Dubai’s upscale real estate sector is riding an extraordinary wave of growth, powered by a sharp increase in high-net-worth individuals (HNWIs) choosing to relocate to the Emirate. The city’s property market, especially in May, shattered records with sales reaching AED 66.8 billion—a staggering 49.9% jump from the same period last year, according to data from Fam Properties.

A Global Magnet for Wealth and Investment

Real estate giants like Sobha Realty, Emaar, Nakheel, DAMAC, and Condor Developers are among the top beneficiaries of this boom. Dubai’s unique blend of investor-friendly tax laws, political stability, luxurious lifestyle, and robust property returns is drawing global investors—particularly from Europe—like never before.

One of the standout success stories is Golf Links 18, a flagship project by Condor Developers, situated in Dubai Sports City. Nearly 70% of the premium golf-course-facing units have already been sold—well ahead of the project’s scheduled completion in early 2026. The development, worth AED 300 million, offers over 250 high-end residences and boasts 18 premium lifestyle amenities, including infinity pools, rooftop yoga decks, a sky retreat spa, open-air cinema, and state-of-the-art fitness facilities.

Unprecedented Demand from International Elites

The rising interest in Dubai’s luxury homes reflects a wider trend. A recent report from Knight Frank shows that the UAE welcomed 7,200 new millionaires in 2024 alone—adding to the 4,700 and 5,200 who arrived in 2023 and 2022, respectively. As of December 2024, the country hosts approximately 130,500 millionaires, ranking it as the 14th wealthiest hub in the world.

These new residents hail from diverse regions—31% from India, 20% from the Middle East, 14% from Russia and CIS countries, and 12% from the UK and Europe. On average, non-GCC HNWIs are spending AED 134 million (around $36.5 million) on Dubai properties, either as investments or primary residences.

A Strategic Shift in Wealth Migration

Henley & Partners’ 2024 Wealth Migration Report confirms the UAE as the top destination globally for migrating millionaires, with 6,700 newcomers settling in Dubai last year. That number is expected to climb, with New World Wealth forecasting a 39% rise in the UAE’s millionaire population by 2026.

“Real estate remains a cornerstone in the investment strategies of ultra-wealthy individuals and families,” noted a Knight Frank report. “Dubai offers long-term value, steady income generation, and capital preservation.”

Investors Drawn by Strong Returns and Business-Friendly Environment

According to Condor CEO Vidhya Dharan Sivaprasad, rising demand has led to significant increases in property values and rental yields across the city. “Depending on location, we’ve seen asset appreciation of 20% to 30% over the past year, with rental yields averaging around 10%,” he said.

European buyers now make up the majority at Golf Links 18, particularly investors from the UK, Russia, France, Slovakia, and the UAE. Many are moving from countries with high tax burdens and complex regulations, attracted to Dubai’s efficient, low-tax business environment.

“The demographic of our buyers is evolving quickly,” added Sivaprasad. “Dubai’s global appeal, combined with smart government initiatives, has transformed the property market. It’s no longer just a regional hub—it’s a global center for wealth.”

With a pipeline of AED 2.5 billion in projects across Dubai Islands, Al Majan, and Jumeirah Village, Condor Developers is gearing up to meet the growing appetite from international investors.