential properties continue to be the leading draw for worldwide HNWI as contrasted to the business and retail sectors. Additionally, Dubai remains the top target location, with 71% of respondents identifying Dubai as their favored emirate.
Complying with strong action in 2024, the Dubai real estate market is anticipated to continue bring in demand from amongst the well-off. According to a research report by property consultancy Knight Frank, high-net-worth individuals (HWNIs) observed around the world have indicated interest in acquiring a real estate in Dubai, with an estimated US$ 10.3 billion ($13 billion) in private capital potentially being directed towards the emirate’s residential market.
Saudi Arabia and India HNWIs registered the best rate of interest, with 66% and 41% of participants indicating an intention to purchase a UAE real estate in 2025. For the UK and East Asia HNWIs evaluated, 17% of each associate showed a prospective UAE real estate acquisition this year.
