Summary of Dubai's real estate market in 2024

The year 2024 proved to be a breakthrough for Dubai’s real estate market. A record number of transactions, a significant increase in the value of sold properties, and the city’s continued strengthening as a global investment hub were observed. This article presents detailed data, key trends, and future projections, supported by figures and comparisons.

Dubai, one of the world’s fastest-growing cities, attracts people from around the globe seeking better career opportunities and personal growth. If you plan to work in Dubai, obtaining a work visa is a crucial step. This article outlines the process in detail, from securing a job to receiving final visa approval.

Record number of transactions and market value growth

In 2024, the number of real estate transactions in Dubai increased by 27% compared to 2023, reaching 180,900 transactions—the highest figure in the emirate’s history. The total value of these transactions also saw an impressive rise, reaching AED 522.1 billion (approximately USD 142 billion), marking a 36% increase from the previous year.

The primary market, in particular, demonstrated strong performance, with the value of developer-sold properties amounting to AED 334.1 billion, reflecting a 30% year-on-year increase. Meanwhile, the secondary market, which includes ready-to-move-in properties, grew by 21%, reaching AED 188.1 billion.

Apartments vs. villas – which properties were in the highest demand?

As in previous years, apartments remained the most popular type of property among investors. Apartment sales increased by 42%, reaching a total value of AED 260.6 billion. Villas ranked second, with the market value of transactions rising by 21.1% to AED 164.1 billion. The commercial property sector also experienced growth, with a 10.1% increase and total transactions amounting to AED 9.7 billion.

The demand for luxury villas was particularly evident in prestigious locations such as Palm Jumeirah, Emirates Hills, and Dubai Hills Estate. Property prices in these districts rose by up to 20% in a year, making them some of the fastest-appreciating areas globally.

Influx of wealthy residents and rising rental costs

Dubai continues to attract wealthy investors and residents. In 2024, over 6,700 new millionaires moved to the emirate, reinforcing its status as one of the fastest-growing hubs for the global financial elite.

As a consequence, the cost of living has risen. Rental prices in Dubai surged by more than 20% year-on-year, prompting many residents to relocate to more affordable districts.

Off-plan real estate market in Dubai in 2024

Dubai’s off-plan real estate market recorded significant growth in 2024, reflecting increased investor confidence in future development projects in the emirate.

Off-plan property sales—referring to properties under construction or in the planning phase—grew by 30% compared to the previous year, reaching a total value of AED 334.1 billion. This trend indicates rising investor interest in new projects that offer attractive payment plans and potentially higher returns.

Several key factors contributed to the growing popularity of off-plan properties in Dubai:

Flexible payment plans – Developers offer favorable financial terms, such as long-term payment schedules and low initial deposits, making investments more accessible to a wider audience.
No taxation – Dubai’s zero-income tax policy and the absence of capital gains tax on property investments attract global investors seeking profitable opportunities.
Golden visa eligibility – Investors purchasing properties worth at least AED 750,000 can apply for a golden residency visa, an added incentive for those planning long-term stays in the UAE.

Forecasts suggest continued growth in Dubai’s off-plan property sector. These investments aim to solidify Dubai’s position as a global luxury real estate hub and attract more investors looking for modern and prestigious projects. In summary, 2024 was a year of dynamic expansion in Dubai’s off-plan real estate market, with ongoing trends and planned developments indicating further growth in the coming years.

New wave of luxury villa construction

In response to rising demand for exclusive properties, Dubai is set to construct over 28,700 new villas by 2025.

Long-term projections indicate that to accommodate the city’s expanding population, between 37,600 and 87,700 new homes will be needed by 2040.

Conclusion

The year 2024 confirmed Dubai’s status as one of the world’s most dynamic real estate markets. A record number of transactions, an influx of wealthy investors, and increasing property prices and rental costs suggest that the emirate will remain an attractive destination for global players in the years ahead.

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