Dubai luxury property prices will continue to rise next year amid growing demand, a new report has found, after the value of sales of homes worth more than $10 million jumped 54 per cent annually in the third quarter.
Prime home prices are set to increase 3 per cent next year, “underpinned by continued robust international HNWI [high net-worth individuals] demand for premium homes, the continued inflows of global wealth (and the global wealthy) and a deepening pool of resident investors”, consultancy Knight Frank said in its latest quarterly review of Dubai’s property market on Monday.
Dubai remained the “world’s busiest $10 million + market” globally in the third quarter, recording 103 deals, up 24 per cent annually.
The emirate also recorded 17 transactions for homes priced over $25 million during the three-month period, more than twice the number recorded a year earlier, the report said.
The aggregate transaction value topped $2 billion in the three months to the end of September, a 54 per cent annual increase, with average value of ultra luxury homes standing at $19.4 million.
A seven-bedroom mansion in Asora Bay by Meraas in the La Mer community, which sold for Dh350 million ($95.3 million), was the highest-priced property during the period.
The quarterly data is a “stark indication of how fast prices are rising in this exclusive segment of the market”, said Will McKintosh, Knight Frank Middle East's regional partner for residential sales UAE.
“Dubai’s luxury market has cemented its status as a safe haven for international and local luxury buyers and it looks set to be another record-breaking year for the $10 million+ homes market, following the 435 deals registered during 2024,” he added.
The UAE is expected to attract a record 9,800 relocating millionaires this year, drawn by regulatory reforms and a tax-free lifestyle, a report by Henley & Partners and wealth intelligence firm New World Wealth found. In 2024, Dubai had an estimated 81,200 millionaires and 20 billionaires.
“High-net-worth individuals have firmly anchored demand for luxury and super-prime assets, while a maturing base of resident end users has provided stability across the mainstream sector,” Mr McKintosh said.
Changing pace
Average values in Dubai's residential property market rose by 2.5 per cent during third quarter, extending an “unbroken run” of quarterly growth that began in late 2020, Knight Frank said. Values now are 10 per cent higher than this time last year.
The third-quarter number of 56,854 home sales valued at Dh117 billion has also pushed the total for the first nine months to more than 148,000 sales valued at Dh401.7 billion ($109.3).
“This extraordinary level of activity underscores Dubai’s growing appeal among both domestic and international investors and purchasers,” said Faisal Durrani, partner and head of research for the Mena region at Knight Frank.
However, as with any cycle, “we are starting to see a slowing in the rate of quarterly rises”.
Quarterly rises averaged 2.02 per cent in 2021, 2.22 per cent in 2022, 4.34 per cent in both 2023 and 2024 and eased to 3.2 per cent between the first and third quarter of this year, Knight Frank data showed.
The property market in Dubai has benefitted from government initiatives such as residency permits for retired and remote workers, expansion of the 10-year golden visa programme and overall growth in the UAE’s economy on diversification efforts.
In July, the government launched a new scheme to help Emiratis and UAE residents who do not own any freehold residential property in the emirate get on the property ladder.
Looking ahead, “although the rate of house price growth may be demonstrating signs of slowing, crucially it remains positive”, said Mr Durrani.
“The growth in the mainstream market is likely to average around 1 per cent by the time we get to the end of December 2026.”
Difference between fractional ownership and timeshare
Although similar in its appearance, the concept of a fractional title deed is unlike that of a timeshare, which usually involves multiple investors buying “time” in a property whereby the owner has the right to occupation for a specified period of time in any year, as opposed to the actual real estate, said John Peacock, Head of Indirect Tax and Conveyancing, BSA Ahmad Bin Hezeem & Associates, a law firm.
UAE currency: the story behind the money in your pockets
Results
6.30pm: The Madjani Stakes (PA) Group 3 Dh175,000 (Dirt) 1,900m
Winner: Aatebat Al Khalediah, Fernando Jara (jockey), Ali Rashid Al Raihe (trainer).
7.05pm: Maiden (TB) Dh165,000 (D) 1,400m
Winner: Down On Da Bayou, Royston Ffrench, Salem bin Ghadayer.
7.40pm: Maiden (TB) Dh165,000 (D) 1,600m
Winner: Dubai Avenue, Fernando Jara, Ali Rashid Al Raihe.
8.15pm: Handicap (TB) Dh190,000 (D) 1,200m
Winner: My Catch, Pat Dobbs, Doug Watson.
8.50pm: Dubai Creek Mile (TB) Listed Dh265,000 (D) 1,600m
Winner: Secret Ambition, Tadhg O’Shea, Satish Seemar.
9.25pm: Handicap (TB) Dh190,000 (D) 1,600m
Winner: Golden Goal, Pat Dobbs, Doug Watson.
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Power: 190hp
Torque: 320Nm
Price: From Dh147,000
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ENGLAND SQUAD
Joe Root (captain), Dom Sibley, Rory Burns, Dan Lawrence, Ben Stokes, Ollie Pope, Ben Foakes (wicketkeeper), Moeen Ali, Olly Stone, Chris Woakes, Jack Leach, Stuart Broad
What can victims do?
Always use only regulated platforms
Stop all transactions and communication on suspicion
Save all evidence (screenshots, chat logs, transaction IDs)
Report to local authorities
Warn others to prevent further harm
Courtesy: Crystal Intelligence
The specs
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Power: 400hp
Torque: 475Nm
Transmission: 9-speed automatic
Price: From Dh215,900
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Tips for job-seekers
- Do not submit your application through the Easy Apply button on LinkedIn. Employers receive between 600 and 800 replies for each job advert on the platform. If you are the right fit for a job, connect to a relevant person in the company on LinkedIn and send them a direct message.
- Make sure you are an exact fit for the job advertised. If you are an HR manager with five years’ experience in retail and the job requires a similar candidate with five years’ experience in consumer, you should apply. But if you have no experience in HR, do not apply for the job.
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UAE currency: the story behind the money in your pockets
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More from Neighbourhood Watch:
Ruwais timeline
1971 Abu Dhabi National Oil Company established
1980 Ruwais Housing Complex built, located 10 kilometres away from industrial plants
1982 120,000 bpd capacity Ruwais refinery complex officially inaugurated by the founder of the UAE Sheikh Zayed
1984 Second phase of Ruwais Housing Complex built. Today the 7,000-unit complex houses some 24,000 people.
1985 The refinery is expanded with the commissioning of a 27,000 b/d hydro cracker complex
2009 Plans announced to build $1.2 billion fertilizer plant in Ruwais, producing urea
2010 Adnoc awards $10bn contracts for expansion of Ruwais refinery, to double capacity from 415,000 bpd
2014 Ruwais 261-outlet shopping mall opens
2014 Production starts at newly expanded Ruwais refinery, providing jet fuel and diesel and allowing the UAE to be self-sufficient for petrol supplies
2014 Etihad Rail begins transportation of sulphur from Shah and Habshan to Ruwais for export
2017 Aldar Academies to operate Adnoc’s schools including in Ruwais from September. Eight schools operate in total within the housing complex.
2018 Adnoc announces plans to invest $3.1 billion on upgrading its Ruwais refinery
2018 NMC Healthcare selected to manage operations of Ruwais Hospital
2018 Adnoc announces new downstream strategy at event in Abu Dhabi on May 13
Source: The National
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The biog
Hometown: Birchgrove, Sydney Australia
Age: 59
Favourite TV series: Outlander Netflix series
Favourite place in the UAE: Sheikh Zayed Grand Mosque / desert / Louvre Abu Dhabi
Favourite book: Father of our Nation: Collected Quotes of Sheikh Zayed bin Sultan Al Nahyan
Thing you will miss most about the UAE: My friends and family, Formula 1, having Friday's off, desert adventures, and Arabic culture and people
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The President's Cake
Director: Hasan Hadi
Starring: Baneen Ahmad Nayyef, Waheed Thabet Khreibat, Sajad Mohamad Qasem
Rating: 4/5
ENGLAND SQUAD
Goalkeepers Henderson, Pickford, Pope.
Defenders Alexander-Arnold, Chilwell, Coady, Dier, Gomez, Keane, Maguire, Maitland-Niles, Mings, Saka, Trippier, Walker.
Midfielders Henderson, Mount, Phillips, Rice, Ward-Prowse, Winks.
Forwards Abraham, Barnes, Calvert-Lewin, Grealish, Ings, Kane, Rashford, Sancho, Sterling.
