The Millionaire Effect: Why Dubai Attracted the Wealthy in 2024

Dubai has always been a magnet for high-net-worth individuals, and now more-than-ever millionaires are flocking to the country.

In 2024 Allsopp & Allsopp saw an unprecedented influx of investors to Dubai which has led to the luxury property market feeling the impact. In July 2023 Dubai data predicted that 6,700 millionaires would relocate to the country by the end of 2024, and when we reflect on our Allsopp & Allsopp data we’ve seen a clear trend emerging.

A Booming Luxury Segment

Demand for luxury and ultra-luxury properties has surged with a 41% increase in the amount of transactions for residences valued above AED 5 million. To put that into perspective, when converted to GBP it’s the equivalent of just over GBP 1 million.

As more wealthy millionaires settle in Dubai, properties priced over AED 25 million have also seen notable transaction spikes with Allsopp & Allsopp recording a 46% increase in 2024.

Why are UK Millionaires Moving to Dubai?

There are clear differences between the UK and Dubai in terms of appeal for successful individuals. The UK is increasing taxes on wealthy residents, while Dubai is doing the opposite— actively attracting top talent and investors through tax incentives, golden visas, safety, and an unmatched lifestyle.

This strategy is proving highly effective. With a steady influx of high-net-worth investors, Dubai’s population continues to grow, directly fueling the real estate market.

Will the Market Explode?

As demand for prime properties rises, buyers and sellers are seeing increased activity, particularly in the luxury segment. If the current trajectory holds, we could see record-breaking transactions in the city’s most prestigious neighborhoods in 2025. Is Dubai set to become the world’s next millionaire capital? If the numbers are any indication, it already has.

If you are interested in investing into the Dubai real estate market please reach out to one of our property experts.