Palm Jumeirah and Jumeirah Bay Island remain top choices for UHNWIs
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
Palm Jumeirah and Jumeirah Bay Island are the top choices for ultra-high-net-worth individuals (UHNWIs) in Dubai, accounting for a substantial 48% of all transactions valued at US $13.6mn 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 real estate market in Dubai continues its strong showing this year, with the total market value for properties priced $13.6mn and above reaching $3,61bn as of October 2024. This growth is fueled by a combination of factors, including a growing number of UHNWIs moving to the city, increased investor confidence.
“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,” said Nikita Kuznetsov, CEO at Metropolitan Premium Properties.
“MPP witnessed a substantial increase in both the value and volume of transactions in the $13.5mn and above market segment. We saw our market share in terms of value and quantity increase by over 50% in the first ten months of the year from 2.3% to 3.5% and from 2.8% to 4.3% respectively,” added Kuznetsov.
Citizens from the United Kingdom led the acquisitions in the 50M+ category, followed by the USA, Canada, Germany and the UAE.
