Source: Arabian Business
Palm Jumeirah and Jumeira Bay make up almost half of all homes sold for $13.6m and above in Dubai
Palm Jumeirah and Jumeirah Bay Island are the top choices for ultra-high-net-worth individuals (UHNWIs) in Dubai, accounting for a substantial 48 per cent of all transactions valued at AED50m ($13.6m) or more during the first ten months of 2024, according to data from Metropolitan Premium Properties (MPP).
Other popular locations include Mohammed Bin Rashid City, Tilal Al Ghaf and Dubai Hills Estate.
The overall super-luxury real estate market in Dubai continues its strong showing this year, with the total market value for properties priced AED50m ($13.6m) and above reaching an impressive AED13.3bn ($3.6bn) as of October 2024.
Luxury homes in Dubai
This growth is fuelled by a combination of factors, including a growing number of UHNWIs moving to the city, increased investor confidence, a robust economy and Dubai’s enduring appeal as a global hub for luxury lifestyle.
Nikita Kuznetsov, CEO at Metropolitan Premium Properties, said: “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 which is attracting investors from across the globe.
“MPP witnessed a substantial increase in both the value and volume of transactions in the AED50m ($13.6m) and above market segment. We saw our market share in terms of value and quantity increase by over 50 per cent in the first ten months of the year from 2.3 per cent to 3.5 per cent and from 2.8 per cent to 4.3 per cent respectively.”
Citizens from the UK led the acquisitions in the AED50M+ ($13.6m) category, followed by the USA, Canada, Germany and the UAE respectively.
