Multi-millionaires from emerging markets are heading to Dubai in search of high-growth real estate. According to Knight Frank's most recent annual survey, residential sales in Dubai reached 119,000 homes with a total value of nearly AED 350 billion in 2023 — and global high-net-worth individuals are driving a significant share of that demand.
Knight Frank Survey: Who Is Buying in Dubai?
Knight Frank's global research included 217 participants from 11 different countries, each with a minimum net worth of $20 million. The survey identified the United States, China, Canada, the United Kingdom, and India as the largest sources of millionaire investors eyeing Dubai's property market.
Of those surveyed, 64% are purchasing for investment purposes, while 31% are buying for personal use. A clear majority — 56% — prefer completed or newly built units, with just 14% interested in off-plan properties.
Top 15 Dubai Areas Where Millionaires Are Buying Homes
The Knight Frank survey ranked 15 preferred neighbourhoods by the share of millionaire buyers showing interest:
1. 34% — Dubai Marina 2. 33% — Downtown Dubai 3. 27% — Business Bay 4. 20% — Dubai South / Expo City 5. 20% — Dubai Canal 6. 19% — Dubai Hills Estate 7. 16% — Palm Jumeirah 8. 15% — Emirates Hills 9. 13% — Jumeirah Bay Island 10. 9% — Jumeirah Golf Estate 11. 9% — The World Islands 12. 9% — Al Qudra 13. 7% — Tilal Al Ghaf 14. 7% — MBR City 15. 6% — Emaar South / Emaar Valley
Regional Preferences: GCC vs. Global Millionaires
The survey also breaks down preferences by investor origin, revealing subtle but meaningful differences between GCC-based and international high-net-worth individuals (HNWIs).
Top areas for GCC-based HNWIs:
1. Dubai Marina 2. Business Bay and Downtown Dubai 3. Dubai South / Expo City
Top areas for global HNWIs:
1. Downtown Dubai 2. Dubai Marina 3. Business Bay
Both groups converge on the same core trio — Dubai Marina, Downtown Dubai, and Business Bay — but in slightly different order. GCC investors lean toward Dubai Marina first, while international buyers put Downtown Dubai at the top of their list.
What Draws Millionaires to Dubai Real Estate?
Emerging-market millionaires are targeting Dubai for a combination of relative affordability and strong growth potential. Knight Frank's data shows that buyers prioritise proximity to parks and green spaces, healthcare centres, beaches and sea views, and major retail destinations.
Dubai Marina's waterfront lifestyle, Downtown Dubai's iconic skyline access, and Business Bay's central business connectivity make all three perennial favourites across investor profiles.
Source: Knight Frank annual millionaire survey
