Prime properties: 190 deals over $10m recorded Dubai in H1; supply drops

Dubai’s prime residential markets are experiencing a significant supply shortage, with the number of available homes falling by 47 per cent over the past 12 months to just 2,851 properties, according to global property consultant Knight Frank.

The affluent neighbourhoods of Emirates Hills, Jumeirah Bay Island, Jumeirah Islands and The Palm Jumeirah are particularly affected by this dramatic decrease.

Faisal Durrani, partner and head of Research, MENA at Knight Frank, attributed the decline to the relentless demand from the global super-rich. “The global super-rich remain fixated by Dubai, which is overwhelming the supply of luxury homes in the city,” Durrani said. “This builds on the findings from our 2024 Destination Dubai report which found that $4.4bn of global private capital is actively targeting the emirate’s residential market this year – up 76 per cent on 2023.”

Luxury real estate market sees surge

Dubai’s prime residential market has witnessed a surge in performance in the past months.

Average transacted prices in the city’s most affluent neighbourhoods reached Dhs3,706 per square foot during the first half of 2024, marking a 7 per cent increase compared to the same period in 2023.

The Palm Jumeirah led the market with 853 home sales, accounting for 89.3 per cent of prime deals, followed by Jumeirah Islands (5.03 per cent), Jumeirah Bay Island (3.56 per cent), and Emirates Hills (1.05 per cent).

Prime properties over $10m in Dubai

Dubai continues to dominate the ‘over $10m’ home sales market, solidifying its position as the deepest market in this price bracket.

The emirate recorded 431 sales above $10m in 2023, 80 per cent higher than the next closest market, London.

The first half of 2024 saw an additional 190 sales in this exclusive category. “What is extraordinary about the continued sales growth in Dubai’s $10m homes market is that it is set against a protracted decline in the number of luxury homes on the market,” Durrani noted.

The number of home listings valued more than $10m fell by 65.5 per cent over the past year to just 460 properties. This trend reflects a ‘buy-to-hold’ buyer profile, with international high-net-worth individuals primarily purchasing homes for personal use rather than resale.

The total value of homes worth over $10m sold during H1 2024 reached $3.2bn, building on the $7.7bn figure recorded in 2023.

The Palm Jumeirah led the luxury market with 21 deals worth over $10m, totalling $365m and accounting for 26 per cent of sales by total value.

Emirates Hills and District One followed in second and third places, respectively.

Demand for properties worth $25m is strong

Demand for ultra-luxury homes priced above $25 m also remains robust. Will McKintosh, regional partner and head of Residential, MENA at Knight Frank, highlighted the growth in this segment.

“The number of ‘over $25m’ home sales grew by 25 per cent in the last three months alone, taking the tally for the first half of 2024 to 21,” McKintosh said. This is a remarkable increase compared to the average of less than three sales per year between 2015 and 2021.

Read: Abu Dhabi real estate gaining popularity among global HNWIs

In numbers: Tracking the sales of prime properties in Dubai and overseas

Information courtesy: Knight Frank, REIDIN

Total number of $10m+ homes sold in Dubai

Year	Number of $10m+ home sales
2010	11
2011	5
2012	11
2013	20
2014	12
2015	31
2016	15
2017	23
2018	13
2019	22
2020	22
2021	93
2022	224
2023	431
H1|24	190

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Breakdown of $10m+ home sales in Dubai during H1 2024

Location	Number of $10m+ home sales
Palm Jumeirah	60
Palm Jebel Ali	14
Business Bay	12
Al Wasl	9
Jumeirah Bay Island	10
District One (MBR City)	10
Dubai Hills Estate	8
Tilal Al Ghaf	10
Downtown	9
Emirates Hills	12
Jumeirah Beach Residence	2
Al Quoz Second	4
Al Jadaf	4
District Eleven (MBR City)	5
Jumeirah Golf Estates	4
Dubai Islands	9
Jumeirah Second	3
Palm Deira	4
World Islands	1

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 Total value of $10m+ homes sold in Dubai in H1 2024

Location	Total value of sales ($)	% of $10m+ sales in H1|24
Palm Jumeirah	992,974,373	31.4%
Jumeirah Bay Island	303,120,981	9.6%
Dubai Hills Estate	159,809,264	5.1%
Al Wasl	157,861,036	5%
Palm Jebel Ali	159,382,343	5%
District One (MBR City)	216,012,342	6.8%
Tilal Al Ghaf	186,185,791	5.9%
Business Bay	195,540,923	6.2%
Emirates Hills	200,077,657	6.3%
Downtown Dubai	119,150,549	3.8%
Al Quoz Second	66,626,703	2.1%
Palm Deira	45,516,621	1.4%
Al Jadaf	47,370,572	1.5%
World Islands	21,525,886	0.7%
Jumeirah Golf Estates	42,615,804	1.3%
District Eleven (MBR City)	52,955,352	1.7%
Jumeirah Beach Residence	36,512,262	1.2%
Jumeirah Second	47,901,907	1.5%
Dubai Islands	109,180,926	3.5%

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Total number of $25m+ homes sold in Dubai

Year	Number of $25m+ home sales
2015	4
2016	2
2017	2
2018	1
2019	2
2020	0
2021	8
2022	28
2023	56
H1|24	27

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 Total number of $10m+ homes sold globally (Q1 2024)

Rank	City	Number of $10m+ sales
1	Dubai	105
2	New York	56
3	Palm Beach	47
4	London	41
5	Los Angeles	37
6	Hong Kong	36
7	Miami	32
8	Geneva	29
9	Orange County	22
10	Singapore	19
11	Paris	2

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Total value of $10m+ homes sold globally (Q1 2024)

Rank	City	Total value of $10m+ sales
1	Dubai	$1.7bn
2	New York	$1.2bn
3	Palm Beach	$1.1bn
4	Hong Kong	$988m
5	Geneva	$ 696m
6	Los Angeles	$672m
7	London	$601m
8	Miami	$496m
9	Orange County	$300m
10	Singapore	$249m
11	Paris	$24m