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Arabian Business
18-06-2025
- Business
- Arabian Business
Dubai real estate: Sales of homes worth more than $2.7m increase tenfold in 4 years; top millionaire neighbourhoods revealed
Dubai's prime residential property market has entered its fourth consecutive year of growth, with Savills Middle East reporting sustained increases in both value and volume across the city's most exclusive neighbourhoods. According to the newly released Savills Dubai Prime Residential 2025 report, the number of AED10m+ ($2.7m+) home sales rose from 469 in 2020 to a record-breaking 4,670 in 2024 — a tenfold increase. In Q1 2025 alone, more than 1,300 such properties changed hands, up 31 per cent year-on-year. Premium Dubai real estate sales Andrew Cummings, Head of Residential Agency at Savills Middle East, said: 'Dubai's prime residential market continues to attract high-net-worth individuals seeking space, privacy and superior lifestyle quality. This is particularly evident in the consistent demand for luxury villas and branded residences'. Off-plan sales now account for 69 percent of all AED10m+ ($2.7m+) transactions — an increase from just 14 per cent in 2020. The shift reflects rising confidence in Dubai's future supply of high-end homes and growing buyer interest in lifestyle-focused communities. High-performing developments include: Palm Jebel Ali District One West The Acres Dubai Harbour Palm Jumeirah Downtown Dubai Jumeirah Islands has become a standout villa market, with 89 homes sold for AED10m+ ($2.7m) in 2024 — compared to none before 2021. Properties exceeding AED20m ($5.4m) are also on the rise in the area, spurred by extensive, high-end renovations. Villas now represent 70 per cent of all AED10m+ ($2.7m) transactions in Dubai. While waterfront apartments command a higher price per square foot (averaging AED5,400/$1,470), branded residences and luxury lifestyle offerings remain in high demand across both formats. The city also leads globally in branded residences and is forecast to deliver 40 per cent of all such properties in the Middle East and Africa by 2031, underlining its position as a hub for affluent real estate investment. Savills projects 8–10 per cent growth for the emirate's prime residential segment in 2025, supported by rising wealth migration, new masterplan communities, and continued interest in branded and lifestyle-led developments. 'Recent master plan announcements including the development of Jebel Ali Racecourse and the second phase of Jumeirah Golf Estates, alongside launches such as Emaar's Grand Polo Club and Resort, look set to deliver further prime product to Dubai's residential market,' Cummings said.
Zawya
18-06-2025
- Business
- Zawya
Dubai sees tenfold surge in AED 10mln+ home sales, reports Savills
Savills Middle East's first Dubai Prime Residential 2025 report reveals sustained growth across Dubai's luxury property market, marking a fourth year of rising transaction volumes and capital values. The upward momentum continues to be underpinned by strong investor appetite, favourable regulatory conditions, and increased demand for premium homes. The AED 10 million+ segment, a key benchmark of Dubai's prime residential landscape, saw a tenfold rise in transactions over the past four years, from 469 in 2020 to 4,670 in 2024. In Q1 2025 alone, over 1,300 homes changed hands at this level, representing a 31% increase year-on-year. 'Dubai's prime residential market continues to attract high-net-worth individuals seeking space, privacy and superior lifestyle quality. This is particularly evident in the consistent demand for luxury villas and branded residences,' said Andrew Cummings, Head of Residential Agency, Savills Middle East. Off-plan transactions now account for 69% of all AED 10M+ sales, up from just 14% in 2020, reflecting rising confidence in future stock and a shift in buyer preferences. Among villas, new developments such as Palm Jebel Ali, District One West, and The Acres recorded among the highest transaction volumes, while in the apartment segment, Dubai Harbour, Palm Jumeirah, and Downtown Dubai remain hotspots. Jumeirah Islands exemplifies the strength of the luxury villa segment, with 89 homes sold above AED 10 million in 2024, a dramatic shift from zero such transactions before 2021. The area has also seen an increase in properties selling for over AED 20 million, largely driven by high-quality renovations. Villas now dominate the AED 10M+ space, accounting for 70% of transactions in 2024. While waterfront apartments command higher prices per square foot, averaging AED 5,400, demand remains strong across both formats, especially in branded and lifestyle-driven projects. With Dubai ranking as the most active city globally for branded residences and expected to deliver 40% of all such developments in the Middle East and Africa by 2031, the outlook for the prime segment remains positive. Savills anticipates continued momentum through the year, with projected growth of 8–10% for the prime segment in 2025, as wealth migration, new masterplan communities, and lifestyle-led developments reshape Dubai's upper-tier housing market. 'Recent master plan announcements including the development of Jebel Ali Racecourse and the second phase of Jumeriah Golf Estates, alongside launches such as Emaar's Grand Polo Club and Resort look set to deliver further prime product to Dubai's residential market,' Cummings concluded. For further insights and detailed analysis, download the full Prime Residential 2025 report from here. About Savills Middle East: Savills plc is a global real estate services provider listed on the London Stock Exchange. With a presence in the Middle East for over 40 years, Savills offers an extensive range of specialist advisory, management and transactional services across the United Arab Emirates, Oman, Bahrain, Egypt, and Saudi Arabia. Expertise includes property management, residential and commercial agency services, property and business assets valuation, and investment and development advisory. Originally founded in the UK in 1855, Savills has an international network of over 700 offices and associates employing over 40,000 people across the Americas, UK, Europe, Asia Pacific, Africa, and the Middle East. For further information, please contact: Savills press office:
