Dubai real estate market figures from March 2024
Dubai's real estate market remained buoyant in March 2024. A month marked by Ramadan, and which is usually quieter... Once again, real estate sales in Dubai posted double-digit growth. In this article, you'll find the key figures for Dubai's real estate market in March 2024, along with our analysis. Thanks to the Dubai Land Department and DXBInteract for providing us with easy access to these figures.
Number of sales up sharply
March 2024 was the biggest March in Dubai's history. With 13,394 transactions across all property types, the Dubai real estate market set new records. The number of sales was up 10. 2% on March 2023. A total of 10,449 apartments were sold in March. An increase of 13% on the same period last year. In the case of villas, the number of sales plummeted by -43%, due to a cruel lack of availability. Sales of commercial space remained stable, while those of land exploded. The number of land sales rose by 234% in March.
Strong growth in average prices
The average price of an apartment sold in Dubai in March 2024 is AED 1.2M, or €300,000. Up 3% on March 2023. As for villas, while the number of sales fell sharply, the average price soared! +25.5% between March 2023 and March 2024, a spectacular increase. For commercial premises, the increase is 17.6%.
Rental prices in Dubai
The average price of a rental apartment rose by 20% over 12 months. The increase is 14.4% for villas, and 43.5% for commercial premises. These price trends are unfortunately forcing some residents to move to areas where rents are cheaper. Some people are even being forced to move to other emirates, such as Sharjah, Ajman or Ras Al Khaimah for example.
The most expensive apartments in March 2024
| Project | Price |
|---|---|
| Casa Canal, Dubai Water Canal | AED 140M (€35M) |
| Bulgari Lighthouse Dubai, Island 2 | AED 70M or €17.5M |
| Como Residences, Palm Jumeirah | 54M AED or €13.5M |
| Orla By Omniyat, Palm Jumeirah | AED 48M or €12M |
| Baccarat Residence T1, Burj Khalifa | 44M or €11M |
The most expensive villas in March 2024
| Community | Price |
|---|---|
| The Lakeview Villas By Ellington, Wadi Al Safa 3 | 21M or €5.25M |
| Mohammed Bin Rashid Al Maktoum City- District One, Phase 1, Mbr District 1 | 20M or €5M |
| Nad Al Sheba Gardens | 16M or €4M |
| Nad Al Sheba Gardens Phase 3, Nad Al Shiba First | 16M or €4M |
| Sur La Mer 2, La Mer | 13M or €3.25M |
