• Palm Jumeirah dominates, accounting for 36.3% of luxury home sales.
  • Prime residential prices up 26.3% year-on-year (ended 2023 16.3% up on 2022)

Dubai: 105 homes priced in excess of US$ 10 million were sold in Dubai during the first three months of the year, up 19% on Q1 2023, according to the latest analysis from global property consultant, Knight Frank.

Faisal Durrani, Partner – Head of Research, MENA, explained: “The level of deal activity in Dubai continues to strengthen, particularly at the top end of the market, where the near constant stream of international high-net-worth-individuals vying for the city’s most expensive homes persists. 

“The laser-like focus of the global wealthy on Dubai is best reflected in the rapid deterioration in the volume of US$ 10 million+ homes for sale, which has fallen by 59% across the city over the last 12-months to just 864 homes.”

The total value of luxury homes sold during Q1 stands at US$ 1.73 billion, which is up 6% on Q1 2023 and builds on Dubai’s emergence as the world’s busiest US$ 10 million+ homes market.

Last year, Knight Frank says, Dubai recorded 431 home sales above US$ 10 million, nearly 80% higher than the next nearest contender – London (240). New York (211) rounded off the top three most active luxury homes markets in the world in 2023.

The Palm Jumeirah registered deals worth US$ 628 million, and dominated the luxury homes market during Q1, accounting for 36.3% of sales by total value. Jumeirah Bay Island (11.1%) and Dubai Hills Estate (7%) followed in second and third place, respectively.

While the Palm Jumeirah (39) also led the pack in terms of the total number of luxury homes sold, the Palm Jebel Ali (10) and Business Bay (7) registered more high-end home sales than Jumeirah Bay Island, or Dubai Hills Estate. 


According to Knight Frank, other markets, away from the headline grabbing Palm Jumeirah, Jumeirah Bay Island and Emirates Hills are fast rising in prominence amongst luxury home buyers, with Dubai Hills Estate, for instance, standing out as a market to watch.

Will McKintosh, Regional Partner and Head of Prime Residential, MENA, said: “Dubai Hills Estate has quietly for some time been rising up the ranks as not only one of Dubai’s most sought-after markets for domestic buyers, but now luxury home buyers are increasingly active here too.

“The relative proximity to both Downtown and New Dubai, combined with access to international school, excellent neighbourhood facilities and amenities and of course its abundance of green space is quickly making Dubai Hills Estate one of Dubai’s most desirable neighbourhoods. Prices have unsurprisingly responded to the growing demand to live here and have risen by almost 11% in the last 12-months, while the number of homes available for sale has fallen by 75% to just over 1,000 units this past March”.


Knight Frank has previously found in its Destination Dubai 2023 report that access to parks and green space ranks as the most important consideration amongst global HNWI when considering an investment in the emirate.


Dubai’s prime residential market, which includes the Palm Jumeirah, Jumeirah Bay Island and Emirates Hills, has experienced a surge in performance as well, according to Knight Frank.

Durrani concluded: “After growing by 16.3% in 2023, following an extraordinary 44.4% increase during 2022, Dubai’s prime residential market has grown by 26.3% over the last 12-months, easily making it one of, if not the fastest growing prime residential market globally. While these startling growth rates are phenomenal, it doesn’t take away from the face that Dubai’s luxury homes market still remains one of the most affordable in the world.

“Indeed, US$ 1 million secures some 980 square feet of prime residential space in Dubai, compared to just 366 square feet in New York, 355 square feet in London, or 172 square feet in Monaco.”

About Knight Frank:

Knight Frank LLP is the leading independent global property consultancy. Headquartered in London, the Knight Frank network has 487 offices across 53 territories and more than 20,000 people The Group advises clients ranging from individual owners and buyers to major developers, investors, and corporate tenants. For further information about the Firm, please visit www.knightfrank.com.

In the MENA region, we have strategically positioned offices in key countries such as the United Arab Emirates, Saudi Arabia, Bahrain, Qatar, and Egypt. For the past 13 years, we have been offering integrated residential and commercial real estate services, including transactional support, consultancy, and management.

Understanding the unique intricacies of local markets is at the core of what we do, we blend this understanding with our global resources to provide you with tailored solutions that meet your specific needs. At Knight Frank, excellence, innovation, and a genuine focus on our clients drive everything we do. We are not just consultants; we are trusted partners in property ready to support you on your real estate journey, no matter the scale of your endeavour.

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Editor’s Notes:

Palm Jumeirah – Garden Homes, Frond N, AED73,000,000

A rare opportunity to acquire a truly exceptional home which is the epitome of stylish modern living on The Palm Jumeirah.

Located on the highly sought after Frond N, the property offers over 8100 sq ft of accommodation arranged over three levels comprising of 5-bedroom suites, wide open plan entertaining and living spaces with wonderful terraces on the first and second floors.

The specification and attention to detail are second to none with extensive use of marble and travertine finishes throughout.

The panoramic rooftop terrace provides outdoor living with working kitchen facilities, bbq and pizza oven and to the rear, relaxing lounges and hot tub overlooking the wide expanse of water between the fronds enjoying Atlantis views.

Viewing is essential to really appreciate this home which is sold fully furnished and ready to move into.

Fairway Vistas, Dubai Hills, Dubai Hills Estate - AED65,000,000

Knight Frank are delighted to present this stunning 5-bedroom family home perched above the Dubai Hills golf course in Fairway Vistas. The property has recently gone through an 18-month renovation and is the finest example of design vision, craftsmanship, and material choice on the market today, offering residents a truly turnkey villa at the highest standard.


- 5 Bedroom
- 6 Bathrooms
- 2 Maid's Rooms and 1 Driver's Room
- Fully Renovated
- Fully Furnished
- Super-Master Suite
- 10,352 BUA Sq Ft.
- 13,240 Plot Sq Ft.
- Golf Course View
- High-End European Materials
- Show And Chef's Kitchen
- Pool House With Gym And Bar
- Resort-Style Swimming Pool
- 10 Man Jacuzzi
- Sunken Firepit
- Bbq and Pizza Outdoor Kitchen
- Oak Wood Bedroom Flooring
- Asking Price: 65,000,000 AED
- Agent: Ryan Dixon on +971588526482
- Broker No. 46832
- Trakheesi Number: 6523327171

The homely feel of this property is apparent as soon as you enter the gate, with a Japanese-inspired water feature leading up to a double height entrance hallway. Travertine and oak cladding throughout the property add a sense of warmth, and the furniture perfectly balances the interiors. New Italian glazing on the ground floor creates the amazing indoor – outdoor living experience. A stunning show kitchen is supported by a well-appointed chef’s kitchen. The ground floor also features a stylish powder room and guest suite.

On the first floor, three well-appointed en-suite bedrooms are serviced by a pantry and nanny’s room. A cozy family living area leads to the Super-Master suite featuring his and her walk-in wardrobes, tranquil bathroom and views out onto the golf course.

The resort style garden does not disappoint and features large temperature-controlled pool, 10-man jacuzzi and sunken firepit. A pool house boasts a fully fitted gym and bar overlooking the golf course.

Bulgari Resort & Residences, 3 bedroom apartment, Jumeirah Bay Island - AED46,000,000

Knight Frank is thrilled to present this exceptional 3-bedroom apartment in Bvlgari Residences 5, nestled within the prestigious Bvlgari Resort and Residences on Jumeirah Bay Island.

- Largest 3 bed type available
- Dual views
- Unit Type D
- 3 bedrooms
- 4 bathrooms
- 2 car parkings
- Vacant
- Unfurnished
- Covered Balcony
- Built in Wardrobes
- Central A/C
- Maids Room
- Shared Gym
- Shared Pool

This modern and elegantly designed apartment boasts all the features expected from a luxury property within this superior, world-class branded residence. The open-plan layout with floor-to-ceiling windows offers breathtaking views of the marina and the exclusive Yacht Club. The property comprises a spacious living room, a dining area, and a kitchen with integrated appliances. Three expansive bedrooms and four bathrooms showcase the signature Bvlgari quality of design. Additionally, residents can enjoy a private outdoor balcony, perfect for relaxation and entertainment.

The apartment's prime location is complemented by its access to the exclusive Bvlgari Resort and Residence amenities. Residents can indulge in a five-star service and world-class facilities, including a state-of-the-art gym, a private beachfront, indoor and outdoor swimming pools, and one of Dubai's most luxurious spas. Proximity to the highly sought-after Yacht Club adds to the allure of this property.

Whether you are an individual, young professional seeking convenience and excellence, or a luxury property investor looking to enhance your portfolio with a holiday home, this fantastic property is an ideal choice.

Sector W, 6-bedroom villa, Emirates Hills - AED71,000,000

Exclusively listed with Knight Frank, we are pleased to introduce this meticulously designed, brand-new modern contemporary mansion situated directly on the lake and panoramic views of the skyline. With an expansive plot just shy of 20,000 sq. ft, this residence boasts spacious living and entertainment areas. The interior is furnished with Italian marble accents, parquet flooring, Minotti and B&B Italia furniture creating an ambiance of luxury and warmth. The property is entirely Vastu compliant, ensuring optimal energy flow and abundant natural lighting throughout all areas of the residence.

Property Details:

- BUA : 17,000 sq. ft
- PLOT : 19,713 sq. ft
- 6 Bedrooms En-Suite
- Separate Maid & Drivers Quarters
- Fully Furnished with Minotti and B & B Italia
- Catellani & Smith Lighting
- Private Pool (Temperature Controlled)
- Wine Cellar
- Full Lake Views
- Smart Home with the latest in-home technology
- Full Industrial Chef's Kitchen
- VRF Air Conditioning and Solar Panelled