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DUBAI
Dubai Residential Market Boom in 2024
Residential Sales Growth
Dubai’s residential sales saw remarkable growth in 2024, with a 22.2% increase, rising from AED 164 billion in 2023 to AED 200 billion in 2024. The apartment segment was the primary driver of this surge, followed by villas. The substantial rise in apartment sales can be attributed to their dominant share in the overall market, as well as the fact that many recent off-plan developments have primarily focused on apartment projects rather than villas.
Residential Leasing Growth
Leasing activity in Dubai also saw a significant 17.3% increase in sales value compared to the previous year. This growth was mainly driven by the influx of individuals relocating to Dubai, drawn by the city’s reputation as a safe and stable hub amidst regional uncertainties. As demand for housing continues to rise, leasing has become the preferred choice for many newcomers, providing them with flexibility as they transition into the city and explore long-term opportunities.
DUBAI
Dubai Residential Sales
Residential Real Estate Growth
The demand for residential properties is soaring, particularly in prime locations like Downtown Dubai and Palm Jumeirah. Villa prices have surged by 20%, as high-net-worth individuals and families prefer spacious homes. Regulatory incentives like long-term visas for foreign investors continue to fuel market growth.
Commercial Real Estate Recovery
The commercial sector is also rebounding, with rising demand for Grade A office spaces in areas like Business Bay and DIFC. Retail spaces are thriving due to increased tourism and consumer spending, creating new opportunities for investors.
Infrastructure Developments
Dubai’s ongoing infrastructure projects, including the expansion of the Dubai Metro and new transportation networks, are enhancing connectivity and making new areas attractive for property investment. Key projects like Dubai Creek Harbour and Expo 2020 legacy developments are expected to drive demand.
Luxury Real Estate Surge
Dubai’s luxury real estate market is seeing unprecedented growth, with high demand for exclusive properties in areas like Palm Jumeirah and Emirates Hills. The city’s status as a luxury hub attracts ultra-high-net-worth individuals seeking privacy and high returns on investment.
Market Projections
Property prices in Dubai are expected to rise by 7-9% annually over the next five years. The market remains resilient, with continued growth in residential, commercial, and luxury sectors.
Sales Transactions Value – Year over Year
Sales Transactions Volume – Year over Year
Property Type Breakdown 2024 vs 2023 – Residential Sales
Dubai Residential Leasing
Year over Year – Value Transactions Leasing
Leasing Transaction Volume – Year over Year
Property Type Breakdown 2024 vs 2023 – Leasing
2024 Top 5 Developers Sales Volume – Off-Plan
Off-Plan Transactions Volume – Year over Year
Property Type Breakdown 2024 vs 2023 – Off-Plan Transactions
Commercial Real Estate: Rising Values in Shifting Market
DUBAI
Commercial Real Estate Market in 2024
Commercial Sales Growth
Commercial sales saw a 5.7% increase in transaction value, rising from AED 90.5 billion to AED 95.7 billion, despite a 7.47% decline in transaction volume. This highlights a significant rise in property values due to a supply shortage, which has driven transaction values up even as the number of sales has decreased. This trend is expected to continue unless new supply enters the market.
Commercial Leasing Surge
Commercial leasing experienced an 11.2% increase in value, growing from AED 22 billion to AED 24 billion, along with a 15% rise in transaction volume. Offices led the market as new residents in Dubai are increasingly setting up businesses, fueling demand for office spaces. This high demand, coupled with limited supply, has led to rising leasing prices, reflecting shifting dynamics in the commercial real estate sector.
Commercial Sales
Commercial Transactions Value – Year over Year
Commercial Transactions Volume – Year over Year
Property Type Breakdown 2024 vs 2023 – Commercial Sales
Commercial Leasing
Commercial Transactions Value – Year over Year
Commercial Transactions Volume – Year over Year
Property Type Breakdown 2024 vs 2023 – Commercial Leasing
