Dubai sees record sales of luxury homes worth over $10 million
Dubai's real estate market has witnessed a remarkable surge at the start of the year. According to international property consultancy Knight Frank, a record 296 luxury homes priced above $10 million were sold in Dubai during the first six months of the year. The total value of these transactions reached $5.1 billion, marking a 14% increase compared to the same period last year.
According to a report published by Gulf News on Tuesday (July 7), Dubai's property market has entered the second half of the year sending two clear signals to buyers and investors. While the luxury housing and rental sectors continue to set new records, the broader residential market has slowed somewhat compared to last year.
Knight Frank's report shows that the number of transactions exceeding $10 million during the first half of the year was 16% higher than in the first half of 2025 and 49% higher than in the same period of 2024.
The figures indicate that despite recent geopolitical uncertainties in the region, significant global wealth continues to flow into Dubai's prime residential market.
According to Knight Frank, 165 homes worth more than $10 million were sold during the first quarter, followed by another 131 homes in the second quarter. The first-half figures also included a record 26 ultra-luxury deals valued at more than $25 million each.
Strong Demand for Super-Prime Homes
Dubai Hills Estate emerged as the strongest-performing luxury district during the first half of the year, recording 51 home sales valued above $10 million. Palm Jumeirah ranked second with 50 transactions, while Palm Jebel Ali recorded 40 luxury sales even before its scheduled completion in 2028.
The most expensive transaction of the first half involved a six-bedroom apartment at Aman Residences in Jumeirah Second. Developed by H&H Investment and Development, the apartment sold for $114.9 million (AED 422 million).
Faisal Durrani, Partner and Head of Research for the Middle East and North Africa (MENA) at Knight Frank, said Dubai's luxury property market has been breaking records consistently over the past five years. He noted that most of the recently recorded transactions had actually been completed before the regional conflict intensified but were officially registered later due to the usual four-to-six-week administrative processing period.
He added that the market has not stalled because Dubai's core strengths remain intact, including world-class infrastructure, global connectivity, a business-friendly environment, high living standards, quality education, and healthcare.
Overall Market Slows Compared to Last Year
Dubai's overall residential market remains active, although its pace has moderated compared to last year's peak.
Real estate consultancy Cavendish Maxwell reported that residential property sales reached AED 221.3 billion through nearly 79,200 transactions during the first half of 2026. This represents a 14% decline in transaction volume and a 15.7% decrease in total sales value compared to the same period last year.
However, after a slower May, the market rebounded strongly in June. Cavendish Maxwell reported that residential transactions increased from 9,500 deals worth AED 22 billion in May to approximately 12,315 transactions worth AED 25.17 billion in June.
According to Ronan Arthur, Director and Head of Residential Valuation at Cavendish Maxwell, the market was relatively quiet in May due to the Eid al-Fitr holidays. The rebound in June pushed monthly transaction volumes up by nearly 30%, partly driven by deals that had been delayed from May. Despite regional uncertainties, investor confidence remained resilient.
Off-plan properties continued to dominate the market in June, accounting for 9,442 transactions, or 76% of total residential sales. The value of off-plan sales increased from AED 15.2 billion in May to AED 17.6 billion in June.
June Records Strongest Monthly Performance
A separate market analysis by fäm Properties, based on open data from DXBinteract, painted an even stronger picture for June.
The report found that the market recorded 13,933 property sales worth AED 33.2 billion during the month. This represented a 35.5% increase in transaction volume and a 14.9% rise in value compared to May.
As a result, the second quarter ended with 38,157 transactions worth AED 110.2 billion. Overall, the first half of the year recorded 86,077 property sales valued at AED 286.2 billion.
New property sales significantly outperformed resale transactions in June. Newly launched properties accounted for 10,398 transactions worth AED 21.6 billion, while resale transactions totaled 3,535 deals worth AED 11.6 billion.
Villa sales rose 46.5% month-on-month, reaching 1,474 transactions worth AED 7.5 billion. Apartment sales increased 32.3%, totaling 11,605 transactions valued at AED 17.8 billion.
Commercial property sales also strengthened during the month, with 478 office and retail transactions worth AED 2.3 billion.
Firas Al Msaddi, CEO of fäm Properties, said buyers and tenants continue to demonstrate growing confidence across the rental, sales, and private property markets.