Dubai Unveils $100 Million Mansions to Attract Ultra-Wealthy Buyers

Dubai is raising the stakes in its luxury real estate market, introducing a new array of extravagant mansions and penthouses aimed at attracting the world’s wealthiest buyers. Priced between $60 million and $120 million, these opulent properties are designed with lavish features such as private cinemas, spas, and elevators, as developers court high-net-worth individuals from Europe, Asia, and the Americas.

The scale of luxury has reached new heights, even by Dubai’s renowned standards of opulence. Some developers have gone to extraordinary lengths to cater to their clients' desires, including transporting a giant glass wall thousands of miles to offer a perfect sea view and designing penthouses so large they span two towers, complete with private lobbies and elevators. In one instance, a movable floor was created for a client’s swimming pool, allowing it to rise and blend seamlessly with the garden tiles during parties.

Although prices across Dubai’s real estate market are stabilizing after a period of rapid growth since 2021, the ultra-luxury sector remains a lucrative and profitable segment. Mark Phoenix, CEO of Sankari Properties, noted that developers can achieve maximum sale prices with well-executed projects. His company is currently building a $1 billion ultra-luxury tower.

Dubai's real estate market is defying a global trend where prime residential prices are slowing or declining. According to Knight Frank, 435 homes worth more than $10 million each were sold in Dubai last year, surpassing sales in both New York and Hong Kong. Ultra-luxury property prices in Dubai are expected to rise by at least 5% in 2025, following a 67% surge since 2021.

Wealthy buyers seeking second or third homes are finding that Dubai offers significantly more space for their money compared to other major cities. On a per square foot basis, Dubai’s prices are a third of New York’s and a fifth of London’s, according to Mahdi Amjad, founder of Omniyat. Amjad, who plans to add 100 new ultra-luxury homes this year, explained that for similar price points, buyers in Dubai can enjoy far more space and amenities.

To compete with global cities, Dubai’s developers often push the boundaries of design. Bloomberg News recently visited a construction site where a giant retractable glass dome was being built to cover a pool and spa. The city’s man-made islands, such as Billionaire Island, are becoming prime locations for these ultra-luxury properties, which often include private beaches and rotating car tables for convenient parking.

Henley & Partners, a wealth advisory firm, predicts that 6,700 millionaires will move to the UAE in 2024, surpassing all other countries. This growing influx of wealth is fueling the demand for Dubai’s high-end properties, although the costs of meeting the extravagant demands of these clients are steep.

Designing these bespoke homes often involves unique challenges. Wissam Damaa, founder of Palace Group, recalled a project where a client requested a 17-meter by 4-meter glass wall for the living room, which required special permissions and coordination with manufacturers in Germany and Switzerland to make it a reality. Damaa is currently overseeing the construction of 15 new mansions and a 70-apartment building, with a combined value of 16 billion dirhams ($4.4 billion).

As Dubai continues to cater to the whims of the ultra-rich, the city's luxury real estate market shows no signs of slowing down, offering a blend of exclusivity, opulence, and extraordinary design that appeals to the world’s wealthiest buyers.