Dubai’s luxury real estate market continues to heat up, with Palm Jumeirah leading the charge in Q3 2024. The iconic island saw 19 deals valued at over $344 million, accounting for 31.2% of all sales over $10 million. Overall, the city recorded an 8.2% increase in luxury sales quarter-on-quarter, with 92 deals surpassing the $10 million mark, and an average price of $15.3 million per transaction.
Despite a sharp drop in available listings—down nearly 51% from last year—demand for ultra-luxury homes is skyrocketing. The rapid sales pace highlights Dubai’s ‘buy-to-hold’ and ‘buy-to-live’ mentality. Fewer properties are returning to the market, emphasizing the exclusivity and lasting appeal of the city's prime real estate.
Increasing Demand for High-End Properties
Palm Jumeirah remains the go-to hotspot for Dubai’s elite, but other areas like Dubai Silicon Oasis and Dubai Hills Estate are making waves, thanks to high-value transactions at developments like Binghatti Crystals Residences.
Palm Jebel Ali is also gaining traction, with $97 million in luxury sales recorded in Q3 alone, adding to a total of $1.1 billion in sales for 2024. New developments like Palm Jebel Ali and Dubai Islands are set to rise as prime real estate destinations, joining established favorites like Tilal Al Ghaf and Jumeirah Golf Estates.
Dubai Leads Global Luxury Market
Globally, Dubai leads in the number of home sales over $10 million, outpacing cities like New York and Hong Kong. The city's luxury market appeals not only to local elites but also to international buyers looking for prime investments.
In Dubai’s prime areas—Palm Jumeirah, Jumeirah Bay Island, Jumeirah Islands, and Emirates Hills—sales continue to soar. While listings have dwindled in Q3 2024 compared to last year, demand remains strong, with Palm Jumeirah accounting for 90.4% of prime residential sales. Dubai's luxury market is all about exclusivity and value, with Palm Jumeirah at the forefront and new developments on the rise.
Looking to make a move? Visit our fäm Properties office in Palm Jumeirah. Our expert agents are here to guide you through the luxury market, whether you're buying, selling, or investing. Let’s find your next dream home!