LP.com

According to analysis by global real estate consultancy Knight Frank, this market trend underscores the enduring interest and investment drive of global ultra-high net worth individuals in Dubai. Faisal Durrani, Partner and Head of Research for the Middle East and North Africa at Knight Frank, noted: "Dubai remains at the heart of the world's top luxury property markets, maintaining its strong allure. The past year has seen significant demand growth for these residential areas, leading to a notable decline in supply."

Dubai continues to demonstrate its unique appeal and high competitiveness in the luxury property market. In the first half of 2024, the average residential property price in Dubai's wealthiest neighborhoods reached AED 3,706 per square foot, marking a 7% increase from the same period last year. Palm Jumeirah emerged as a standout performer in property sales, accounting for 89.3% of total sales volume during H1.

Internet

Especially in the ultra-high-end market segment exceeding $10 million, Dubai maintains its position as one of the world's premier luxury property markets. Knight Frank's data shows that in 2023, Dubai witnessed an 80% higher number of sales of properties exceeding $10 million compared to competing cities like London. In the first half of 2024, Dubai once again recorded 190 transactions for ultra-high-value properties, indicating sustained favorability among international UHNWIs towards the Dubai market.

Durrani further explained: "The continued growth in Dubai's market for properties exceeding $10 million is not only reflected in sales volume but also underscores robust purchasing power amid reduced supply. This reflects a preference among international UHNWIs to view Dubai as an ideal choice for long-term residence rather than purely speculative investment."

Beyond the ultra-high-end market, the growth in Dubai's market for properties exceeding $25 million has also been remarkable. Knight Frank's data shows a 25% increase in sales volume within this price bracket over the past three months alone, driving total sales in the first half of 2024 to a record $3.2 billion.