Dubai Beat London And New York At Their Own Game



Something shifted in global wealth flows.

At Zavora Group, we've been watching luxury property markets long enough to recognize when the hierarchy changes. The UAE didn't just climb the rankings. It redrew them.

Dubai is now projected to lead global luxury markets with 9.9% capital growth in 2025. That puts it ahead of New York, London, and Hong Kong.

Not close behind. Ahead.

The numbers tell a migration story. About 6,700 millionaires chose Dubai as their new home in 2024. The city now hosts 81,200 millionaires, up from 72,500 the previous year. Savills ranks Dubai and Abu Dhabi as the world's top two cities for high-net-worth individuals to live and work.

The Policy Architecture Behind The Numbers

This wealth migration has infrastructure. The Golden Visa program went from issuing 47,150 visas in 2021 to 158,000 in 2023. That's more than tripling in two years.

Here's what matters: 35% of property sales now involve properties worth over AED 2 million, the threshold for 10-year residency eligibility. The policy created a direct pathway from investment to permanent residency.

The result shows up in transaction volume and value. Incoming HNWIs are projected to invest $4.4 billion in Dubai property in 2024, a 76% increase from the previous year. Prime residential capital values rose 6.8% in 2024, with transaction volumes up 47% year-over-year.

What This Means For Market Positioning

Traditional luxury markets built their dominance over decades. The UAE compressed that timeline through strategic policy design. Tax advantages, political stability, and luxury infrastructure created the foundation. The Golden Visa converted interest into commitment.

The Emirates aren't competing with London and New York anymore. They're operating in a different category, one where residency policy and investment opportunity intersect with precision.

We're watching how other markets respond. Some will adjust their immigration frameworks. Others will double down on existing advantages. But the UAE already secured the positioning that matters: top choice for wealth migration in 2024.

The skyline was always impressive. The policy architecture underneath is what changed the game.

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