Dubai remains top market for homes transacted for over US$10 mil: Knight Frank
Following strong event in 2024, the Dubai real estate market is expected to keep on bring in interest from amongst the wealthy. According to a study report by real estate consultancy Knight Frank, high-net-worth individuals (HWNIs) evaluated worldwide have suggested attraction in acquiring a property in Dubai, with an approximated US$ 10.3 billion ($13 billion) in private capital possibly being directed in the direction of the emirate’s non commercial market.
Saudi Arabia and India HNWIs recorded the greatest rate of interest, with 66% and 41% of participants indicating an intention to acquire a UAE real estate in 2025. For the UK and East Asia HNWIs evaluated, 17% of each cohort showed a possible UAE property purchase this year.
Knight Frank includes that amongst the East Asia HNWIs, those in Hong Kong presented the strongest desire, with 22% of participants signalling the aim to purchase UAE estate in 2025.
“As we have actually identified in our research in former years and matching the expertise of our teams, the highest appetite for a real estate acquisition in the UAE comes from those with the most wealth and is a testament to the success of the government’s programmes to reinforce the emirate’s look as an area for the world’s rich to live and invest in,” says Faisal Durrani, partner and head of research for Knight Frank MENA.
At the same time, Dubai remains the industry’s busiest local market up for sale of homes valued over US$ 10 million, the report states. Last year, a sum of 435 deals in this bracket were reported in Dubai, nearly equalling the quantity of such offers record in London and New York combined. In Between January and March this year, 111 homes were sold for more than US$ 10 million in Dubai.
According to the survey, residential properties continue to be the leading draw for worldwide HNWI as compared to the industrial and retail sections. In addition, Dubai stays the top target destination, with 71% of respondents identifying Dubai as their liked emirate.
“The super-rich stay laser-focused on buying deluxe properties in the city, and this unrelenting interest has been a vital driver of Dubai being the world’s busiest US$ 10 million+ homes market for the second year running,” claims Shehzad Jamal, partner for strategy and consultancy at Knight Frank MENA (Middle East and North Africa).
In its most recent Location Dubai statement, Knight Frank surveyed 387 international HNWI around the UK, India, Saudi Arabia and East Asia (China, Hong Kong and Singapore) to gauge their demand for investing in United Arab Emirates realty. Over half of the respondents (52%) suggested they are interested in getting real property in the UAE.
The steady interest has boosted activity in Dubai’s residential market, that registered record residence sales of nearly 170,000 homes in 2024 worth a total of US$ 100 billion, says Knight Frank. That momentum has actually carried over right into this year, with AED100 billion ($35 billion) in home sales already achieved as of March 4. Dubai real estate fees have also persisted to rise, surging 19.1% in 2024 to reach an average of AED1,685 psf.
