Dubai’s Luxury Market Draws Millionaire Migration

Dubai’s Luxury Real Estate Boom: Millionaire Influx Expected by 2025

The demand for properties in Dubai valued over 20 million dirhams (approximately $5.5 million) has reached historic highs, driven primarily by Russian, British, Indian and other European millionaires. Amidst global political and economic uncertainties, more wealthy individuals are choosing Dubai not only as an investment but as a long-term residence.

Luxury Buyers and Record-Breaking Transactions

According to the latest data from the real estate agency Espace, the buying and selling of properties valued over 20 million dirhams has increased by 110 percent annually, registering a 70 percent rise compared to the second half of 2024. Most of these premium transactions involved Russian, British, and Indian citizens, with wealthy individuals from other European nations also active in the market.

The demand is bolstered by the dirham’s weakening against other currencies – such as the British pound, Indian rupee, or euro – and the increasing number of people moving to the city to take advantage of its financial and quality of life benefits.

Taxation, Security, and Quality of Life: Dubai’s Triple Advantage

One of the United Arab Emirates' biggest attractions is its tax exemption, particularly the absence of an income tax, which poses a significant appeal compared to countries where the end of non-domiciled status or increasing tax burdens negatively affects the wealthy population. The excellent healthcare system, infrastructure, global air connectivity, and political stability further enhance Dubai’s attractiveness.

Record-High Millionaire Migration Expected

By 2025, forecasts suggest that more than 9,800 high-net-worth individuals will relocate to the UAE, positioning it as the global leader in 'millionaire migration'. Predictions indicate that the United Kingdom could lose up to 16,500 millionaires this year, while around 3,500 wealthy individuals may emigrate from India. Overall, the UAE could attract wealth amounting to approximately 231 billion dirhams thanks to its affluent new residents.

Most Sought-After Premium Locations

According to Espace, the following luxury residential areas in Dubai are at the forefront:

- Emirates Hills – 425 million dirhams worth of transactions

- Jumeirah Bay Island – 330 million dirhams

- Dubai Hills Estate – 140 million dirhams

- Palm Jumeirah – The Fronds – 130 million dirhams

- Al Barari – 121 million dirhams

These neighborhoods are renowned not just for their exclusive properties but also for their proximity to nature, safety, and high-level services required by wealthy residents.

Summary

Dubai remains an exceptionally attractive destination for the global elite, especially for those seeking stability, tax advantages, and an excellent quality of life. The continually growing demand for luxury real estate and the unprecedented millionaire migration together reinforce Dubai’s position as one of the world's most appealing investment and residential destinations.

(Source of the article based on data from Espace real estate agency.)