PC: Construction Week Online
Ultra-luxury property market in Dubai experienced impressive growth in 2024, with Palm Jumeirah and Jumeirah Bay Island becoming the most favorite ultra-high-net-worth individual (UHNWIs) destinations. These destinations attracted 48% of the total property transactions above AED 50 million over the first ten months of the year, according to MPP Metropolitan Premium Properties, which is a leading real estate agency within the Metropolitan Group.
Key Locations Driving Demand
While Palm Jumeirah and Jumeirah Bay Island lead the market, other sought-after locations include Mohammed Bin Rashid City, Tilal Al Ghaf, and Dubai Hills Estate. These areas have cemented Dubai’s reputation as a hub for super-luxury living, attracting both local and international investors seeking high-end properties.
By October 2024, the cumulative value of the transactions involved properties valued at AED 50 million and more was AED 13.3 billion. Thus, it seems Dubai’s real estate market remains well-honed and robust. Many different factors have influenced the increases: inflows of ultra high net worth individuals, investor sentiment boosters, impressive performances of Dubai’s economy, and an overall persistence in attractiveness as a luxury lifestyle hub.
Metropolitan Premium Properties’ Market Share
Nikita Kuznetsov, the CEO of Metropolitan Premium Properties, also talked about how the agency’s market share has increased over the past years. “The super-luxury real estate market in Dubai continues to enjoy sustained growth-a clear indicator of the city’s staying power as an international destination for investment and one that remains a global hotspot for investors.”
MPP reported a strong increase in both value and volume of transactions for properties priced AED 50 million and above. The company’s market share in this segment increased from 2.3% to 3.5% in value and from 2.8% to 4.3% in volume during the first ten months of the year.
International Investors Leading Acquisitions
Investors from the United Kingdom took the lead in acquisitions amounting to AED 50 million and above. Next in line were USA buyers, followed by Canadians, Germans, and those based in the UAE. The strong and consistent interest from overseas buyers is a testament to the appeal of Dubai as a preferred investment destination for UHNWIs.
The Metropolitan Group runs two full-service real estate agencies in the UAE, which include Metropolitan Premium Properties in Dubai and Metropolitan Capital Real Estate LLC in Abu Dhabi. Metropolitan Consulting FZE is the other group that offers legal services, which covers both personal and business needs.
As Dubai solidifies its reputation as a global luxury destination, the super-luxury real estate market remains a key driver of the city’s economic growth and international appeal.
