In 2023, Dubai pulled in 4,500 new millionaires. This influx of wealth isn't just changing the city's social fabric; it's fueling a real estate boom that has created an entirely new tier of luxury.
At the very top of this market is Jumeirah Bay Island. Recent analysis confirms the seahorse-shaped island is Dubai's most expensive neighborhood, with property values reaching an average of Dh13,068 per square foot.
That price isn't just leading the market; it’s in a different category altogether. The next most exclusive areas, Jumeirah Second and Umm Al Sheif, sit well below that mark, just over Dh7,500 per square foot. The numbers paint a clear picture: Jumeirah Bay Island stands alone.
The Anatomy of a Dh13,000 Price Tag
The entire Dubai market has been on a tear, with average home prices jumping 64% since early 2021. But the value of Jumeirah Bay Island is built on a specific formula of extreme privacy and scarcity. It's not just about a great location. It's about creating an environment that is intentionally exclusive.
The island has gated access, clear views of the Arabian Gulf, and a strictly limited number of plots. It's also home to the Bulgari Resort and Yacht Club, giving residents access to world-class amenities right on their doorstep. Owning property here is less about finding a place to live and more about acquiring a trophy asset.
A Senior Analyst at 'Global Property Insights' and author of 'The Billionaire's Address' puts it plainly: "The Dh13,068 per square foot in Jumeirah Bay Island isn't just a price tag; it's a statement of unparalleled exclusivity, a testament to Dubai's ability to create and sustain demand for truly unique, world-class assets among the global elite."
The Government Policies Behind the Surge
This top-tier luxury is just one part of a much larger story. The market's real strength is visible in its transaction numbers, which have ballooned from about 10,000 in the first quarter of 2021 to a massive 51,000 in the second quarter of 2025. Off-plan sales have also more than doubled in that time, showing deep investor confidence.
This growth isn't happening by chance. It's the result of targeted government policies aimed at drawing in global capital and talent.
- The Golden Visa: This 10-year renewable visa gives investors and skilled professionals a vital sense of stability. It encourages them to make Dubai a primary home, not just a temporary investment.
- 100% Foreign Business Ownership: Removing the requirement for a local Emirati sponsor has made it significantly easier for international entrepreneurs to set up and run their businesses here.
- A Tax-Friendly System: Dubai's long-standing zero personal income tax policy remains one of its biggest advantages for high-net-worth individuals.
These policies, combined with the city's reputation for safety and excellent infrastructure, have created the ideal conditions for real estate growth. As the price gap between apartments and villas narrows, it shows a healthy, balanced demand across the board. For the world's wealthiest, Dubai has become the main destination.