Dubai sells 86 homes above US$10 million in third quarter as prime prices dip 5%

Dubai recorded 86 residential sales of US$10 million or more in the third quarter of 2026, worth AED 5.77 billion (US$1.57 billion), including 13 deals above US$25 million, property consultancy Knight Frank said on 21 October.

The quarter was 34% below the 131 sales of the second quarter and below the 103 of the third quarter of 2025. Over the first nine months, however, 412 homes sold for US$10 million or more, against 357 a year earlier, with a combined value of about US$6.67 billion. Villas made up 55 of the 86 deals.

Palm Jumeirah was the most active area, with 27 sales worth AED 2.01 billion, followed by Jumeirah Second with 10, Emirates Hills with 7, and Dubai Hills Estate and Jumeirah Golf Estates with 6 each.

"Despite the exceptional geopolitical backdrop across the region, Dubai's luxury homes market has continued to record high volumes of sales during Q3, albeit these are lower than this time last year," said Faisal Durrani, Head of Research for the Middle East and North Africa at Knight Frank. Prices across the city's prime neighbourhoods fell 5% between the second and third quarters, and total prime transaction volumes were 29.4% lower than a year earlier.

On Palm Jumeirah, prices have eased 9.1% over 12 months to AED 4,083 per square foot, and overall sales volumes there are 37% below last summer. Sales above US$25 million rose in value through the quarter, from AED 376.1 million in July to AED 849.5 million in September, a sign that the top of the market stayed active.