- Dubai’s residential real estate market in 2024 has demonstrated remarkable growth, with record-breaking transaction volumes and values that underline the city’s status as a global property investment hub. Total residential transaction volume surpassed 174,000, marking 39% year-on-year growth, while the residential transactions value reached a impressive AED 433.7 billion, reflecting a 33% annual increase. Key drivers include price growth in apartments within DIFC and Dubai Marina and villa price appreciation in sought- aftercommunities like Jumeirah Islands, The Meadows and Jumeirah Golf Estates. Among the standout performers, Jumeirah Village Circle(JVC) recorded ove 17,000 transactions, dominating the volume with relatively lower median sales prices of AED 1300 per sq. foot. In contrast, Business Bay captured attention with an impressive AED 24 billion transaction value driven by high-value deals despite having a smaller volume of 10,690 transactions.
- Off-plan property sales have reached unprecedented levels, with 119,000 transactions valued at AED 301 billion, accounting for 68% of total transaction volume, up from 61% in 2023. The surge in off- plan sales is supported by over 588 project launches by 238 unique developers in 2024, cementing its dominance in the market. Notable successes in villa off plan segment include Emaar’s The Valley, Damac Hills 2 & Dubai South(including Emaar South) contributing to 25% of off-plan villa sales transfers in 2024.
- Villa sales have emerged as a dominant force in the market, contributing AED 173 billion(40% of total value)and attracting buyers with properties priced between AED 2-5 million. Four & Five-bedroon villas, known for their privacy and family-friendly layouts, remain the most sought-after adding 63%(AED 109 billion) of total villas sales in 2024. Configurations of 1-3 Bed Villas contributed 19% of all villa sales in comparision. The average price per square foot for luxury apartments climbed to AED 6,781, reflecting high demand for prime locations, exceptional designs, and premium finishes.
- The year also saw the completion of over 30,000 units, with a significant portion of supply deferred to 2025 due to delayed construction timelines. The delivery of these units is expected to impact the market, potentially shifting the spotlight off-plan to ready properties.
- Government initiatives have played a pivotal role in fostering market transparency and innovation. In October 2024, the Dubai Real Estate Strategy 2033 was introduced, aiming to double the real estate sector’s contribution to GDP to AED 73 billion, grow transactions by 70%, and expand the market value to AED 1 trillion. Aligned with the Dubai Economic Agenda D33, the strategy emphasizes transparency, data insights, and innovation to position Dubai as a global leader in sustainable growth. Adding to these advancements, the Smart Rental Index launched in January 2025 leverages Al to provide real-time rental valuations based on building classification, services, and maintenance standards, offering enhanced transparency and fairness for both tenants and landlords.
- Dubai’s residential market remains vibrant, fueled by a dominant off-plan segment, strong demand for luxury properties, and forward-thinking government policies. The market’s shift towards off-plan sales reflects the popularity of flexible payment plans, highlighting its appeal to investors and end-users alike.