Why the supreme success of Dubai’s property market looks set to continue in 2025
As property prices outpace anywhere else worldwide, we examine the emirate’s international appeal
Dubai has been a magnet for the globally mobile in recent years, a low-tax, business-minded city where the population has doubled since 2010. Conservative estimates put the total number of British residents there at 240,000 while recent data from consultants Henley & Partners shows that the number of millionaire residents in the emirate doubled in the past decade to reach 81,000, making it one of the fastest growing wealth hubs worldwide.
āHarsher tax environments elsewhere and the increasing mobility of those able and willing to work remotely has contributed to the numbers relocating to Dubai,ā says Henry Faun, Head of 51ĀŅĀ×ās Dubai . āDubai is seven hours from the UK, well-placed for Asia, Europe and Africa and extends a warm welcome to citizens from right around the world with a number of excellent visa options. As well as a digital nomad visa, British passport holders now have the 10-year Golden Visa option with an easy and affordable application process. Itās a hugely positive move.ā
Add in Dubaiās entrepreneurial environment and easy lifestyle and it explains why the city has been the stand out property success story of the past decade. 51ĀŅĀ× figures show that prime villa prices increased 94% just in the period from Q1 2020 to Q4 2024 while put the overall increase in prime property values in the past five years at 147%. If you had invested USD$1 million in prime Dubai property in 2020, you could now have a home worth USD$2.7 million. Itās an impressive achievement for a city that just 50 years ago, was little more than an historic trading port.
āOf all the cities in the Middle East, and indeed the world, Dubai has been the number one performer, whether you consider price growth, facilities or developments,ā says Faun. āThe city is taking the lessons it learned on its steep growth trajectory to continually improve and in the process, is attracting entrepreneurial people from all over the world.ā
4 bedroom apartment for sale in W Residences Dubai Harbour. Guide price £3,923,237.15
The Wealth Report identified Palm Jebel Ali, Dubaiās second palm-shaped island, as a new prime neighbourhood, noting that nine US$10 million+ sales were recorded there in Q3 2024, totalling US$97 million. Sales on this Palm in the first nine months of 2024 represented close to a quarter of all luxury home sales in Dubai over that period.
āPalm Jebel Ali is planned to be significantly larger than Palm Jumeriah and while thereās obviously a way to go with construction, once the infrastructure is in place and the properties developed, I believe the quality will be even higher too,ā says Faun. āPalm Jumeriah has been a huge success story with villas there recording some of Dubaiās most formidable capital growth.ā
The exceptional property price increases achieved in Dubai have had a fundamental impact on the quality of homes on offer across the emirate, allowing developers to commission highly skilled architects, employ better builders and craftsmen and introduce top quality materials. The result, says Faun, is that the quality of new construction is substantially better than even ten years. āItās another example of how Dubai is constantly learning and improving,ā he adds.
7 bedroom villa for sale in Karl Lagerfeld Villas, Nad Al Sheba. Guide price ā¬2,275,000
What lies ahead for Dubai in 2025?
The Wealth Report expects Dubaiās high growth market to continue. āWith limited luxury supply and a rapidly growing population, Dubaiās prime real estate market will see growth in 2025. Listings in prime neighbourhoods have fallen sharply over the past 12 months, with the shortage even more pronounced in the US$10 million+ segment, where available properties have dropped by 65%.ā
For those considering a purchase, Emirates Hills, Dubai Hills, and District 1 join Palm Jumeriah among the prime locations that Faun recommends. āAlways check the track record of the developer you plan to buy from and also consider the supply of properties that are similar to yours to ensure it is easier to sell when the time comes,ā he advises. āAnd while using a solicitor is not legally required in Dubai and can be over cautious, I always recommend you take the services of one locally, purely as a protective measure.ā
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