Dubai remains top market for homes transacted for over US$10 mil: Knight Frank
According to the report, residential properties continue to be the biggest draw for worldwide HNWI as contrasted to the industrial and retail segments. In addition, Dubai stays the top target destination, with 71% of participants identifying Dubai as their favored emirate.
“The super-rich continue to be laser-focused on purchasing high-end houses in the city, and this relentless demand has actually been a vital driver of Dubai being the world’s busiest US$ 10 million+ homes market place for the second year running,” states Shehzad Jamal, associate for strategy and consultancy at Knight Frank MENA (Middle East and North Africa).
Saudi Arabia and India HNWIs recorded the greatest passion, with 66% and 41% of participants suggesting an intention to acquire a UAE real estate in 2025. For the UK and East Asia HNWIs evaluated, 17% of each associate suggested a possible UAE property acquisition this year.
In its newest Destination Dubai statement, Knight Frank surveyed 387 worldwide HNWI around the UK, India, Saudi Arabia and East Asia (China, Hong Kong and Singapore) to gauge their yearning for investing in United Arab Emirates property. Over half of the participants (52%) suggested they want buying property in the UAE.
Canberra Crescent Residences condo floor plan
Knight Frank includes that among the East Asia HNWIs, those in Hong Kong presented the greatest yearning, with 22% of respondents signifying the intention to purchase UAE real estate in 2025.
At the same time, Dubai stays the global’s busiest market for sales of homes valued over US$ 10 million, the report states. Last year, a total of 435 deals in this bracket were documented in Dubai, just about equating to the amount of such offers logged in London and New York incorporated. Between January and March this year, 111 homes were sold for more than US$ 10 million in Dubai.
“As we have actually discovered in our research study in past years and mirroring the experience of our teams, the highest appetite for a real estate purchase in the UAE originates from those with the most wealth and is a testimony to the success of the government’s programs to enhance the emirate’s appearance as an area for the entire world’s wealthy to reside and invest in,” states Faisal Durrani, affiliate and head of research for Knight Frank MENA.
The consistent interest has actually boosted activity in Dubai’s residential market, that logged record residence sales of almost 170,000 homes last year worth a total of US$ 100 billion, claims Knight Frank. That energy has rollovered right into this year, with AED100 billion ($35 billion) in home sales already reached since March 4. Dubai property prices have also kept on to increase, surging 19.1% in 2024 to strike an average of AED1,685 psf.
Adhering to strong activity in 2024, the Dubai property industry is anticipated to keep on drawing in demand from among the wealthy. According to a research report by property consultancy Knight Frank, high-net-worth individuals (HWNIs) observed around the world have indicated enthusiasm in purchasing a real property in Dubai, with an estimated US$ 10.3 billion ($13 billion) in private capital possibly being channelled in the direction of the emirate’s residential market.
