Russians, British, Indians, and other European millionaires have emerged as the leading buyers of luxury properties in Dubai valued at Dh20 million ($5.5 million) and above, according to the latest figures from real estate market sources.

A combination of factors — including the weakening of the UAE dirham against the British pound, Indian rupee, and euro, as well as increased migration of wealthy individuals to Dubai — has significantly boosted interest in the emirate’s high-end property market. Dubai continues to attract global investors with property prices that remain competitive compared to other major international markets.

The number of transactions involving properties priced over Dh20 million surged by 110 per cent year-on-year and rose by 70 per cent compared to the second half of 2024.

There has always been a steady trend of people relocating to Dubai, thanks to government efforts to make it an exceptional place to live, work, and invest.

Recent changes to the UK’s non-dom status and broader fiscal shifts across Europe have prompted high-net-worth individuals to seek more tax-efficient jurisdictions. Dubai not only offers financial advantages — like zero income tax — but also excels in safety, global connectivity, and world-class infrastructure and healthcare.

As reported by Khaleej Times, the UAE is expected to welcome the highest number of millionaire migrants globally in 2025, with over 9,800 high-net-worth individuals projected to move to the Emirates, according to data from Henley & Partners.

The report also highlighted that the UAE is among the top destinations for millionaire migration, especially from countries like the UK, which is forecast to lose 16,500 millionaires this year. India is also expected to see an outflow of approximately 3,500 wealthy individuals.

In total, the UAE is projected to attract Dh231 billion ($63 billion) in wealth through inbound millionaire migration.

There’s a growing perception that Dubai offers a more secure and strategic long-term base. When markets like the UK implement unfavorable fiscal policies, it only accelerates the decision-making process for those considering relocation.

Among Dubai’s luxury communities, Emirates Hills recorded the highest transaction value at Dh425 million, followed by Jumeirah Bay Island (Dh330 million), Dubai Hills Estate (Dh140 million), Palm Jumeirah – The Fronds (Dh130 million), and Al Barari (Dh121 million).