Dubai's Luxury Property Market Sees 47% Drop in Listings Over the Past Year: Report
The number of homes for sale in Dubai’s prime residential areas—Emirates Hills, Jumeirah Bay Island, Jumeirah Islands, and The Palm Jumeirah—has dropped by 47% in the past year, leaving 2,851 properties on the market, according to Knight Frank.
Faisal Durrani, Partner and Head of Research for MENA at Knight Frank, explained that Dubai’s appeal to the global super-rich is outstripping the supply of luxury homes. This high demand has led to a significant reduction in available properties in these sought-after areas.
Durrani added that the 2024 Destination Dubai report revealed that $4.4 billion in global private capital is targeting Dubai’s residential market this year, a 76% increase from 2023. This strong international interest, especially from the ultra-wealthy, is outpacing the ability of developers to meet demand.
