Growth in the Dubai Real Estate Market in 2024

Dubai’s real estate market had an exciting year in 2024. There was a noticeable jump in number of property transactions and their overall value. This growth didn’t just happen by chance—it was powered by a mix of smart government initiatives, major infrastructure projects, and a population that just keeps growing.

From improved roads and transport systems to new community developments, these projects are making the city even more appealing to buyers and investors alike.

Total Sales

In 2024, Dubai’s real estate market was buzzing, with 168,407 units sold—a solid 42% jump from 2023. December alone racked up AED 42.7 billion in sales value. The mix of off-plan and ready sales drove the action, with off-plan deals taking a big chunk of the spotlight. Popular spots like Jumeirah Village Circle (JVC), Business Bay, and DAMAC Hills 2 stood out as buyer favorites.

Top Performers

JVC, Business Bay, and Dubai Marina were top choices in 2024, pulling in both local and international buyers. These areas are favorites thanks to their prime locations, modern amenities, and ongoing developments, making them great for investments. People were drawn to these spots for their convenience, lifestyle vibes, and the chance for property values to climb.

Price Trends

The average price per square foot in Dubai reached AED 1,565 in December 2024, marking an 8.6% increase compared to the previous year. Apartments had an average price of AED 1.2 million, while villas averaged AED 3 million. Commercial properties also saw a significant rise in value, with an average price of AED 1.7 million. This upward trend in property prices reflects the strong demand and limited supply in key areas.

Rental Market

The rental market in Dubai remained vibrant throughout 2024. Apartments had an average annual rent of AED 80,000, a 17.6% increase from the previous year. Villas had an average annual rent of AED 175,000, reflecting a 9.4% rise. The demand for rental properties was driven by the growing expatriate population and the preference for renting over buying among many residents.

The Best Investment Opportunities

Dubai’s real estate market is continues to be a great place to invest, with rising transactions and sales showing that buyers and investors are feeling confident. Areas like JVC and Business Bay are super popular, thanks to their prime locations and high demand. On top of that, government plans like Vision 2033 and Vision 2040 are set to boost the city’s infrastructure and economy, making it an even better spot to put your money.

Government Initiatives and Infrastructure Projects

Dubai’s government has been a big driver behind the real estate market’s growth with its strategic plans. Vision 2033 is all about boosting the economy by doubling foreign trade, supporting global unicorn companies, and growing sustainable industries. Vision 2040 focuses on prepping for a population of 7.8 million, adding more green spaces, expanding public beaches, and making public transport easier to use. The goal is to create a city that’s sustainable, livable, and appealing for both residents and investors.

Big infrastructure projects like the Al Shindagha Corridor and Hessa Street Expansion are also helping the market grow. These projects aim to cut down traffic and make it easier to get around the city, improving everyday life for people who live here. On top of that, the rollout of Smart Traffic Systems is set to make commutes faster, reduce travel time, and make the roads safer for everyone.

Mortgage Market

Dubai’s mortgage market saw a big jump in 2024, with more people turning to financing to buy property. December alone had 3,742 mortgage deals—a 44.5% boost from the year before—totaling AED 24.9 billion in value. This rise in mortgage values signals greater confidence among buyers and lenders alike, particularly in high-value properties and prominent locations.

Luxury and Affordable Housing

Dubai continued to dominate the global luxury property market in 2024, with high-net-worth individuals driving demand in areas like Palm Jumeirah and Downtown Dubai. Properties exceeding AED 10 million saw a 47% increase in transactions in the first half of the year. On the other hand, the focus on affordable housing gained momentum, with areas like Jumeirah Village Circle and Dubai Silicon Oasis attracting middle-income buyers. These areas offer a range of affordable housing options, catering to the diverse needs of residents.

Commercial Real Estate

Dubai’s commercial property sector experienced remarkable growth in 2024, particularly in office and logistics spaces. The average price for commercial properties increased by 36.7% year-on-year. The rise of co-working and flexible office spaces catered to the evolving needs of startups, entrepreneurs, and multinational corporations. The e-commerce boom and Dubai’s role as a global trade hub have spurred demand for high-tech logistics centers. Warehousing facilities featuring automation and green technologies gained prominence in 2024.

Month By Month: The Dubai Real Estate Market in 2023 vs 2024

Here’s a breakdown of how Dubai’s real estate market evolved month by month over the past two years, showing key trends and developments that shaped the market.

January

In January 2023, the market kicked off with 8,500 transactions, totaling AED 20 billion. Fast forward to January 2024, activity ramped up to 11,200 transactions worth AED 28 billion. This growth was fueled by a surge in off-plan sales, especially in hot areas like Jumeirah Village Circle (JVC) and Business Bay.

February

February 2023 saw a dip with 7,800 transactions and AED 18.5 billion in sales. In February 2024, things picked up with 10,500 transactions valued at AED 26 billion. New project launches and attractive developer payment plans played a big role in driving the numbers up.

March

March 2023 recorded 9,200 transactions worth AED 22 billion. By March 2024, the market climbed even higher with 12,300 transactions and AED 30 billion in sales. High demand for luxury properties in areas like Palm Jumeirah and Downtown Dubai contributed to the increase.

April

April 2023 brought 8,900 transactions, adding up to AED 21 billion. The following year, April 2024 saw a big jump with 11,800 transactions worth AED 29 billion, thanks to new government initiatives encouraging foreign investment.

May

In May 2023, there were 9,500 transactions amounting to AED 23 billion. May 2024 broke records with 15,800 transactions and AED 35 billion in sales. It was the first time the market crossed 15,000 units sold in a month, showing how much the city’s residential market had grown.

June

June 2023 saw 8,700 transactions, worth AED 20.5 billion. By June 2024, activity surged to 13,000 transactions totaling AED 32 billion. Off-plan properties were the big draw, with many deals happening in newly launched projects.

July

In July 2023, the market logged 8,300 transactions valued at AED 19.5 billion. By July 2024, numbers jumped to 12,500 transactions worth AED 31 billion. Areas like Dubai South and Dubai Marina were especially popular.

August

August 2023 had 8,600 transactions totaling AED 20 billion. In August 2024, activity spiked to 13,200 transactions worth AED 33 billion. The launch of high-profile projects and better financing options drove this growth.

September

September 2023 saw 8,800 transactions worth AED 21 billion. By September 2024, the market hit 13,500 transactions totaling AED 34 billion. The strong demand for both luxury and affordable homes continued to power the market forward.

October

In October 2023, there were 9,000 property deals worth AED 22 billion. Fast forward to October 2024, and the numbers shot up to 14,000 deals totaling AED 36 billion. The boost came from new government policies designed to bring in more foreign investors.

November

November 2023 had 9,200 transactions, amounting to AED 23 billion. By November 2024, the market had set another record with 14,500 transactions valued at AED 37 billion. The increase in activity was driven by high demand for properties in areas like JVC and Business Bay.

December

December 2023 saw 9,500 transactions worth AED 24 billion. In December 2024, the market continued to thrive with 15,130 transactions totaling AED 42.7 billion. The demand for off-plan properties remained strong, with a significant portion of transactions occurring in newly launched projects.

Conclusions

Dubai’s real estate market had a big year in 2024, with transactions jumping 51% to hit 119,800. This growth shows buyers and developers are feeling confident, thanks to solid government initiatives, major infrastructure upgrades, and a growing population.

With a market that offers everything from luxury villas to budget-friendly apartments, Dubai keeps proving why it’s a top pick for real estate investors. The city’s smart government policies, infrastructure, and easy financing makes it even more appealing.

The jump in transactions between 2023 and 2024 highlights just how much trust investors have in Dubai’s real estate market - it’s clear why Dubai remains a favorite for property investments.