Dubai’s housing market continues to experience strong growth with prices up 19.9% compared to last year, according to Knight Frank’s latest report. The number of homes worth over $1 million has surged, now making up 18.1% of all sales compared to just 6.3% in 2020. This means nearly one in five homes in Dubai is valued at over $1 million.

The total value of all properties sold in Dubai since 2002 now stands at AED1.47 trillion, a 221% increase from 2020. The demand for luxury homes has skyrocketed with transactions up 41.8% year-on-year. In the first nine months of 2024, over 121,000 homes were sold surpassing last year’s total sales. Prices in the mainstream market also rose with villas up 23% and apartments 19%.

Despite a drop in property listings, the market remains strong driven by initiatives like residency permits for retirees and remote workers. However, a shortage of villas and limited development sites in prime areas are pushing up prices. While growth is expected to slow slightly in 2025, prices are still set to rise.