Dubai's ultra-prime residential market recorded 86 transactions above $10 million in the third quarter of 2026, according to new data from property consultancy Knight Frank. The figure marks a 17 per cent annual decline but still underscores the emirate's enduring pull for the world's wealthy, even as the regional conflict with Iran weighs on broader sentiment.
Of those deals, 13 exceeded $25 million, together worth $1.84 billion, while the $10 million-to-$25 million bracket accounted for 73 transactions worth a combined $1.07 billion. Over the first nine months of the year, deals above $10 million reached 412, up 15 per cent annually, with a combined value of $6.67 billion — even though third-quarter volumes fell 34 per cent from the second quarter.
Palm Jumeirah remained the top address for ultra-prime buyers, with 27 deals worth $1.07 billion, representing 31 per cent of luxury transactions by volume and 35 per cent by value. Prices on the Palm have eased 9.1 per cent over the past 12 months to $4,083 per square foot. Jumeirah ranked second, with Emirates Hills, Dubai Hills Estate and Jumeirah Golf Estates also drawing strong interest from high-net-worth buyers.
Faisal Durrani, partner and head of Mena research at Knight Frank, said the ongoing regional conflict remains the biggest drag on overall market activity. Louis Harding, partner and head of UAE residential at the firm, noted that softer pricing on the Palm now offers "good value," with buyer interest increasingly focused on permanent or holiday homes rather than short-term investment flips.