- 2024 was a year of records for the Dubai residential real estate sector, with transactions, new supply, and average price / sq. ft., across most submarkets, reaching new all-time highs.
- Significant residential demand has positioned Dubai among the most active residential markets globally. Throughout the year, the city witnessed more than 168,000 residential transactions across freehold markets.
- Transaction activity was spread across price points and micro-markets, however, units priced between AED 1Mn to AED 2Mn saw especially robust growth with a 71% y/y increase in demand.
- A total of 114,480 under construction units were sold in 2024. Their share in overall transactions has increased from 54% in 2023 to 68% in 2024.
- In line with the spectacular growth in demand, the number of units launched across the city has also reached an all-time-high. A total of 142,000 units were launched across Dubai in 2024.
- When compared to December 2020, average prices across apartments are now 65% higher while villa/townhouse average rates/sq. ft. have more than doubled.
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Swapnil Rajasekharan Pillai
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