Dubai real estate sees $3.6bn spend on ultra-luxury properties; Palm Jumeirah and Jumeira Bay top choices for super-rich

Palm Jumeirah and Jumeirah Bay Dominate Dubai’s Ultra-Luxury Real Estate Market

Palm Jumeirah and Jumeirah Bay Island remain the premier choices for ultra-high-net-worth individuals (UHNWIs) in Dubai, accounting for nearly half (48 per cent) of all property transactions valued at AED 50 million ($13.6 million) or more in the first ten months of 2024, according to data from Metropolitan Premium Properties (MPP).

Other sought-after locations for luxury buyers include Mohammed Bin Rashid City, Tilal Al Ghaf, and Dubai Hills Estate.

Record-Breaking Growth in Dubai’s Super-Luxury Market

Dubai’s ultra-luxury real estate market has continued to flourish, with the total market value for properties priced at AED 50 million ($13.6 million) and above reaching an impressive AED 13.3 billion ($3.6 billion) by October 2024.

This remarkable growth is driven by several key factors:

• An increasing number of UHNWIs relocating to Dubai
• Rising investor confidence
• A strong and stable economy
• Dubai’s global reputation as a hub for luxury living

Insights from MPP

Nikita Kuznetsov, CEO of Metropolitan Premium Properties, remarked:
"The sustained growth of Dubai’s super-luxury real estate market is a testament to the city’s unwavering appeal as a global investment destination, attracting investors from around the world."

MPP has seen a significant surge in the value and volume of transactions within the AED 50 million+ segment. Over the first ten months of 2024, MPP’s market share in terms of transaction value rose from 2.3 per cent to 3.5 per cent, while its share of transaction volume increased from 2.8 per cent to 4.3 per cent—marking a growth of over 50 per cent in both categories.

International Appeal

Investors from the UK led acquisitions in the AED 50 million+ ($13.6 million) category, followed by buyers from the USA, Canada, Germany, and the UAE.

Dubai’s luxury property market continues to attract international investors, further solidifying the city’s position as a global leader in ultra-luxury real estate.