Dubai’s luxury real estate market continues to outpace global peers in scale, growth and momentum as millionaire migration accelerates. With 3,731 properties transacting above AED10 million in H1, up 62.7 percent from the same period last year, the emirate continues to redefine the global standard for ultra-prime living.
The second quarter alone saw 2,388 high-end transactions, the highest quarterly total ever recorded. This segment now accounts for over 4 percent of the total market volume, compared to just 1.1 percent in 2020, marking a structural evolution in Dubai’s real estate profile, says Engel & Völkers Middle East.
“Dubai is no longer simply a hotspot for speculative investors but is now a permanent home for the world’s elite. With 62 percent growth in AED10 million-plus sales and a growing population of resident millionaires, the luxury segment is no longer a niche, it is central to Dubai’s real estate identity,” said Daniel Hadi, CEO of Engel & Völkers Middle East.
The rise in luxury real estate transactions in Dubai comes as no surprise, with the city being home to 81,200 resident millionaires, including 237 centimillionaires and 20 billionaires, according to Henley & Partners’ latest World’s Wealthiest Cities Report 2025 ranking.
Dubai recorded a 102 percent growth in the number of millionaires between 2014 and 2024, ranking this year the 18th city on the list of the Top 50 Cities for Millionaires.
Dubai emerges as a strategic base for wealthy individuals
Amid intensifying global scrutiny of wealth and rising tax pressures, Dubai is emerging as a strategic base for high-net-worth individuals seeking long-term security, capital preservation and global mobility, said Betterhomes in a recent report.
In less than ten hours, residents can easily connect with major cities worldwide, whether it’s for business or leisure, highlighting Dubai’s strategic location and seamless access to global markets. Far from being a transient luxury hub, the city is becoming a permanent home for the world’s elite, drawn not only by its favorable tax regime and political stability but also by its infrastructure, safety and unmatched global access.
This shift reflects more than a real estate trend; it signals a structural recalibration of global wealth flows. As legacy cities like London, San Francisco, Hong Kong and Paris grapple with rising taxes and growing instability, Dubai offers rare clarity: low tax, luxury lifestyle, and a robust infrastructure.
“Dubai’s real estate market is no longer driven by speculation, but by strategic, long-term capital. We are seeing global wealth not just arrive, but anchor itself here, in branded residences, legacy properties, and high-quality developments built for permanence. As millionaire migration accelerates, the city’s property sector will continue to evolve from a cyclical opportunity into a structural asset class. Dubai is not only a magnet for capital, it is becoming the benchmark for global residential investment,” said Louis Harding, CEO of Betterhomes.
Dubai’s policies continue to attract wealth
In a world increasingly challenging wealth creation, Dubai stands out as a stronghold for the financially free, where wealth is not only respected but celebrated. Here, policies are designed to attract, not restrict, enabling individuals to safeguard their wealth, plan their legacies and influence global markets from a secure base.
As of December 2024, the UAE was ranked as the 14th largest wealth market globally, with 130,500 dollar millionaires, reflecting a 98 percent surge over the past decade.
2024 marked a significant peak in global millionaire migration, with over 134,000 individuals possessing at least $1 million in liquid investable assets relocating across borders. Early forecasts for 2025 suggest this figure will rise further, with approximately 142,000 high-net-worth individuals expected to move internationally in search of security, stability and opportunity.
If even 5 percent of this cohort were to choose Dubai, the emirate would welcome an estimated 7,100 new millionaires. These are not transient tourists, but capitalized entrants arriving with substantial liquidity.
At a conservative estimate, this would represent an inflow exceeding $7.1 billion, equivalent to nearly half of Dubai’s total foreign direct investment for 2024. In a market defined by momentum and investor confidence, such capital inflows serve as both signal and catalyst.
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Record luxury office transactions signal growth
These new arrivals are not mere spectators; they are institution builders, family office founders and long-term strategists. They bring with them enterprises, teams and a forward-looking mindset. Their presence underscores a growing recognition of Dubai not simply as a tax-efficient jurisdiction, but as a platform for legacy, influence and sustained wealth creation.
This is reflected in the growing demand for luxury offices across Dubai’s real estate market. In the first half of 2025, 83 office sales valued at more than AED10 million were completed, a 207 percent uplift on the 27 deals seen in H1 2024, according to the Dubai Office Market Review from global property consultancy Knight Frank.
“Confidence in Dubai as a global business hub remains exceptionally strong. Indeed, this is reflected in record low vacancy rates for Grade A stock across the city, which stands in sharp contrast to many other global gateway cities. The technology and trading systems sector has emerged as major driver of demand, while sustained activity from financial, real estate and business consulting firms underscores the city’s appeal to a diverse range of global occupiers,” said Faisal Durrani, Partner – Head of Research, MENA.
He added that developers are moving quickly to capitalize on current demand, with a further 25.2 million square feet expected by 2030, when Knight Frank forecasts the total office stock in the city to approach 148 million square feet.
“The confidence in the office sector is further evidenced by the boom in high-value transactions, with the number of office sales over AED10 million setting a record of 83 sales in H1 2025,” he added.
