Dubai’s luxury residential market remained stable in 2024 while setting a new record for home sales exceeding $10 million.

According to the latest analysis by global property consultancy Knight Frank, the city registered 435 transactions above $10 million, narrowly surpassing the 434 deals recorded in 2023. The fourth quarter alone saw 153 high-value sales, marking the highest quarterly figure on record for the luxury segment.

Faisal Durrani, partner and head of research for MENA at Knight Frank, highlighted Dubai’s growing appeal as a global wealth hub despite economic challenges. He noted that developers are struggling to keep up with the rising demand for ultra-luxury properties.

Property values in Dubai surged by 19.1% over the past year, with villa prices increasing by 20.2%, representing a 99.8% rise from Q1 2020 levels.

Palm Jumeirah retained its position as Dubai’s top luxury sales location, accounting for 127 transactions—29% of the total—worth over $2.3 billion. This represented 32.5% of the city’s total $10M+ sales by value.

Palm Jebel Ali followed, securing second place in transaction volume with 36 deals. Meanwhile, Emirates Hills ranked second in terms of value, recording $514.5 million in luxury transactions. Other key areas included Jumeirah Bay Island, District One, and Dubai Hills Estate, contributing 6.7%, 6.6%, and 6.2% of the high-end market, respectively.

Villas dominated the luxury segment, accounting for 68.5% of all sales.

The primary (off-plan) market played a significant role in Dubai’s luxury sales, representing 52% of all $10M+ transactions. Three major developers—Omniyat, Nakheel, and Emaar Properties—accounted for a combined 46% of these deals.