Dubai’s luxury property market achieved a new record, reaching 500 homes valued at $10 million in 2025, including a record 68 homes being sold worth more than $25 million, according to the property consultancy Knight Frank.

This is compared to 435 luxury homes of $10-million-plus being sold in 2024 and 46 uber-luxury homes of $25 million-plus valued changing hands during the year.

Faisal Durrani, partner and head of research for Mena at Knight Frank, said there is a huge appetite among regional and global high-net-worth individuals [HNWI] to own a home in Dubai, attracted by the high quality of life, world-class amenities and infrastructure, enabled by the government’s ambitious investment programmes.

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The UAE, especially Dubai, has been attracting a large number of millionaires and billionaires over the past four years.

According to The Rise of Dubai study, Dubai is home to 86,000 millionaires, 251 centi-millionaires, and 23 billionaires at the end of June 2025, as world-class health facilities, educational institutions, state-of-the-art infrastructure and safety and security are attracting millionaires from around the world.

“Dubai’s meteoric rise as the world’s busiest market for $10 million-plus homes, having increased from just 30 sales in 2020 to 500 by the end of 2025, is best reflected in the emirate’s growing reputation as a magnet for the global elite. Indeed, in the ultra-prime $25 million-plus segment, there was a 45 per cent year-on-year jump in the number of sales,” said Durrani.

Where are millionaires buying properties

The global property consultancy said 143 homes of over $10 million were sold in the fourth quarter of 2025, representing a 39 per cent increase on the 103 transactions completed in Q3. This pushed the total value of transactions in this segment in 2025 to $9.05 billion (Dh33.2135 billion), a 27.7 per cent increase on 2024.

Knight Frank and Reidin data revealed that Palm Jumeirah was the top choice of millionaires during the fourth quarter of 2025, as 28 properties worth over $10 million were bought on the island. This was followed by Palm Jebel Ali (22), La Mer (16), Jumeirah Second (13), Tilal Al Ghaf (9), Emirates Hills (7), Dubai Hills Estate (7), Al Barari (7) and District One (6).

The most expensive individual purchase in the fourth quarter of 2025 was in the Business Bay community, where a six-bedroom apartment in Bugatti Residences by Binghatti was sold for $149.7 million (Dh550 million).

“Dubai’s residential market has differentiated itself from regional cities and many other global gateway locations through the creation of destination communities that integrate leisure, safety and convenience into self-contained ecosystems. These one-of-a-kind neighbourhoods are attracting the attention of the global elite at a scale never seen before, and the record luxury home sales figures reflect this,” said Will Mckintosh, regional partner and head of residential for Mena at Knight Frank.