Residential property sales increased by 25.3% to more than $155.73 billion (US$42.5 billion), according to a new Metropolitan Premium Properties report. 

Despite global economic uncertainty, Dubai’s resilient real estate market continues to appeal to domestic and international investors.

Svetlana Vasilieva, Head of Secondary Sales at Metropolitan Premium Properties, said: “Dubai’s real estate market has once again outperformed expectations and 2024 was no exception. The data clearly shows a dynamic and evolving market with strong demand for ready-to-move-in properties.

“This shift towards secondary sales reflects the increasing preference for immediate occupancy and the desire to capitalize on the current market conditions.”

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Key findings of the report include:

• Total Trading Volume: The market saw 58,328 RE sale transactions in 2024. This represents a 19.3% increase from 2023. 
• Total Sales: All sales transactions in residential areas totaled AED 15572.9 billion ($42.5 billion), up 25.3% from the previous year. 
• Average price growth: The average resale price per square foot has increased by nearly 8%, reaching 1,548 AED ($421) for all real estate types, reflecting strong demand and limited offers.
• Demand for ready properties: Secondary sales accounted for 83% and 82% of all transactions, respectively, in 2024.Increase and encourage more residents to relocate and purchase their own homes.
• Apartments continued to lead: apartments accounted for 77.69% of all sales transactions, townhouses 14.67%, and villas 7.62%.

The most expensive transactions of 2024 were also recorded, with the luxurious six-bedroom villa on Jumeirah Bay Island selling for AED 240.5 million (US$65.5 million). 

One of Palm Jumeirah’s five bedroom apartments is AED 275 million ($75 million); five bedroom apartments at Bvlgari Lighthouse are AED 137 million ($37.3 million); and five bedrooms at Crescent There is an apartment at Six Senses The Palm for AED130 million ($35.4 million).

The most expensive townhouses in Dubai are AED 72 million ($19.6 million) at UMM Suqeim 2, followed by 15.6 million aed ($9.7 million) and five-bedroom townhouses in Tiral Algaf ($34 million) ($$ 9.3 million).

Vasilieva said: “For 2025, we project a sustained period of growth and stability in Dubai’s resale sector. Investor confidence remains high, bolstered by the city’s strong economic fundamentals and world-class infrastructure.

This, coupled with attractive financing options, will continue to fuel transaction activity.”

According to Metropolitan Premium Properties, Dubai’s average resale price per square foot has increased by 5.3%, to 1,576 AED ($429). 

A total of 45,320 apartment revenue transactions were tracked. This is due to a 22.4% increase from 2023. The total amount of these transactions reached $811.7 billion (US$22.1 billion), up 24.1% from the previous year. 

Secondary sales made up 81% of reselling transactions, while off-plan reselling accounted for 19%. Secondary sales accounted for 76% of the resale value (AED 6.177 billion/US$16.8 billion), while 24% was due to unplanned resale in the apartment sector.

The average apartment rent price has increased by 17.3%. There were 477,424 transactions, up nearly 2% from the previous year, with 61% renewals and 39% new leases. 

In contrast, the average resale price per square foot for villas has increased by nearly 21%, reaching 1,937 AEDs ($530) compared to 2023.

The number of villa sales transactions in Dubai fell by 2.6% to 4,449, but the total value of these transactions increased by 22.1% to $488.9 billion (US$13.3 billion). 

The average price for villa rentals has risen by 23%. There were 35,085 transactions, representing a more than 61% increase. 

The average resale price per square foot for townhouses increased by 17.3%, reaching AED 1,212 ($330), compared to 2023.

Townhouse RE-SALE transactions increased by 17.4%, or 8, 5559, but their total value increased by 36.6% to $25.66 billion ($7 billion). 

The average price for townhouse rentals has risen by 15.8%. There were 21,562 rental transactions, up 2.5% from the previous year, for a total of $3.41 billion (US$928.4 million), representing a 16.5% increase.

With 10,857 transactions totaling AED19.9 billion, a 31.2 percent increase in volume over November 2023, apartment sales dominated the market.

The industry recorded 1,903 villa sales worth AED10.2 billion and 387 plot sales worth AED8.1 billion, despite declines of 35.8 percent and 39.6 percent, respectively, in all categories.

Developer first sales dominate Dubai’s property market in November

Firas Al Msaddi, CEO of fäm Properties, said:

“The market’s overall performance continues to demonstrate exceptional strength in what has already been a remarkable year for Dubai real estate. Sales volumes consistently reflect a clear and consistent trend of healthy, sustainable demand driven by investor confidence, economic growth, and Dubai’s global appeal,”

354 commercial real estate transactions totaling AED 1.3 billion marked a 5% volume increase over the previous year. Although it was the mildest month since April, the overall number of transactions was up 10.5% year over year.

The average price of real estate per square foot was AED 1,373 in November 2023, but it rose to AED 1,497, an 8.8% rise. This shows a significant increase from AED923 in 2020 to AED1,115 in 2021 and AED1,310 in 2022.

Real estate sales have risen gradually over the past five years, from 3,800 transactions (worth AED7.4 billion) in 2020 to 12,200 agreements (worth AED42.4 billion) in 2023.

The most costly single property sold was a high-end condominium at Six Senses Residences, Palm Jumeirah, which brought in AED 130 million.

The best-performing site was Jumeirah Village Circle, with 1,528 transactions totaling AED 1.6 billion. With 838 transactions worth AED 3.1 billion, Dubai Marina came in second.

In the off-plan market, Vida Residences Club Point led apartment sales with 227 units valued at AED536.4 million, while Greenridge led villa sales with 113 units valued at AED374.8 million.

Developer-first sales dominated the market, accounting for 56% of volume and 52% of value as compared to secondary market re-sales.

The market showed a wide range of property values, with 32% of transactions falling between AED1-2 million and below AED1 million, 17% falling between AED2-3 million, and 12% falling between AED3-5 million.

Dubai continues to top the world in branded homes, according to the most current industry evaluation by Savills Global Residential Development Consultancy.

Because of its thriving real estate market, the appeal of an opulent lifestyle, and its excellent connections, the emirate continues to dominate the world.

Branded real estate in Dubai

This places the city ahead of other major markets like London, Miami, New York, and Phuket.
There are currently 740 finished branded homes in 100 countries, and another 790 are expected by 2031.
Dubai’s capacity to draw in multinational brands and produce developments that serve a wide range of foreign clients is demonstrated by the city’s over 140 completed and planned projects.
These projects, which appeal to both luxury customers and investors, range from hotel-branded homes with five-star amenities to non-hotel partnerships with well-known designers.

Global demand for branded homes is expected to double over the next seven years, and building will rise by 100% over that time.

In the Middle East, which is expected to have the most significant growth in this sector, the market is expected to grow by an incredible 270 percent.

Dubai’s prominence in the region is undeniable, proving that it can successfully integrate branded living into its dynamic, global setting.

The concept of branded homes is spreading into new regions and growing more varied, according to Rico Picenoni, Head of Savills Global Residential Development Consultancy.

He said: “Over the next five years, we anticipate the entry of 60 new brands into the market, with branded residences expanding into regions such as Romania and Tanzania. The Middle East, and particularly Dubai, remains at the forefront of this growth, reflecting how the sector continues to evolve and adapt to the demands of a discerning global clientele.”

Andrew Cummings, Head of Residential Agency, Middle East, said: “Dubai’s position as the global leader in branded residences is no surprise. The city offers an unmatched combination of luxurious amenities, innovative architecture, and high-quality services, all of which resonate strongly with both end-users and investors.

“With nearly 140 branded residences projects, the emirate sets a global benchmark for how these developments can integrate seamlessly into a vibrant and fast-growing city.”

79% of all new building globally will be hotel-branded houses by 2024, with two-thirds of those developments being in the premium segment.

The most well-known hotel brand is The Ritz-Carlton, while the top parent company is Marriott International.

When it comes to non-hotel-branded residences, YOO leads the market. Dubai’s unparalleled success may be attributed in large part to its remarkable ability to combine branded residences with its state-of-the-art amenities, luxurious extras, and lifestyle choices.

As long as there is a rising demand for high-end, branded real estate, Dubai will maintain its competitive edge in this market, according to Savills.

After 2031, it is projected that Asia-Pacific markets, including China, Vietnam, and Thailand, will pose a threat to North America’s dominance in the branded housing sector.

However, due to its consistent success and strategic appeal to both worldwide brands and investors, Dubai is expected to continue to dominate the branded housing market for many years to come.

The company has launched 50 projects across all master plans in the first nine months of 2024.

From January to September, Emaar Development reported revenue of Dh12.5 billion ($3.4 billion) and EBITDA of Dh6 billion ($1.6 billion), representing increases of 69% and 35%, respectively, over the same period in 2023.

Due to the company’s consistent sales growth, Emaar’s sales backlog has increased to Dh83.7 billion ($22.8 billion), 47% more than it was in December 2023. This backlog will be recognized as revenue in the years to come.

Mohamed Alabbar, founder of Emaar, commented: “Our performance this quarter reflects the confidence and trust that our customers place in Emaar’s vision. By continuing to innovate and stay ahead of market trends, we create experiences that resonate with evolving lifestyles.”

With 17,151 sales in September, residential transactions accounted for more than 95% of all sales. The off-plan sales, which accounted for 73% of total sales in September, were led by market leader Emaar. Sobha and Damac Properties placed second and third, respectively.

These real estate market sales in the first nine months of 2024 have almost matched those from the previous year, with the emirate recording an all-time high monthly transaction in September.

According to Property Monitor, sales between January and September of 2024 exceeded 131,000, which is less than 2% less than the total sales figures for 2023.

With three months remaining, it projected that the market would see sales of 170,000 units, or a nearly 30% year-over-year increase.

“To put this into perspective, by year-end 2024 we will have reached a level of sales activity quadruple that of pre-Covid trading. This phenomenal growth is not simply a post-pandemic recovery, it is unlike that of any other market in the world and is a testament to the never-ending commitment of the UAE and Dubai governments’ strategic plans, initiatives, and proactive approach to the evolution of the market,” said Property Monitor.

September 2024 was yet another historic month for Dubai’s real estate market, breaking records for both sales transactions and prices, according to Henry Bacha, CEO of Property Monitor. “Our findings underpin the ongoing success and evolution of the property market, which continues to flourish and looks set to end the year on another high, with 30 per cent growth compared to last year. A robust pipeline of new projects and easing mortgage rates continue to drive demand for both off-plan and ready properties,” he added.

Property prices rose 1.14 percent in September compared to August, averaging Dh1,448 per square foot. The median cost of a townhouse, villa, and apartment was Dh2.76 million, Dh7 million, and Dh1.3 million, respectively, according to Property Monitor.

A 16.6% increase in monthly mortgage transactions was another finding of the study. Investors benefited from lower interest rates in September, which led to almost 4,200 registrations.

Strong pipeline of new deliveries

Due to a large number of projects initiated in the post-pandemic era, fäm Properties predicts that the Dubai real estate market will see a strong pipeline of new home deliveries, reaching a record 90,000 over the next two years.

The data showed that there were almost 1,034 projects under construction, adding 288,020 units to an existing pipeline. The record of 101,654 launched units annually set in 2023 seems to have been surpassed, with the total for 2024 already at 99,779 and still rising.

The Dubai real estate market has seen a large influx of new residential projects in response to the post-pandemic demand for new tenants and property buyers.

“There are 41,800 new units set to enter the market in 2025 – a record for a single year – rising to 48,400 in 2026. Meanwhile, the number of units delivered in 2027 and beyond will likely be driven by projects launched in 2025 onwards, pointing towards continued activity in the years to come,” said Firas Al Msaddi, CEO of fäm Properties.

“With the rapid growth that we’re seeing, real estate developers and contractors are facing increasing pressure to streamline their procurement processes. The sector is grappling with significant logistics challenges, including availability and lead times of delivery, rising shipping costs, and the looming threat of global and regional geopolitical risks that could disrupt major trade routes,” he added.

Dubai has now held the top spot in the Prime Global Cities Index for nine consecutive quarters as a result of the biggest increase ever seen worldwide.

The pandemic caused a low in the emirate’s property prices in Q3 2020; however, since then, they have increased by 225%.

“Strong growth in Dubai continues. The emirate maintained its top position in our ranking for the eight consecutive quarter,” Knight Frank said in its report.

Tokyo and Manila ranked second and third, respectively, on Knight Frank’s chart for the increase of luxury property prices, with annual price growth rates of 26.2% and 19.9%, respectively.

Miami rose to fourth place with a 7.5% improvement, followed by Shanghai (6.7%).

The valuation-based index tracks the prices of lavish residences around the globe.

Average annual price increases in the 46 survey areas were 1.5%, which represents an improvement over the previous quarter.

Despite price reductions in 14 areas during the same time period, 57% of the cities reported price rises for the quarter.

“The 1.5% average annual growth remains modest, and well down on the recent peak of 10.2% seen in the final quarter of 2021 but is the strongest rate growth since the third quarter of 2022,” Knight Frank said.

However, other big markets have slowed down. Toronto is one of these markets, where prices decreased by 0.1%, while other markets with price declines include London (-0.5%), Brisbane (-1%), Beijing (-1.5%), Hong Kong (-1.5%), Los Angeles (2.5%), and New York (-3.9%).

Between January and March 2023, the emirate slightly outperformed Hong Kong (67) and New York (58) in terms of real estate deals totaling $10 million or more.

According to the real estate consultancy business, the number of luxury property sales in Dubai valued at $10 million grew to 176 deals in the first half of 2023, totaling $3.1 billion (Dh11.377 billion).

The wealthy Palm Jumeirah, Emirates Hills, and Jumeirah Bay Island areas, which continue to dominate sales, accounted for 63% of all home sales in Q2 valued $10 million or more.

According to partner and director of Middle East research Faisal Durrani, 79% of all residences valued at $10 million that will be sold in the city in 2022 have already been sold.

According to Andrew Cummings, partner and head of prime residential, Dubai residents’ wealthy tastes for convenience and a sense of presence in the city are what are driving the desire for lavish residences with quick occupancy.

“There is a notable surge in interest for opulent branded residences, fuelled by the record-breaking sales and remarkable sell-out achievements witnessed by esteemed brands such as Six Senses, Baccarat, and Bvlgari,” said Cummings.

Millionaires on the front

Millionaires are relocating to the emirate, driving up demand due to factors such as the high level of life, excellent return on investment, and safety.

According to the most recent survey by Henley & Partners, the UAE will welcome 4,500 millionaires this year, which is the second-highest number behind Australia.

In 2022, the UAE brought in 5,200 high-net-worth individuals, more than double its original forecast of 4,000.

Durrani added that the majority – 86 percent – of global HNWI cite parks as their number one consideration when looking at a residential investment in Dubai. ”Given the limited number of development sites in coastal communities, this may be a way to create more inland prime neighborhoods,” he said.

Prices still affordable

The average sales price for all homes worth $10 million or more during the second quarter was $16.5 million.

Due to the high demand, prices for flats and villas increased by 15% and 46%, respectively, by the end of June 2023.

Pricing remains fair because the average transaction price is around Dh6,900 per square foot.

Clients submitting acquisition applications are now being accepted by Binghatti and Jacob & Co. The program’s unique nomination and nomination procedure is managed by dedicated VIP client connection professionals who also oversee client nomination and sales.

The hyper-tower’s interior decor displays the unique creativity and workmanship of Jacob & Co. as well as Binghatti’s constant commitment to design perfection.

The mansions and villas, which are architectural marvels, have residential apartments ranging in size from one floor to a two-stoery penthouse. Each professionally constructed home uses the best materials and is beautifully finished inside and out, exuding an unmatched feeling of lavishness and elegance.

Beautiful floor-to-ceiling windows offer an unimpeded, spectacular view of Dubai’s skyline and the famous Burj Khalifa. Depending on where a mansion is located in the tower, its panoramic views change, giving each occupant a unique vantage point.

The interior decor of the palaces and villas in the hyper-tower was inspired by the magnificent jewellery and horological marvels for which Jacob & Co. is renowned. The programme includes exquisite quarter-floor apartments with names made of precious stones. The two-bedroom and two-bedroom plus residences are referred to as Emerald Villas and Sapphire Villas, while the three-bedroom apartments are referred to as Ruby Villas. The latter exude an air of luxury that is elevated by their luxurious infinity pool, which provides residents with their very own private haven of serenity.

The larger homes adopt the stones Jacob & Co. favours above all others as design inspiration. The Ruby Sky Mansions have three bedrooms, whereas the Fleurs de Jardin Sky Mansions and Diamond Sky Mansions both occupy full half-floors and have their own private infinity pool.

One of the most prominent residences in the hyper-tower are the penthouses that sit atop the Burj Binghatti Jacob & Co. Residences, which are named after Jacob & Co.’s most costly and well-known watches. The centrepiece of the Burj Binghatti Jacob & Co. Residences, the Billionaire Sky Penthouse, is situated on two storeys and provides panoramic views of the whole Dubai cityscape, while the breathtaking Astronomia Sky Penthouse takes up the entire top floor.

The building and interior design were completed by Roman Vnoukov with the help and inspiration of Jacob. Jacob has worked with Roman, one of the world’s leading architects and interior designers, on developing the Jacob & Co. locations all over the world for many years.

Additionally, a variety of exclusive services and amenities are offered to residents of the Burj Binghatti Jacob & Co. Residences. There are several pool bars, an indoor sky pool, an outdoor pool, a café bar and a chef’s table among them. Additionally, residents get exclusive access to a spa, serene sky gardens, and a personal fitness facility. Naturally, there is a play area for children as well. The Hyper-Tower additionally provides specialty services like valet and concierge. For convenience and privacy, direct, safe access to penthouse units is provided by private lifts.

In April 2023, there were 8,077 real estate transactions in Dubai, marking a 17% increase compared to the 6,898 deals recorded in the same month the previous year, as reported by a specialist in Dubai’s real estate sector.

Dubai real estate 2023

In April 2023, the transaction value experienced a significant growth of 46% compared to the same month in the previous year.

Both transaction volume and value reached their highest levels for the month of April in the past decade.

The prevailing market preferences for real estate among owners and tenants from the previous month remained largely unchanged.

According to data from Property Finder, in April 2023, 58.2% of property buyers preferred apartments, while villas and townhouses were favored by 41.8% of buyers.

The percentage of investors or buyers seeking flats increased from 55.8% in April 2022 to 58.2% throughout the month.

Among home purchasers, the most popular apartment size was two-bedroom, accounting for 35.2% of inquiries, followed by one-bedroom apartments at 31%.

When it comes to renters, 78.3% searched for flats in the rental market, while 21.7% looked for villas or townhouses.

Among those seeking flats for a longer duration, 64.1% preferred furnished apartments, while 34.2% opted for unfurnished apartments.

Renters who could afford a villa or townhouse showed a preference for unfurnished apartments, accounting for approximately 56.8%, while 42.1% favored furnished villas or townhouses.

One-bedroom apartments were the top choice for 33.4% of renters in April 2023, followed by two-bedroom apartments for 30.7% of renters, and studio apartments for 23.8% of renters.

Among tenants in villas and townhouses, three-bedroom flats were preferred by 41.6%, while alternatives with four bedrooms or more were favored by 36% of tenants.

The off-plan property purchases significantly contributed to the market’s upward trend in April, accounting for 30.3% of the value and 48.2% of the total number of sales transactions.

In April 2023, there were 3,894 off-plan property sales recorded, marking a growth of 43.7% compared to April 2022 with 2,709 sales.

The sales value of existing properties also witnessed a significant increase of over 44% year over year, reaching slightly over AED18.5 billion from AED12.8 billion in April 2022.

On Property Finder, the most searched areas for owned flats in April 2023 were

■ Dubai Marina
■ Downtown Dubai
■ Business Bay
■ Palm Jumeirah
■ Jumeirah Village Circle.

For those looking to buy villas or townhouses, Dubai Hills Estate, Palm Jumeirah, Arabian Ranches, DAMAC Hills (Akoya by DAMAC), and Mohammed Bin Rashid City were the top choices.

Dubai Marina accounted for 12.1% of the total transaction value and 6.4% of all sales in the off-plan market.

Hadaeq Sheikh Mohammed Bin Rashid, a newcomer to the top three, accounted for approximately 9.1% of the total sales volume and value.

Jumeirah Village ranked first in terms of volume (20.6%), but second in terms of transaction value (approximately 8.6% of the total).

Scott Bond, UAE Country Manager at Property Finder, commented, “Once again, Dubai’s rapidly evolving property sector witnessed a year-on-year increase in both volume and value in April 2023, with a slight decline in the volume of transactions in the existing property market, offset by a significant increase in value. While overall trends remained mostly consistent, we observed the emergence of new preferences among home seekers in the off-plan market.”

According to the Residential Real Estate 2023 study conducted by Altrata in collaboration with Wealth-X and Realm, there are 830 UHNWIs, or individuals with assets worth $30 million or more (approximately Dh110 million), who own primary and secondary residences in Dubai. Out of these, 66.7% reside there as their main home, while 33.3% own secondary properties.

Among these UHNWIs, 9% are women, and approximately 90% are men. Around 60% of the wealthy individuals are self-made, 36.2% have a combination of inherited and self-made wealth, and 2.9% solely inherited their fortunes. In terms of assets, 1.4% of millionaires in Dubai own private aircraft, while 0.7% possess yachts.

In recent years, Dubai has attracted a significant number of millionaires who have relocated to the emirate, particularly during and after the pandemic.

According to the Henley Global Citizens Report from the previous year, the UAE is expected to attract 4,000 millionaires in 2022, surpassing countries like Australia, Singapore, Israel, Switzerland, the USA, Canada, New Zealand, the UK, and India.

Wealthy individuals often own multiple properties and have business interests spread across various geographic regions. The Residential Real Estate 2023 report by Altrata compares Dubai with Los Angeles and Monaco, which are also popular destinations for the ultra-rich.

Unlike homeowners in the other two cities, the majority of ultra-rich homeowners in Dubai are local residents.

“The interests and hobbies of these ultra-wealthy homeowners differ across the three cities. In Dubai, technology ranks highly, second only to sports and public speaking,” stated the report.

The research further noted that although the UAE’s economy is still largely reliant on the oil sector, significant efforts are being made to strengthen the nation’s reputation as a regional commercial hub. This is evident from the concentration of UHNW individuals in Dubai’s main industrial area. The most common industries among them include banking, finance, and industrial conglomerates, as well as structures and manufacturing.

Globally, New York holds the top position with an estimated UHNW population of nearly 21,700. London follows closely with 16,000 UHNW individuals, while Hong Kong secures the third spot with 15,175. The wealth market in China has experienced a substantial rise in the number of UHNWIs due to the high demand for second homes among the population, surpassing Singapore.

Paris ranks 13th with an estimated UHNW population of approximately 5,200.