Dubai has long been regarded as a premier destination for global investors and affluent individuals—but in 2024, this appeal has reached unprecedented levels. The city’s status as a haven for high-net-worth individuals (HNWIs) has been solidified, attracting thousands of millionaires from across the world.
At Ocean Gate Luxury Properties, we observed a significant surge in investor interest throughout the year, with a pronounced impact on the high-end real estate segment. According to projections released in July 2023, approximately 6,700 millionaires were expected to relocate to the UAE by the end of 2024—a figure that appears increasingly accurate when compared to market trends and transaction volumes witnessed across the luxury property landscape.
Luxury Real Estate on the Rise
The demand for high-end properties in Dubai has grown exponentially. In 2024 alone, transactions for homes valued above AED 5 million increased by 41%, a clear reflection of the confidence global investors have in the Dubai property market. To put that in perspective, these are homes priced at over £1 million in UK currency.
In the ultra-luxury bracket, properties exceeding AED 25 million also experienced a dramatic 46% spike in activity, driven by international buyers seeking privacy, exclusivity, and secure investments in one of the world’s most dynamic cities.
Why UK Millionaires Are Choosing Dubai
The exodus of high-net-worth individuals from the UK to Dubai continues to gain momentum. While the UK enforces stricter tax frameworks and increased levies on wealth, Dubai offers the opposite—a zero income tax regime, simplified business regulations, and the Golden Visa scheme, which grants long-term residency to investors and entrepreneurs.
In addition to favorable economic policies, Dubai’s safety, year-round sunshine, premium lifestyle, and world-class infrastructure make it an ideal location for those seeking both financial growth and personal wellbeing. For many successful Britons, Dubai represents a strategic relocation—an opportunity to preserve wealth while upgrading lifestyle.
Why Indian Millionaires Are Moving to Dubai
Indian HNWIs are among the most prominent demographics investing in Dubai. Proximity plays a key role—Dubai is just a few hours’ flight from major Indian cities, making it an ideal base for business and leisure. Furthermore, favorable tax laws, the UAE-India CEPA trade agreement, and the ability to set up international businesses with 100% ownership in free zones have driven Indian entrepreneurs and industrialists to establish a presence in Dubai.
Indian buyers are also attracted by Dubai’s prestigious school systems, luxury lifestyle options, and robust investment returns, particularly in areas like Palm Jumeirah, Dubai Hills Estate, and Jumeirah Bay Island.
Why European Millionaires Are Moving to Dubai
European investors—particularly from France, Germany, and Scandinavia—are increasingly relocating to Dubai in search of stability, tax efficiency, and better returns on property investments. With political uncertainty and higher taxation sweeping across many EU nations, Dubai’s structured governance, high-growth economy, and zero-tax environment are a compelling alternative.
Additionally, many European millionaires are drawn to Dubai’s cosmopolitan culture, exceptional healthcare facilities, and prime coastal developments, offering both an elevated standard of living and valuable capital appreciation.
Why Chinese Millionaires Are Moving to Dubai
Chinese HNWIs are identifying Dubai as a strategic gateway between East and West. With visa-on-arrival privileges, direct air links, and an established Chinese business community, the city offers a smooth transition for investors and business leaders. The growing presence of Chinese companies in UAE free zones, coupled with Dubai’s political neutrality, makes it a preferred location for wealth diversification.
Dubai’s luxury retail scene, hospitality sector, and developer-backed investment projects continue to appeal to Chinese investors who value international branding, high security, and long-term residency opportunities.
What Lies Ahead for Dubai’s Elite Property Market?
As the global appetite for Dubai’s luxury real estate continues to grow, both buyers and sellers are engaging at record pace. The momentum shows no sign of slowing, and 2025 is poised to see some of the highest-value transactions ever recorded in the emirate’s most coveted neighborhoods.
Dubai is no longer just an investment destination—it is becoming the preferred home base for the world’s wealthiest. With consistent demand, limited premium inventory, and a government that actively supports high-net-worth migration, Dubai is emerging as the de facto capital for global millionaires.
For tailored guidance, discreet advisory, and access to exclusive off-market opportunities, connect with the Private Client team at Ocean Gate Luxury Properties.
