Palm Jumeirah and Jumeirah Bay Island are the preferred locations for ultra-high-net-worth individuals (UHNWIs) in Dubai, representing 48% of all transactions valued at AED50M ($13.6M) or higher during the first ten months of 2024, according to Metropolitan Premium Properties (MPP).
Other notable areas include Mohammed Bin Rashid City, Tilal Al Ghaf, and Dubai Hills Estate.
Dubai’s super-luxury real estate market continues to thrive, with properties priced at AED50M ($13.6M) and above reaching a total value of AED13.3B ($3.6B) as of October 2024.
This growth is driven by an influx of UHNWIs relocating to Dubai, growing investor confidence, a strong economy, and the city’s global reputation as a luxury lifestyle hub.
Nikita Kuznetsov, CEO of Metropolitan Premium Properties, stated: “The consistent expansion of Dubai’s super-luxury real estate market underscores the city’s global investment appeal, attracting investors worldwide.
“MPP experienced a significant rise in both transaction value and volume within the AED50M+ ($13.6M) segment. Our market share increased by over 50% in the first ten months, growing from 2.3% to 3.5% in value and 2.8% to 4.3% in volume.”
UK citizens led acquisitions in the AED50M+ ($13.6M) segment, followed by buyers from the USA, Canada, Germany, and the UAE.
