Inside the UAE’s Ultra-Luxury Market: Rising Demand for AED 100M Homes

The United Arab Emirates (UAE) has cemented its status as a global hotspot for ultra-luxury real estate, drawing high-net-worth individuals (HNWIs) and international investors. The rising demand for AED 100M homes in the UAE underscores the increasing appeal of exclusive properties that set new standards in opulent living.

Sam Horani, Associate Partner at Provident Estate, has built a strong reputation as a trusted advisor and expert in selling Dubai’s most exclusive properties. He has facilitated the sale of over AED 2.8 billion worth of luxury homes and has worked with clients from countries such as the United States, Austria, Japan, France, and Poland. Recently featured in The National, Sam shared his insights and demonstrated a profound understanding of what positions Dubai as a global hotspot for ultra-luxury real estate.

The UAE’s Thriving Market for Ultra-Luxury Properties

The demand for AED 100M homes in the UAE has surged dramatically, attracting high-net-worth individuals (HNWIs) seeking unparalleled luxury. High-value transactions have been recorded in some of the country’s most prestigious locations, including Palm Jumeirah, Jumeirah Bay Island, Emirates Hills, Business Bay, and Saadiyat Island. 

Over the past two years, more than 100 such properties have been sold, reflecting the robust appetite for luxury living in the UAE. Dubai recorded its most expensive property transaction in 2022, with the sale of an AED 600 million mansion on Palm Jumeirah. In March 2024, Abu Dhabi set its own record with the sale of an AED 137 million three-bedroom penthouse at Nobu Residences, developed by Aldar Properties, located on Saadiyat Island.

This extraordinary growth in the UAE’s ultra-luxury real estate sector demonstrates the country’s continued appeal as a global hub for high-end investments and opulent living. With developers rising to meet demand and buyers seeking exclusive properties, the market shows no signs of slowing down.

Who’s Driving the Demand for AED100M in the UAE?

As Sam highlights, the demand for AED 100M homes in the UAE is primarily driven by HNWIs from around the globe. “Global UHNWIs are looking to relocate or invest in second homes,” Sam explains, adding that Indians, British citizens, and Russians are among the leading buyers of these high-value properties.

Sam himself facilitated one of Dubai’s landmark transactions, the sale of an AED 500 million penthouse in Como Residences in 2023. This further highlights the emirate’s appeal to global high-net-worth individuals (HNWIs).

Recognizing this rising demand, developers are incorporating ultra-luxury features into their projects, including high-value penthouses and villas priced between AED 60 million and AED 400 million. “Every developer, anything they're launching, they are planning a minimum of three to five penthouses,” adds Mr. Horani, emphasizing the market’s readiness to cater to such discerning buyers.

As Sam Horani, Associate Partner at Provident Estate, explains, these wealthy buyers “want to have the best deal that they can get. They have the ability, they have the liquidity to do this kind of transaction, and they don't really think about money. They just think about the process and how long it will take.”

Dubai: The New American Dream

Sam Horani describes Dubai as the modern-day version of the “American dream,” offering opportunities, stability, and a lifestyle unmatched by any other global city. The emirate’s transformation into a beacon for ambition and luxury has made it a magnet for global UHNWIs seeking a place to live, invest, or call their second home.

Several factors contribute to this allure:

• Tax-Free Living: Dubai offers a significant advantage to HNWIs with no personal income or capital gains taxes.
• Economic Stability: The UAE’s diversified economy and visionary leadership ensure long-term growth and security for investors.
• World-Class Lifestyle: From luxury shopping and fine dining to exclusive cultural experiences, Dubai provides a cosmopolitan lifestyle that appeals to the world’s elite.
• Prime Real Estate: Iconic neighborhoods like Palm Jumeirah, Jumeirah Bay Island, and Emirates Hills offer properties with unparalleled amenities and privacy.

Sam notes that many of his clients, including Indians, British citizens, and Russians, are drawn to Dubai’s ability to blend luxury with practicality. “They want the best deal they can get, and Dubai offers a level of exclusivity and value that is hard to match anywhere else,” he says.

Most Expensive Property Deals in Dubai

Dubai’s ultra-luxury real estate market has seen some of the most significant property transactions in recent years, solidifying the emirate’s status as a global hub for high-end investments. Here’s a look at the most expensive deals that have captured international attention:

1. AED 600 Million Villa on Palm Jumeirah (2022)

According to a Bloomberg report, the most expensive real estate transaction in Dubai’s history took place in 2022. Indian billionaire Mukesh Ambani reportedly purchased an AED 600 million villa on Frond N of Palm Jumeirah. This deal highlights the unparalleled appeal of Dubai’s iconic man-made island for ultra-high-net-worth individuals (UHNWIs).

2. AED 500 Million Penthouse in Como Residences (2023)

In 2023, the second-highest transaction was recorded for an AED 500 million penthouse in Como Residences, a prestigious project by Nakheel on Palm Jumeirah.

• Project Details:
  • Structure: 75-storey tower with 81 exclusive homes, ranging from two-bedroom to seven-bedroom apartments.
  • Design: Maximum of two apartments per floor, with private lobbies accessed via controlled elevators.
  • Amenities: Residents enjoy a rooftop infinity pool and an observation deck on the 75th floor offering panoramic views of the Dubai skyline and Arabian Gulf.
  • Completion Date: Set for Q2 2028.

This penthouse epitomizes luxury living, making it one of the most sought-after properties in the region.

3. AED 420 Million Penthouse in Marsa Al Arab (2023)

Another remarkable deal in 2023 was the sale of an AED 420 million penthouse in Marsa Al Arab, further cementing Dubai’s appeal to elite investors seeking unique waterfront properties.

4. AED 410 Million Apartment at Bulgari Whitehouse Dubai (2022)

Located on Jumeirah Bay Island, the Bulgari Whitehouse Dubai apartment ws sold for Dh410 million. This record-breaking sale showcases the enduring demand for exclusive properties designed with world-class sophistication.

5. Multiple High-Value Deals on Palm Jumeirah

Palm Jumeirah remains a hotspot for high-net-worth buyers, with several of Dubai’s top property transactions recorded on this iconic island. The demand for luxury homes on the island continues to rise, driven by its unique location, opulent amenities, and global recognition.

These record-breaking deals reflect that Dubai has continued to attract global UHNWIs with its unmatched offerings and iconic developments. Collaborating with a reputable real estate firm like Provident Estate can make all the difference.

 With expertise in navigating the high-end real estate market, Provident Estate ensures seamless transactions, access to exclusive listings, and personalized services tailored to your investment goals. Whether you're a seasoned investor or exploring luxury real estate for the first time, Provident Estate stands as a trusted partner, helping you make the most of the UAE's vibrant property market.