The rate at which they're moving to Dubai, with businesses and families in tow, means developers are scrambling to build more luxury accommodation.
Property prices in the emirate are expected to rise by 8% in 2025, but real estate agents tell Business Insider that Dubai is still a buyer's market.
"When you put Dubai on the global stage, and you're looking at relative affordability and affordable luxury, it's still reasonably priced compared to elsewhere in the world," Faisal Durrani, Knight Frank's head of research for the Middle East and North Africa, told BI.
Seconding Durrani's perspective is B1 Properties, a brokerage catering to ultra-high-net-worth individuals.
It's listing the most expensive property in Dubai — a 495 million dirhams ($134 million) villa on Jumeirah Bay Island, one of the city's four prime neighborhoods.
Take a look inside.
The $134 million villa is one of seven nestled by the water within Dubai's Bulgari Hotel and Resort.The coastal villa spans two levels.
Courtesy of B1 Properties
Branding and scarcity are two of the most critical factors in determining real estate prices in Dubai, a B1 Properties representative told BI.
They said this property has both as its under the Bulgari Hotel and Resort umbrella and one of only seven villas on the coastline.
The mansion, which covers about 20,000 square feet, is a touch less than the 12,500-square-foot penthouse in New York City that reportedly broke the record for Manhattan's most expensive sale in 2024 at $135 million.
"Dubai is still considered buyer-friendly when it comes to price per square feet compared to key metropolitan or coastal cities like New York, Miami, London, Singapore, and Hong Kong," the B1 representative said.
The two-story villa has appliances and interiors from the likes of Hermès and Baccarat.The kitchen connects to the outdoor patio via floor-to-ceiling glass doors.
Courtesy of B1 Properties
The villa, which is being sold fully furnished, underwent an extensive renovation to exude "luxury in its every element," the B1 Properties representative said.
Appliances, furnishings, and interiors, products from some of the most luxurious brands on the market, including Hermès, Baccarat, Steinway & Sons, and Miele, can be found in the kitchen, living areas, and bedrooms.
The villa has four bedrooms, six bathrooms, and amenities including a gym and sauna.The villa comes with four bedrooms, per the listing.
Courtesy of B1 Properties
All four bedrooms are on the second floor. Other amenities include steam room and sauna, cinema, massage room, and a gym.
Since listing the sale earlier this year, B1 Properties said that most of the attention was from families, aligning with the neighborhood's demographic.
"We've had interest from buyers of various nationalities, predominantly billionaires, entrepreneurs, and global business owners with families," they said. "This particular community is more suited to families, given the secluded nature of these villas."
Acircular cabana overlooks the pool and has views of Dubai's cityscape.An outdoor seating area overlooks a 141-foot-long pool and unobstructed city views.
Courtesy of B1 Properties
The covered circular seating area with a fire pit is steps away from the 141-foot-long pool, which is fitted with an underwater sound system, per the listing.
The patio area offers views of Dubai's skyline, dotted with skyscrapers including the Burj Khalifa.
Finding a waterfront property in a prime neighborhood in Dubai is "extremely rare".The villa looks onto the Dubai skyline and views of the Burj Khalifa.
Courtesy of B1 Properties
Dubai may be a coastal city, yet growing demand means upmarket accommodation by the water that's ready to be occupied is increasingly hard to find, the B1 Properties representative said.
"Luxury properties, particularly those offering unique features, rarely stay on the market long due to their scarcity and the targeted demand. Buyers are eager to secure properties quickly, often outbidding one another due to limited availability."
