6 Dubai luxury homes alone fetch Dh1.3 billion in record year
Palm Jumeirah home scores top marks with Dh275m
Dubai: Dubai’s property market closed 2024 with its best performance ever – but when it comes to super-luxury homes, the numbers look even more spectacular.
The combined sales of just six of these homes recorded a value of Dh1.33 billion plus, with the costliest deal being a 5-bedroom ready apartment on the Palm Jumeirah that fetched Dh275 million, according to Dubai Land Department data provided by Allsopp & Allsopp.
In second and third places were a Dh240.5 million offplan villa on Jumeira Bay (itself the scene of multiple high dollar value transactions) and Dh216 million for another villa, this time on Palm Jumeirah.
Dubai’s Top 10 residential deals of 2024
| Property Type | Location | Project Status | Total Sales Price (AED) |
|---|---|---|---|
| Apartment | Palm Jumeirah | Completed | 275,000,000.00 |
| Villa | Jumeirah Bay Island | Off-Plan | 240,500,000.00 |
| Villa | Palm Jumeirah | Completed | 216,000,000.00 |
| Villa | Palm Jumeirah | Off-Plan | 203,000,000.00 |
| Villa | Dubai Hills Estate | Completed | 200,000,000.00 |
| Villa | Palm Jumeirah | Completed | 200,000,000.00 |
| Villa | Jumeirah Bay Island | Off-Plan | 175,000,000.00 |
| Villa | Palm Jumeirah | Off-Plan | 170,500,000.00 |
| Villa | Dubai Healthcare City 2 | Off-Plan | 165,620,000.00 |
| Villa | Jumeirah Bay Island | Off-Plan | 160,000,000.00 |
| Villa | Jumeirah Bay Island | Completed | 155,000,000.00 |
| Apartment | Jumeirah Bay Island | Off-Plan | 148,154,000.00 |
| Villa | Emirates Living | Completed | 148,000,000.00 |
| Villa | Mohammed Bin Rashid City | Completed | 146,000,000.00 |
| Villa | Dubai Hills Estate | Off-Plan | 145,000,000.00 |
| Villa | Dubai Hills Estate | Off-Plan | 145,000,000.00 |
| Apartment | Jumeirah Bay Island | Off-Plan | 140,450,000.00 |
| Apartment | Dubai Water Canal | Off-Plan | 140,000,000.00 |
| Apartment | Business Bay | Completed | 139,000,000.00 |
Credit: Dubai Land Department/Allsopp & Allsopp
There were six residences that sold for Dh200 million or more during 2024, with the first Palm accounting for four of them, Jumeira Bay having one, and Dubai Hills Estate the other entrant.
Sure, Palm Jumeirah and Jumeira Bay island dominate the rankings, but there are some surprises too – a Dubai Healthcare City 2 based in-development villa connected with a seller for Dh165.62 million. There were also apartments near the Dubai Water Canal and in Business Bay fetching Dh140 million and Dh139 million, respectively.
“The values fetched by the Top 10 or even Top 20 Dubai homes in 2024 give enough reasons for developers to pursue creating more super-luxury residences,” said an estate agent. “We are seeing those on Palm Jebel Ali, Dubai Islands even with ‘mansions’ in Dubai South.
“Dubai is ready for new super-premium homes and locations that can follow the path of the original Palm, Emirates Hills and Jumeira Bay island.”
Dubai Hills Estate is certainly doing that, with three spots in the Top 19 sales, with the priciest being Dh200 million and two others getting Dh145 million apiece.
Records all the way for Dubai property
So, another year gone by where Dubai’s luxury/super-luxury homes were setting or rewriting records. There are a few more Dh100 million plus homes waiting to find an owner, with some of the older properties among them going through extensive re-do processes to make them fit for those sort of asking prices.
“If the property has the right sort of location, that’s half the work done in getting a buyer,” said an agent. “Some of the makeover projects are extreme, but the seller is sure that he will find his buyer at the price he/she wants.”
Omniyat, MAG, Azizi push the scales higher
Some of the under construction residential buildings near the Dubai Water Canal could be in line for 2025’s priciest records. The developer Omniyat has multiple projects on the ground, and like it has done in the past, some of the units within them could set up new price peaks.
If not, ‘there is always the Jumeira Bay island and especially the Bvlgari Lighthouse building that’s part of it that’s made a habit of setting and resetting some of Dubai property market’s all-time records’, said a consultant.
Another developer with a few uber homes in their portfolio is MAG, while Azizi is venturing into the mansion space with a recent launch in Dubai South.
According to dubizzle, in 2024:
The top luxury apartment community was Dubai Marina, where the average sales price was Dh2.55 million, while the annual rent recorded was at Dh145,000, based on dubizzle search trends.
The top luxury villa community was Dubai Hills Estate with n average sales price of Dh16.07 million. On rentals, Al Barsha was the top choice where the average rent came to Dh436,000.
