Dubai remains top market for homes transacted for over US$10 mil: Knight Frank
According to the report, houses remain the major draw for global HNWI as compared to the industrial and retail segments. Furthermore, Dubai continues to be the leading target place, with 71% of respondents identifying Dubai as their chosen emirate.
Knight Frank includes that among the East Asia HNWIs, those in Hong Kong presented the greatest desire, with 22% of respondents indicating the intention to acquire UAE real estate in 2025.
Following strong action in 2024, the Dubai realty industry is expected to carry on attracting demand from among the wealthy. According to a research study report by real estate consultancy Knight Frank, high-net-worth individuals (HWNIs) surveyed around the world have indicated enthusiasm in purchasing a real property in Dubai, with an approximated US$ 10.3 billion ($13 billion) in private capital most likely being carried in the direction of the emirate’s residential market.
Saudi Arabia and India HNWIs registered the greatest passion, with 66% and 41% of respondents suggesting an intent to purchase a UAE property in 2025. For the UK and East Asia HNWIs checked, 17% of each cohort showed a potential UAE real property acquisition this year.
“The super-rich remain laser-focused on buying luxury homes in the city, and this relentless demand has been an essential factor of Dubai being the world’s busiest US$ 10 million+ homes market place for the 2nd year running,” says Shehzad Jamal, associate for strategy and consultancy at Knight Frank MENA (Middle East and North Africa).
“As we have actually found in our research in past years and matching the experience of our teams, the strongest appetite for a property acquisition in the UAE originates from those with the greatest wealth and is a testament to the success of the government’s programmes to enhance the emirate’s appeal as a place for the entire world’s well-off to settle and invest in,” says Faisal Durrani, partner and head of research for Knight Frank MENA.
The stable demand has actually supported activity in Dubai’s non commercial market, that registered record residence sales of nearly 170,000 homes last year worth a total of US$ 100 billion, claims Knight Frank. That energy has actually rollovered right into this year, with AED100 billion ($35 billion) in home sales already reached since March 4. Dubai real estate prices have also persisted to climb, surging 19.1% in 2024 to strike approximately AED1,685 psf.
At the same time, Dubai stays the global’s busiest market up for sale of homes priced over US$ 10 million, the report states. Last year, a sum of 435 transactions in this bracket were reported in Dubai, almost equalling the number of such offers logged in London and New York incorporated. Between January and March this year, 111 homes were reselled for around US$ 10 million in Dubai.
In its most recent Destination Dubai record, Knight Frank evaluated 387 international HNWI across the UK, India, Saudi Arabia and East Asia (China, Hong Kong and Singapore) to assess their demand for investing in United Arab Emirates property. Over half of the respondents (52%) showed they are interested in purchasing real estate in the UAE.
