Dubai second home market 2025 rises to top tier for global ultra-wealthy
Dubai has secured a place among the world’s top ten destinations for second homes owned by individuals with fortunes exceeding $30 million, according to newly released data. The emirate’s ranking reflects a shifting pattern in global property investments, as the ultra-wealthy look beyond traditional hubs like Monaco and Saint-Tropez for assets that offer both lifestyle appeal and long-term value.
A report by Altrata, based on its Wealth-X and RelSci databases, analyzed property records, verified profiles, and relationship networks of around 480,000 ultra-high-net-worth individuals (UHNWIs). The findings, compiled as of July 2025, excluded corporate holdings and primary residences, focusing solely on privately owned secondary properties.
The data shows Dubai ranked tenth globally, with 1,288 UHNWIs holding a second home in the emirate. Miami, New York, and Los Angeles dominated the list, while London remained the largest non-US market with 9,221 ultra-wealthy owners. Beijing, Hong Kong, Singapore, and Geneva followed, reflecting a mix of financial centers and lifestyle destinations.
Dubai’s rise in the rankings is linked to several factors: a tax-friendly environment, political stability, and the success of its “golden visa” program, which grants residency to qualifying investors. Analysts note that these attributes, combined with the emirate’s robust luxury property pipeline, have positioned Dubai as a strategic choice for wealth preservation.
For UHNWIs, a second home is increasingly more than a vacation retreat. It is an asset class in its own right, offering diversification against currency risks, potential tax advantages, and, in some cases, geopolitical flexibility. As Jack Cotton, founding member of REALM and a Sotheby’s International Realty veteran, told reporters, “Real estate in rare or beautiful locations has the same characteristics as gold — except you can live in it and build memories.”
The report indicates a growing trend of multiple secondary residences. “In today’s volatile climate, third and even fourth homes are becoming safe stores of value,” Cotton added, noting that buyers are prioritizing jurisdictions with strong legal frameworks and predictable regulatory environments.
While Dubai’s luxury housing market has seen price corrections in the past, the past three years have brought consistent appreciation in prime areas such as Palm Jumeirah, Downtown Dubai, and Dubai Hills. According to Knight Frank data, luxury property prices in Dubai rose by 15% year-on-year in the first half of 2025, outpacing most global peers.
The emirate’s appeal also extends beyond investors from the Middle East. Buyers from Europe, Russia, India, and increasingly North America have been active in the market, drawn by relative affordability compared to London or New York. A waterfront penthouse in Dubai can often be purchased for less than a comparable apartment in Monaco or Singapore.
By contrast, European destinations such as Geneva and Zurich maintain appeal through privacy, security, and proximity to top-tier schools and outdoor recreation. Lisbon, ranked 23rd globally, has emerged as a rising star for US buyers, supported by a now-discontinued investment-linked residency scheme similar to Dubai’s.
However, analysts caution that Dubai’s market is not without risks. Oversupply in certain segments, shifts in oil-linked economies, and potential changes in residency rules could impact demand. Still, the city’s diversification into tourism, finance, and technology offers resilience.
Globally, Miami leads with 13,211 UHNWIs owning second homes, followed by New York with 12,813 and Los Angeles with 8,640. San Francisco and Naples, Florida round out the US top five, underscoring the domestic strength of American luxury markets.
Dubai’s position in the top ten is seen as a milestone in its evolution from a regional hub to a global player in ultra-luxury property. Industry observers expect continued interest, particularly if global economic uncertainty persists.
“Dubai second home market 2025 trends show the city is no longer an emerging luxury destination — it’s firmly established,” said a senior property consultant at a leading Dubai brokerage. “The mix of investment-grade property and lifestyle benefits is unmatched in the Middle East.”
As the wealth migration map continues to change, Dubai’s challenge will be balancing demand from global elites with housing needs for its broader population — a balancing act that could shape the next phase of its real estate story.1
