Luxury Residential Demand Soars in Dubai

A five-bedroom, full-floor apartment selling for US$47.7 million — one of the 10 most expensive apartment sales in Dubai’s history — points to a larger trend of the city experiencing a dramatic rise in demand for luxury residential, the Council on Tall Buildings and Urban Habitat reports. Property transactions in excess of US$2.7 million in Dubai increased more than 93% year-on-year (YoY) between January and May, a boom the source said is driven by global wealth migration and high confidence in Dubai’s long-term value. In 2024, the U.A.E. saw an influx of approximately 13,000 new millionaires, according to the UBS Global Wealth Report 2025 — the second-highest increase worldwide. This year, approximately 9,800 high-net-worth individuals are expected to come to live in Dubai, drawn in part by its tax efficiency, legal clarity and economic resilience. As millionaire populations in markets like the U.K., China and India shrink, Dubai’s continues to grow.