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

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

Knight Frank says the dramatic rise in demand and corresponding supply crunch in the prime residential market reflect Dubai’s growing appeal among the global elite

Gulf Business
Dubai Prime Properties demand and supply q2 2024, - Knight frank Image: Getty Images

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


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


 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%


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


 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


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



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