Dubai Remains Top Market Homes Transacted Over Us10 Mil Knight Frank
Following a strong performance in 2024, it is predicted that the Dubai real estate market will continue to attract demand from wealthy individuals. A research report by property consultancy Knight Frank revealed that high-net-worth individuals (HWNIs) around the world have expressed interest in purchasing a property in Dubai, potentially channelling an estimated US$10.3 billion ($13 billion) of private capital into the emirate’s residential market.
The consistent demand has bolstered activity in Dubai’s residential market, which saw record sales of nearly 170,000 homes in 2024, amounting to a total of US$100 billion. This momentum has carried over into this year, with AED100 billion ($35 billion) in home sales already achieved as of March 4. Furthermore, Dubai property prices continue to rise, with a 19.1% increase in 2024, reaching an average of AED1,685 psf.
At the same time, Dubai remains the world’s busiest market for homes priced over US$10 million, according to the report. Last year, a total of 435 transactions in this price bracket were recorded in Dubai, almost equaling the number of such deals in London and New York combined. Between January and March this year, 111 homes were sold for over US$10 million in Dubai.
“The super-rich remain focused on purchasing luxury homes in the city, and this unwavering demand has been a key factor in Dubai being the world’s busiest market for homes priced over US$10 million for the second consecutive year,” says Shehzad Jamal, partner for strategy and consultancy at Knight Frank MENA (Middle East and North Africa).
In its latest Destination Dubai report, Knight Frank surveyed 387 global HNWIs from the UK, India, Saudi Arabia, and East Asia (China, Hong Kong, and Singapore) to gauge their interest in investing in real estate in the United Arab Emirates. More than half of the respondents (52%) expressed interest in purchasing property in the UAE.
“As we have found in previous research and based on our teams’ experience, the strongest desire to purchase real estate in the UAE comes from those with the highest wealth, which is a testament to the government’s efforts to enhance the emirate’s appeal as a place for the world’s wealthy to live and invest,” says Faisal Durrani, partner and head of research for Knight Frank MENA.
HNWIs from Saudi Arabia and India showed the strongest interest, with 66% and 41% of respondents, respectively, intending to purchase a UAE property in 2025. For the UK and East Asia HNWIs surveyed, 17% of each cohort expressed interest in a potential UAE property purchase this year.
Among the East Asia HNWIs, those from Hong Kong displayed the strongest appetite, with 22% of respondents stating their intention to buy UAE property in 2025.
According to the survey, residential properties continue to be the top choice for global HNWI compared to the commercial and retail segments. Additionally, Dubai remains the most sought-after destination, with 71% of respondents naming it as their preferred emirate.
Apart from traditional transportation infrastructure, Sembawang Road EC boasts a thriving community with an array of integrated developments and transport hubs. Located just one MRT stop away is Yishun, home to the Yishun Integrated Transport Hub (ITH) where a bus interchange, MRT station, and retail complex are all consolidated under one roof. In addition, the area is also home to Canberra Plaza, a neighboring integrated development that brings together a variety of retail shops, community services, and transport facilities in a cohesive location. These hubs offer enhanced convenience for residents of the northern region, allowing them to accomplish errands, shop, and commute all in one place. With the emergence of more integrated spaces, residents of Sembawang Road EC can expect a seamless and efficient urban lifestyle. To experience this convenient and modern living for yourself, check out Sembawang Road EC.