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Dubai's real estate market: the 2024 review

Guillaume Giroux on 13 january 2025

The Dubai market experienced spectacular growth in 2024. Driven by very strong demand from international investors, and an ever-increasing population,Dubai real estate posted record figures. In this article, Dubai Immo, your trusted real estate agency in Dubai, presents the key figures for the Dubai real estate market in 2024.

Transactions up sharply

Dubai's real estate market recorded 181,000 transactions in 2024. This figure combines sales of apartments, villas, commercial premises and land. This represents an increase of +36% on 2023, which held the previous record. In terms of value, the increase is once again spectacular. For the first time, the sum of all recorded transactions reached 522 billion dirhams, or over 138 billion euros. This represents growth of +27% compared with 2023.

The best-selling properties in 2024

A total of 141,397 apartments were sold in 2024. This represents growth of over 42% compared to 2023. 30,975 villas were sold in 2024, up 21% on the previous year. As for commercial premises, a total of 4,304 transactions were recorded. An increase of 10% on last year.

The best-performing districts of 2024

The district of Jumeirah Village Circle takes first place on the podium. In all, the district recorded 17,523 transactions. An increase of 22.6% compared to 2023. In second place, Business Bay. This district in downtown Dubai recorded a total of 12,031 real estate sales in 2024, an increase of 18%. Dubai Land completes the podium, with 8,749 sales recorded, up 81.7% on 2023. Dubai Marina and Dubai South ranked 4th and 5th respectively, with over 7,000 sales.

Off-plan sales VS Secondary market

Off-plan sales overwhelmingly dominated the Dubai real estate market in 2024. The gap even widened compared to 2023. Off-plan sales accounted for 66% of recorded transactions, compared with 34% for the secondary market.

Average prices by property type

The average price of an apartment is around €300,000. The average price for a villa is just over €800,000. The average price of commercial premises is around 400,000€.

Sharp rise in credit sales

Dubai's real estate market is changing, and so is its population. More and more expatriates now have access to credit, and are increasingly inclined to use it to become homeowners. The number of real estate sales on credit rose by 41% in 2024. A total of 41,588 transactions were carried out with the help of bank financing. This represents 21.8% of all real estate transactions in Dubai.

The most expensive real estate sales of 2024

Property type	Number of sales	Growth compared with 2023	Total value (AED)
Apartments	141.397	42.2%	261 billion
Villas	30,975	21.2%	164.3 billion
Commercial	4,304	10.1%	9.7 billion

Type	Total price (AED)	Location
Apartments	531 M	Marsa Al Arab
	275 M	One At Palm Jumeirah in Palm Jumeirah
	148 M	Bulgari Lighthouse Dubai at Island 2
	140 M	Casa Canal in Al Wasl
	139 M	Dorchester Collection Dubai at Business Bay
Villas	203 M	Palm Jumeirah
	200 M	Dubai Hills
	166 M	Al Jadaf
	155 M	World Islands
	146 M	Meydan

Conclusion

Dubai's real estate market continues to go from strength to strength. The year 2024 was exceptional, both for investors and real estate professionals. Increased demand led to an inevitable rise in prices, which in turn enabled many owners to realize comfortable capital gains. Tenants in Dubai, on the other hand, suffered greatly in 2024, with sharp rent increases (almost 20 over 2024). In 2025, we expect demand to remain very strong. Complicated situations in Europe, combined with tax increases in many OECD countries, should once again drive investors around the world to property investment in Dubai.

Article written by :
Guillaume Giroux, Dubai Immo founder and real estate expert, Dubai, UAE

As founder of the Dubai Immo Group and a real estate investor, I bring you daily updates on the Dubai market. My aim is to provide you with all the keys you need to invest wisely and securely, by sharing my in-depth analysis and strategic advice.