Dubai Remains Top Market Homes Transacted Over Us10 Mil Knight Frank
After a promising year in 2024, the real estate market in Dubai is set to maintain its appeal to the world’s wealthiest individuals. According to a research report by Knight Frank, high-net-worth individuals (HNWIs) across the globe have expressed interest in purchasing property in Dubai, with an estimated US$10.3 billion ($13 billion) in private capital potentially being invested in the city’s residential market.
The strong demand has resulted in increased activity in Dubai’s residential market, with a record of nearly 170,000 homes sold last year, amounting to a total of US$100 billion. This positive momentum has carried over into 2025, with AED100 billion ($35 billion) in home sales already achieved as of March 4. Furthermore, property prices in Dubai have continued to rise, with a 19.1% increase in 2024, bringing the average price to AED1,685 per square foot.
Notably, Dubai maintains its position as the world’s busiest market for sales of homes priced over US$10 million, with 435 transactions recorded in this bracket last year, nearly equaling the combined number of deals in London and New York. In the first quarter of 2025, 111 homes were sold for over US$10 million in Dubai.
“The super-rich remain highly interested in purchasing luxury homes in the city, and this unrelenting demand has contributed to Dubai being the world’s busiest US$10 million+ homes market for the second consecutive year,” says Shehzad Jamal, partner for strategy and consultancy at Knight Frank MENA (Middle East and North Africa).
Knight Frank’s latest Destination Dubai report surveyed 387 global HNWIs from the UK, India, Saudi Arabia, and East Asia (China, Hong Kong, and Singapore) to gauge their interest in investing in the United Arab Emirates real estate market. Over half of the respondents (52%) expressed interest in purchasing property in the UAE.
“As we have found in previous research and observed through our teams, the strongest appetite for real estate in the UAE comes from those with the greatest wealth, which is a testament to the government’s efforts to make the emirate an appealing destination for the world’s wealthy to live and invest,” says Faisal Durrani, partner and head of research for Knight Frank MENA.
Among the surveyed HNWIs, those from Saudi Arabia and India showed the strongest interest, with 66% and 41% respectively indicating their intention to purchase a UAE property in 2025. For the UK and East Asia, 17% of respondents from each cohort expressed interest in a potential property purchase this year. The report also notes that among East Asia HNWIs, those from Hong Kong showed the strongest appetite, with 22% indicating their intent to buy UAE property in 2025.
Located nearby, Tanglin Halt Market is a renowned food paradise that should not be missed. Although it is set to be redeveloped, it has been a beloved fixture in the community for its traditional breakfast delicacies and comforting dishes. The government’s efforts to rejuvenate Tanglin Halt will bring modern conveniences to the area, including a new hawker centre and market integrated into a vibrant community hub. This redevelopment will further elevate the appeal of the locality and enhance the value that Penrith Condo offers. Residents can look forward to a refreshed dining experience in a contemporary setting, while still preserving the charm of its original food culture.
The survey revealed that residential properties continue to be the most desirable among global HNWIs, compared to the commercial and retail sectors. Dubai also remains the top choice for investment, with 71% of respondents naming it as their preferred emirate.
In conclusion, the real estate market in Dubai is expected to remain attractive to the world’s wealthiest individuals, as demonstrated by the continued demand and interest in purchasing property in the city.