The prices of villas in Dubai rose more than 20 per cent last year to Dh2,009 ($547) per square foot, as strong demand for luxury property continued to soar in the emirate amid reduced supply.
Villa prices are 38.1 per cent above the previous peak in 2014 indicating the “strong appeal of stand-alone villas, beachfront homes and branded residences that provide instant access to the Dubai lifestyle” for ultra-rich buyers, consultancy Knight Frank said in a report on Thursday.
The strong demand has resulted in a shortage of luxury homes in Dubai, with the number of homes available for sale for $10 million or more falling 40 per cent to only 2,491 last year. The number of homes available for $25 million or more also fell 85 per cent to only 86 properties in 2024, Knight Frank said.
This comes after the UAE established itself as the leading destination for wealthy people globally last year, attracting more than 6,700 millionaires, according to migration consultancy Henley & Partners.
Overall, house prices in Dubai surged by 19 per cent last year to Dh1,685 per square foot, with apartment prices up by 18.9 per cent to Dh1,640 per square foot.
Across Dubai, there has been a 30 per cent reduction in homes available for sale, with the prime markets in the city recording a 52 per cent reduction in availability.
“Residential property values remain on an upward trajectory, with demand showing no signs of abating, both from domestic and international buyers,” said Faisal Durrani, partner and head of research for the Middle East and North Africa at Knight Frank.
“Crucially, in this cycle, we have noted a rise in genuine end users, rather than speculative purchasers that have defined previous cycles.”
Dubai’s property market continues to perform strongly amid government initiatives such as residency permits for retired and remote workers, the expansion of the 10-year golden visa programme and overall economic growth and diversification.
The emirate recorded real estate deals worth Dh761 billion last year, up 20 per cent compared to 2023, with the total number of transactions for the year increasing by 36 per cent to 226,000, according to data provided by Dubai Media Office.
It also achieved a record in the sale of homes valued at more than $10 million last year, Knight Frank said in a report last month. The emirate recorded 435 home sales valued above $10 million, up from 434 home sales in 2023 in the same category, with the total value of deals reaching $7 billion.
By the end of the third quarter, Dubai exceeded other hot spots including New York, Hong Kong and Los Angeles for sales of homes valued at more than $10 million.
Prices in Dubai’s prime residential market including Palm Jumeirah, Jumeirah Bay Island, Jumeirah Islands and Emirates Hills also rose last year, with the average in the fourth quarter reaching Dh6,627 per square foot, up 16.9 per cent compared to the same period of the previous year.
“We are not yet seeing any sign of a slowdown and the demand is continuing to strengthen,” Mr Durrani told The National.
“It's coming from new markets that we haven't necessarily seen in the past. For instance, we've got anecdotal evidence about Turkish buyers being extremely active in the market too. At the moment … the city is very much seen as a global safe haven, a regional safe haven.”
Prices are projected to grow 8 per cent in 2025 for the whole market, while 5 per cent growth is expected for prime residential areas.
In terms of future supply, there are 302,880 units under construction in Dubai, with 80 per cent of them apartments and the remainder a mix of villas and branded residences, according to the report.
They are likely to be delivered by 2029, with an average completion rate of 60,576 homes per year for the next five years, higher than the long-term rate of about 36,000 homes per year, it said.
“While this appears higher than historic levels, there has been a 30 per cent lag in promised completions over the long term. With this in mind, Knight Frank highlights that just over half of the 60,000 promised homes in 2024 were delivered,” it said.
About Karol Nawrocki
• Supports military aid for Ukraine, unlike other eurosceptic leaders, but he will oppose its membership in western alliances.
• A nationalist, his campaign slogan was Poland First. "Let's help others, but let's take care of our own citizens first," he said on social media in April.
• Cultivates tough-guy image, posting videos of himself at shooting ranges and in boxing rings.
• Met Donald Trump at the White House and received his backing.
Zayed Sustainability Prize
Specs
Engine: Electric motor generating 54.2kWh (Cooper SE and Aceman SE), 64.6kW (Countryman All4 SE)
Power: 218hp (Cooper and Aceman), 313hp (Countryman)
Torque: 330Nm (Cooper and Aceman), 494Nm (Countryman)
On sale: Now
Price: From Dh158,000 (Cooper), Dh168,000 (Aceman), Dh190,000 (Countryman)
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UAE currency: the story behind the money in your pockets
Cricket World Cup League 2
UAE squad
Rahul Chopra (captain), Aayan Afzal Khan, Ali Naseer, Aryansh Sharma, Basil Hameed, Dhruv Parashar, Junaid Siddique, Muhammad Farooq, Muhammad Jawadullah, Muhammad Waseem, Omid Rahman, Rahul Bhatia, Tanish Suri, Vishnu Sukumaran, Vriitya Aravind
Fixtures
Friday, November 1 – Oman v UAE
Sunday, November 3 – UAE v Netherlands
Thursday, November 7 – UAE v Oman
Saturday, November 9 – Netherlands v UAE
JAPAN SQUAD
Goalkeepers: Masaaki Higashiguchi, Shuichi Gonda, Daniel Schmidt
Defenders: Yuto Nagatomo, Tomoaki Makino, Maya Yoshida, Sho Sasaki, Hiroki Sakai, Sei Muroya, Genta Miura, Takehiro Tomiyasu
Midfielders: Toshihiro Aoyama, Genki Haraguchi, Gaku Shibasaki, Wataru Endo, Junya Ito, Shoya Nakajima, Takumi Minamino, Hidemasa Morita, Ritsu Doan
Forwards: Yuya Osako, Takuma Asano, Koya Kitagawa
Who has been sanctioned?
Daniella Weiss and Nachala
Described as 'the grandmother of the settler movement', she has encouraged the expansion of settlements for decades. The 79 year old leads radical settler movement Nachala, whose aim is for Israel to annex Gaza and the occupied West Bank, where it helps settlers built outposts.
Harel Libi & Libi Construction and Infrastructure
Libi has been involved in threatening and perpetuating acts of aggression and violence against Palestinians. His firm has provided logistical and financial support for the establishment of illegal outposts.
Zohar Sabah
Runs a settler outpost named Zohar’s Farm and has previously faced charges of violence against Palestinians. He was indicted by Israel’s State Attorney’s Office in September for allegedly participating in a violent attack against Palestinians and activists in the West Bank village of Muarrajat.
Coco’s Farm and Neria’s Farm
These are illegal outposts in the West Bank, which are at the vanguard of the settler movement. According to the UK, they are associated with people who have been involved in enabling, inciting, promoting or providing support for activities that amount to “serious abuse”.
Walls
Louis Tomlinson
3 out of 5 stars
(Syco Music/Arista Records)
Company info
Company name: Entrupy
Co-founders: Vidyuth Srinivasan, co-founder/chief executive, Ashlesh Sharma, co-founder/chief technology officer, Lakshmi Subramanian, co-founder/chief scientist
Based: New York, New York
Sector/About: Entrupy is a hardware-enabled SaaS company whose mission is to protect businesses, borders and consumers from transactions involving counterfeit goods.
Initial investment/Investors: Entrupy secured a $2.6m Series A funding round in 2017. The round was led by Tokyo-based Digital Garage and Daiwa Securities Group's jointly established venture arm, DG Lab Fund I Investment Limited Partnership, along with Zach Coelius.
Total customers: Entrupy’s customers include hundreds of secondary resellers, marketplaces and other retail organisations around the world. They are also testing with shipping companies as well as customs agencies to stop fake items from reaching the market in the first place.
Fire and Fury
By Michael Wolff,
Henry Holt
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Moon Music
Artist: Coldplay
Label: Parlophone/Atlantic
Number of tracks: 10
Rating: 3/5
Dr Afridi's warning signs of digital addiction
Spending an excessive amount of time on the phone.
Neglecting personal, social, or academic responsibilities.
Losing interest in other activities or hobbies that were once enjoyed.
Having withdrawal symptoms like feeling anxious, restless, or upset when the technology is not available.
Experiencing sleep disturbances or changes in sleep patterns.
What are the guidelines?
Under 18 months: Avoid screen time altogether, except for video chatting with family.
Aged 18-24 months: If screens are introduced, it should be high-quality content watched with a caregiver to help the child understand what they are seeing.
Aged 2-5 years: Limit to one-hour per day of high-quality programming, with co-viewing whenever possible.
Aged 6-12 years: Set consistent limits on screen time to ensure it does not interfere with sleep, physical activity, or social interactions.
Teenagers: Encourage a balanced approach – screens should not replace sleep, exercise, or face-to-face socialisation.
Source: American Paediatric Association
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More from Neighbourhood Watch:
The five pillars of Islam
1. Fasting
2. Prayer
3. Hajj
4. Shahada
5. Zakat
The specs: 2018 Nissan 370Z Nismo
The specs: 2018 Nissan 370Z Nismo
Price, base / as tested: Dh182,178
Engine: 3.7-litre V6
Power: 350hp @ 7,400rpm
Torque: 374Nm @ 5,200rpm
Transmission: Seven-speed automatic
Fuel consumption, combined: 10.5L / 100km
Living in...
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
