The report, Dubai Residential Market Review, released by real estate consultancy Knight Frank on Wednesday, shows that current prices in Dubai have risen by 19.9 percent compared to the same period last year, and are expected to rise by another 8 percent next year.

Faisal Durrani, partner and head of research for the MENA region at Knight Frank, said: “Demand continues to drive house prices up. Our analysis shows that of the 530,000 homes that have been sold in Dubai since 2002, around 95,000 are currently valued at more than $1 million.”

He added: “Surprisingly, the number of homes valued at more than $1 million in Dubai has grown at a significant rate, jumping from just 6.3 percent of total sales in 2020 to 18.1 percent today. This means that one in every five homes is worth more than $1 million.”

In addition, Knight Frank tracked the price movement of each home over time and found that many properties that were originally priced below $1 million have now become “accidental millionaires” as a result of the rising market, and are now worth much more than they were when they were purchased.

Overall, Dubai's residential market continues to grow, with transactions up 41.8 percent annually and a record 47,269 units in the third quarter of this year, the largest number of transactions in a single quarter since records began, according to the report.

In the first nine months of the year, 121,978 homes were sold in Dubai, surpassing last year's total, and transactions from January to September totaled Dh306.3 billion, a 36 percent increase year-on-year, with the third quarter reaching a new high of Dh116.8 billion.