Dubai’s skyline isn’t just growing taller—it’s growing smarter, richer, and more selective. The emirate’s real estate sector has entered its fourth consecutive year of growth, driven by political stability, investor confidence, and the magnetism of a tax-free economy. As the world’s wealth gravitates toward lifestyle and legacy, Dubai continues to position itself as the epicenter of luxury living and the playground for global high-net-worth individuals (HNWIs).
Our latest research, powered by transactional data from Downtown Dubai and Palm Jumeirah, quantifies exactly how much value a premium view adds to a property in Dubai’s ready market. These two communities were chosen for their clear visual hierarchies—Burj Khalifa views in Downtown and sea views in Palm—making them ideal for this kind of analysis.
The Rise of the AED 10 Million Club
While 93% of Dubai’s transactions still occur below AED 5 million, it’s the AED 10 million+ segment that’s stealing the spotlight. This elite category has grown tenfold—from just 469 transactions in 2020 to a staggering 4,670 in 2024.And the momentum is far from over. In just the first quarter of 2025, more than 1,300 properties changed hands at this premium level—a 31% year-on-year increase. The city’s luxury appetite is clearly evolving, and the numbers prove it.
Off-Plan Takes Center Stage
One of the most striking shifts is the dominance of off-plan sales in the luxury sector. As Dubai attracts a growing number of global investors and discerning end-users, off-plan projects have surged from just 14% of AED 10M+ transactions in 2020 to 69% in 2024
While ready sales have stayed steady at around 1,500 per year, off-plan transactions climbed dramatically—from 952 in 2022 to 3,233 in 2024. This shows investor trust in the city’s developers and confidence in long-term capital growth.Projects like Six Senses Residences, Baccarat Residences, Serenia Living, and Vela Viento are redefining luxury apartment living, while villa communities such as Palm Jebel Ali, District One West, The Acres, and Damac Islands are leading the off-plan villa revolution.
Villas vs. Apartments: The Ongoing Duel
Post-pandemic trends have tipped the scale toward villas, with apartments representing only 30% of AED 10M+ transactions in 2024, down from 35% in 2023. Buyers are clearly craving space, privacy, and natural light.However, apartments still command the higher price per square foot—around AED 5,000, compared to AED 2,700 for villas. In sought-after waterfront areas like Palm Jumeirah and Dubai Harbour, the price gap narrows dramatically, with villas reaching AED 5,000/sq ft and apartments AED 5,400/sq ft—a testament to Dubai’s unmatched coastal appeal.
Where the Millions Move: Top Prime Hotspots
In 2024, Palm Jumeirah remained the crown jewel of Dubai’s ultra-luxury scene, logging 441 transactions above AED 10 million across both villas and apartments. But new stars are emerging.Early 2025 indicators point to rising hotspots like Palm Jebel Ali, Nad Al Shiba First, and Jumeirah Golf Estates for villas, while Dubai Harbour, Downtown Dubai, and Palm Jumeirah lead the apartment league.
Notable 2024 stats:
- Apartments: Downtown Dubai (233), Palm Jumeirah (246), Business Bay (170), and Dubai Harbour (126).
- Villas: Dubai Hills Estate (275), The Oasis (257), Nad Al Shiba First (206), and Palm Jebel Ali (210).
These numbers reveal how Dubai’s luxury landscape is expanding beyond traditional zones—new communities are rising fast, backed by visionary master plans.
Renovate to Elevate: A Growing Trend
Luxury in Dubai isn’t just about new launches—it’s also about reimagining the old. Communities like Jumeirah Golf Estates, Arabian Ranches, and Dubai Hills Estate are witnessing a renovation boom.Buyers are upgrading older homes, and the difference between an original-condition villa and a newly renovated one can mean millions in resale value. Experts like Andrew Cummings, Head of Residential Agency at Savills Middle East, emphasize that with competition increasing, “buyers are becoming more discerning, and those renovating must consider their end product carefully.”
The message is clear: in Dubai’s prime market, design and detail now rival location.
Community Spotlight: Jumeirah Islands
Few communities capture Dubai’s luxury resurgence like Jumeirah Islands. Once a quiet cluster of 46 man-made islands, it’s now among the hottest luxury addresses.
Before 2021, no villa here had crossed the AED 10 million mark. Fast forward to 2024—89 villas sold above that threshold, representing 84% of all community transactions.
And it’s not just volume—quality renovations are pushing average prices to over AED 6,300 per sq ft., outpacing even Emirates Hills and Dubai Hills. The most desirable homes now sit comfortably in the AED 20 million+ bracket, a threefold leap from their pre-pandemic values.
Dubai’s Global Value Proposition
Even at these soaring levels, Dubai remains a global bargain for the ultra-wealthy. Savills’ global comparison shows average prime property costs:
- Hong Kong – $3,860 per sq ft.
- New York – $2,590
- London – $1,920
- Singapore – $1,810
- Mumbai – $1,200
- Dubai – $930 per sq ft.
Despite its global status and infrastructure, Dubai offers unmatched value, drawing investors seeking high-end living at competitive international prices
The Magnetism of Wealth Migration
Dubai’s population is reached 4 million by August 2025, doubling over the last 14 years. A significant portion of this growth comes from millionaires relocating for its tax-free regime, political stability, and world-class amenities.
Savills’ Dynamic Wealth Index ranks Dubai as the top global city for attracting and developing individual wealth, driven by its location, lifestyle, and economic dynamism.
The outlook for 2025 is optimistic: following 6.8% growth in 2024, Dubai’s prime residential market is projected to grow between 8% and 10%. While branded residences will continue to thrive, villas are set to dominate further as buyers increasingly seek wellness, space, and seclusion.Dubai’s prime residential market isn’t just thriving—it’s redefining global luxury. From the sands of Palm Jebel Ali to the lakes of Jumeirah Islands, the city’s growth story is built on innovation, ambition, and confidence.
Every AED 10 million transaction tells a story—not just of real estate, but of lifestyle, vision, and the irresistible pull of a city that never stops evolving.
This blog covers only the surface of the comprehensive analysis found in our full report. For in-depth data tables, community-by-community breakdowns, and expert commentary:
