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In the second quarter of 2025, the Dubai residential market once again proved its strength as it broke previous records and experienced a surge in home sales. According to research conducted by Knight Frank, a total of 143 homes in Dubai were sold for prices exceeding US$10 million ($12.78 million), a remarkable 52% increase from the same period last year.
The total sales value of these homes amounted to US$2.6 billion, an impressive 37% rise from the first quarter of 2025. This marks a new record high for quarterly sales and a significant 63% jump from the same period in the previous year.
Out of the 143 homes sold in the second quarter of 2025, 22 were sold for prices above US$25 million. However, despite the surge in high-end transactions, the average transaction prices across the market remained relatively stable compared to the previous quarter, as reported by Knight Frank. The firm’s Prime Index for Dubai, which monitors housing prices in ten key luxury communities, recorded an average of AED3,850 psf ($1,339 psf) in the second quarter of 2025.
Knight Frank’s research also revealed that at the beginning of the second quarter, there were approximately 110,000 freehold homes in Dubai worth more than US$1 million, with a collective value of US$271 billion. Out of these homes, around 37,000 were purchased for less than $1 million.
According to Knight Frank, the number of homeowners in Dubai who have become millionaires purely based on the value appreciation of their properties due to price inflation has significantly increased. Shehzad Jamal, partner for strategy and consultancy at Knight Frank MENA (Middle East and North Africa), stated that there has been an average increase of 79.5% in the number of accidental millionaires in Dubai over the past three years.
The majority of these accidental millionaires own properties in Dubai’s top ten luxury communities, including Palm Jumeirah, Downtown Dubai, and Dubai Hills Estate. Among these communities, Palm Jumeirah recorded the highest number of transactions for properties worth over US$10 million in the second quarter of 2025, with a total of 28 deals.
Furthermore, Knight Frank’s research found that in the second quarter of 2025, apartments had surpassed villas in terms of sales for the first time since the second quarter of 2023. Of the 143 homes sold for prices above US$10 million, 80 were apartments, compared to 63 villas.
Faisal Durrani, partner and head of research for Knight Frank MENA, noted a significant gap between the growing demand for homes in Dubai and the available supply. In 2024, Dubai welcomed almost 170,000 new residents, while only 30,000 new housing units were added to the market. While the completion of over 350,000 homes is targeted by the end of 2029, Durrani pointed out that the current supply of homes at certain price ranges is declining rapidly. For instance, the number of homes in the US$10 million price range decreased by 39% last year, from 4,110 to 2,493 units. In the US$25 million bracket, the number of available homes plummeted by 85% in 2024, from 583 to only 86 units.