The Dubai real estate market reached new peaks last year, with record-breaking purchases of $75m for apartments and $65.5m for villas.
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.
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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.
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