Palm Jumeirah and Jumeirah Bay Island account for 48% of AED 50M+ transactions in Dubai

Metropolitan Premium Properties increased its market share in terms of both value and transaction volume by over 50% in this segment

Dubai, UAE, November 27, 2024: Palm Jumeirah and Jumeirah Bay Island are the top choices for ultra-high-net-worth individuals (UHNWIs) in Dubai, accounting for a substantial 48% of all transactions valued at AED 50 million or more during the first ten months of 2024, according to data from Metropolitan Premium Properties(MPP), a full-service real estate agency and the Metropolitan Group’s flagship property company.

Other popular locations include Mohammed Bin Rashid City, Tilal Al Ghaf and Dubai Hills Estate. 

The overall super-luxury real estate market in Dubai continues its strong showing this year, with the total market value for properties priced AED 50 million and above reaching an impressive AED 13.3 billion as of October 2024. This growth is fueled by a combination of factors, including a growing number of UHNWIs moving to the city, increased investor confidence, a robust economy and Dubai’s enduring appeal as a global hub for luxury lifestyle.

“The sustained growth of Dubai’s super-luxury real estate market is a testament to the city’s unwavering appeal as a global investment destination which is attracting investors from across the globe,” said Nikita Kuznetsov, CEO at Metropolitan Premium Properties. “MPP witnessed a substantial increase in both the value and volume of transactions in the AED 50 million and above market segment. We saw our market share in terms of value and quantity increase by over 50% in the first ten months of the year from 2.3% to 3.5% and from 2.8% to 4.3% respectively.”

Citizens from the United Kingdom led the acquisitions in the 50M+ category, followed by the USA, Canada, Germany and the UAE respectively.

The Metropolitan Group in the UAE includes two full-service real estate agencies: Metropolitan Premium Properties (Dubai) and Metropolitan Capital Real Estate LLC (Abu Dhabi). The group also has Metropolitan Consulting FZE, a supporting company that provides personal and business legal services in the UAE.