According to a recent analysis by global real estate consultancy Knight Frank, nearly one in every five homes in Dubai is now valued at over $1 million. The study tracked the value of properties over time, identifying what it calls “accidental millionaires” – homeowners whose properties have increased in value purely due to price inflation, even though they initially bought their homes for less than $1 million. Only properties that have not changed owners were included in the analysis.
“Since 2002, of the 530,000 homes sold in Dubai, 95,000 are now valued at over $1 million. This represents a combined value of approximately Dh822 billion,” said Faisal Durrani, partner and head of research, MENA Knight Frank, reports Khaleej Times. The share of homes worth more than $1 million has grown significantly, jumping from just 6.3% of all sales in 2020 to 18.1% today.
The report further suggests that the total value of all homes sold in Dubai since 2002 now stands at Dh1.47 trillion, marking an impressive 221% increase since 2020. Faisal highlighted the rapid growth of the market, noting that property prices in Dubai have seen record increases due to high demand from new residents and investors.
Looking ahead, Knight Frank’s Dubai Residential Market Review predicts an 8% increase in property prices in 2025, driven by ongoing demand. The report also revealed that property prices in Dubai are 19.9% higher compared to the same time last year, reflecting the continued upward trend in the city’s real estate market.
