Dubai’s High-End Property Market Faces 47% Decline

Dubai’s prime residential real estate market, which includes the indefinite prestige of Emirates Hills, Jumeirah Bay Island, Jumeirah Islands, and The Palm Jumeirah, is dramatically changing.

Market Dynamics

Faisal Durrani, partner and head of research, MENA at Knight Frank, commented that Dubai remains a hot destination for the super-rich across the world.

Insatiable Demand from Super-Rich of the World

The shifting interest of international HNWIs from flipping for quick resale to a buy-to-hold strategy is one of the defining trends in Dubai’s high-end property market.

Shift to Buy-to-Hold Strategy

The Dubai prime residential market, although confronted with a shrinking supply, appears very resilient in terms of price performance.

Surge in Average Transacted Prices

The Palm Jumeirah has generally been on top, capturing 89.3 percent of home sales as of H1 2024 within the prime residential transactions.

The Palm Jumeirah in Sales

The Dubai government has continued its initiative in implementing strategic measures against changing market backdrop to keep the sector buoyant.

Strategic Government Initiatives