From the 28% year-over-year spike in Palm Jumeirah villa prices to the 7.2% rental yields in Jumeirah Village Circle, Dubai’s real estate market is brimming with energy in 2024—with luxury penthouses in Dubai Marina surging 35%, median townhouses in Arabian Ranches hitting AED 2.3 million, and a 35% year-over-year jump in Q1 2024 sales, all set against a backdrop of 65% off-plan transactions in H1, 19% rental growth for 1BR apartments, and a projected 8% market expansion in 2025.
Key Takeaways
- Average villa price in Palm Jumeirah increased by 28% YoY to AED 5,482 per sq ft in Q1 2024
- Apartment prices in Downtown Dubai rose 19% YoY to AED 2,456 per sq ft in H1 2024
- Median townhouse price in Arabian Ranches hit AED 2.3 million in Q2 2024
- Average annual rent for 1BR apartments in Dubai increased 19% YoY to AED 75,000 in Q2 2024
- 2BR apartment rental yields in JVC reached 7.2% in H1 2024
- Villa rental prices in Palm Jumeirah up 26% to AED 1.2 million annually
- Total residential transactions in Dubai reached 167,000 in 2023
- Q1 2024 saw 28,000 property sales, up 35% YoY
- Off-plan sales accounted for 65% of transactions in H1 2024
- Office space leasing in DIFC reached 1.2 million sq ft in 2023
- Retail rents in Mall of the Emirates up 15% to AED 2,500 psm
- Warehouse transactions in Jebel Ali Free Zone 500,000 sqm leased
- Dubai real estate market projected to grow 8% in 2025
- Foreign investment in property hit AED 100 billion in 2023
- New supply of 25,000 apartments expected in 2024
Dubai real estate prices, rentals, and transactions jump in 2024.
Commercial Real Estate
- Office space leasing in DIFC reached 1.2 million sq ft in 2023
- Retail rents in Mall of the Emirates up 15% to AED 2,500 psm
- Warehouse transactions in Jebel Ali Free Zone 500,000 sqm leased
- Hotel room supply increased by 15,000 keys in 2023
- Grade A office vacancy rate dropped to 8% in Business Bay
- Industrial land sales in Dubai Investments Park AED 1,200 psm
- Downtown office rents AED 3,800 psm peak
- Sheikh Zayed Road co-working spaces 300,000 sq ft occupied
- Dubai Internet City tech office leases up 25%
- Media City flex spaces 150,000 sqm transacted 2023
- Gold Souk retail sales volume AED 2 billion property deals
- Logistics parks in Al Maktoum 400,000 sqm developed
- Healthcare facilities leases 200,000 sqm in new districts
- Mixed-use developments in Dubai Hills 1 million sq ft commercial
- Hospitality investment transactions AED 10 billion 2023
- F&B retail rents in JBR AED 2,200 psm
- Data center spaces 100MW capacity leased
- Showroom rents in Al Quoz AED 1,500 psm average
- Educational facilities 500,000 sqm under lease
- Bur Dubai office vacancy 12% with rents AED 2,000 psm
- Deira hotel apartments 20,000 units operational
- Freehold commercial in DMCC 300,000 sq ft sold
- Marina Walk retail 50,000 sqm leased 2024
- Dubai South logistics hubs 1.5 million sqm
Commercial Real Estate Interpretation
Dubai's 2023 real estate market thrived across every sector—from DIFC's 1.2 million sq ft of office leasing and Mall of the Emirates' 15% higher retail rents (AED 2,500 psm) to Jebel Ali Free Zone's 500,000 sqm of warehouse deals, 15,000 new hotel keys, and AED 10 billion in hospitality investments—with tech offices in Internet City up 25%, co-working spaces on Sheikh Zayed Road occupying 300,000 sq ft, and even the Gold Souk doing AED 2 billion in sales, while logistics hubs in Dubai South and Al Maktoum expanded, data centers leased 100MW, and educational facilities rented 500,000 sqm, proving the emirate's property scene is as dynamic as it is diverse.
Forecasts and Trends
- Dubai real estate market projected to grow 8% in 2025
- Foreign investment in property hit AED 100 billion in 2023
- New supply of 25,000 apartments expected in 2024
- Rental growth forecasted at 12-15% for 2025
- Villa price appreciation 20% expected next 2 years
- Sustainability ESG properties 30% market share by 2026
- Off-plan market to dominate 70% transactions 2025
- Indian buyers 35% of transactions projected 2024
- Short-term rental demand up 40% post-Expo
- Luxury segment growth 25% CAGR to 2028
- Affordable housing supply 50,000 units by 2025
- Tech integration smart homes 60% new builds
- Free zones commercial expansion 20% yearly
- Tourism-driven hospitality 20,000 rooms 2025
- Yield compression to 5.5% for prime rentals
- Population growth 3% fueling demand 2024-2028
- Metaverse virtual property sales AED 500 million projected
- Green building certifications 50% by 2026
- Secondary market stabilization post-2025 boom
- Chinese investor share to rise to 20% in 2025
- Waterfront developments 40% price premium ongoing
- Co-living spaces 10,000 beds by 2026
- Industrial yields 8% stable forecast
- Overall market capex AED 50 billion 2024-2025
- Rental vacancy to drop to 5% citywide 2025
Forecasts and Trends Interpretation
Dubai’s real estate market is on a roll, with an 8% projected growth in 2025 (including 12-15% rental growth that year), a 3% population increase (2024-2028) fueling demand, foreign investment hitting AED 100 billion in 2023, Expo-driven short-term rental demand up 40%, 25,000 new apartments in 2024, off-plan deals dominating 70% of transactions, luxury properties growing at a 25% CAGR until 2028, 50,000 affordable homes by 2025, sustainability (ESG properties) capturing 30% of the market by 2026, smart homes in 60% of new builds, tourist-driven hospitality adding 20,000 rooms by 2025, prime rental yields compressing to 5.5%, waterfront properties fetching a 40% price premium, co-living spaces offering 10,000 beds by 2026, Chinese investors rising to 20% by 2025, industrial yields stable at 8%, AED 50 billion in market capex (2024-2025), and vacancy dropping to 5% citywide by 2025.
Rental Market
- Average annual rent for 1BR apartments in Dubai increased 19% YoY to AED 75,000 in Q2 2024
- 2BR apartment rental yields in JVC reached 7.2% in H1 2024
- Villa rental prices in Palm Jumeirah up 26% to AED 1.2 million annually
- Downtown Dubai 3BR apartment rents averaged AED 250,000 per year in 2024
- Studio rental rates in Dubai Marina at AED 60,000 yearly average
- Townhouse rents in Arabian Ranches 3 hit AED 180,000 p.a.
- Business Bay office-integrated apartment rents up 22%
- 4BR villa rents in Emirates Hills AED 2.5 million annually
- JLT 1BR rents increased to AED 85,000 per year
- Dubai Silicon Oasis 2BR rents at AED 110,000 average
- Luxury yacht-view apartment rents in Harbour AED 300,000 p.a.
- Dubai South affordable rents AED 50,000 for 1BR yearly
- Emaar Beachfront 3BR rents AED 400,000 per annum
- Sobha Hartland villa rents up to AED 450,000 yearly
- DIFC residential rents averaged AED 350,000 for 2BR
- Golden visa rental properties yield 6.5% average
- Branded apartment rents premium 20% over market
- Al Furjan 3BR townhouse rents AED 160,000 p.a.
- Bluewaters Island short-term rents AED 15,000 monthly
- Jumeirah Islands 5BR rents AED 3 million annually
- Discovery Gardens studios rent AED 45,000 yearly
- The Springs villa rents AED 250,000 per year
- Dubai Creek Harbour 2BR rents AED 140,000 average
- Motor City townhouse rents up 16% to AED 130,000 p.a.
Rental Market Interpretation
Whether you’re chasing a budget studio in Discovery Gardens (AED 45,000/year) or a luxury yacht-view apartment in Harbour (AED 300,000/year), Dubai’s 2024 rental market is a tale of striking diversity: 1BRs rose 19% YoY to AED 75,000 in Q2, JVC 2BRs yield 7.2%, Palm Jumeirah villas jumped 26% to AED 1.2 million annually, Downtown 3BRs average AED 250,000, Dubai Marina studios hit AED 60,000, Arabian Ranches 3 townhouses fetch AED 180,000, Business Bay office-integrated apartments gained 22%, Emirates Hills 4BRs top AED 2.5 million, JLT 1BRs reach AED 85,000, Dubai Silicon Oasis 2BRs are AED 110,000, Emaar Beachfront 3BRs rent for AED 400,000, Sobha Hartland villas climb to AED 450,000, DIFC 2BRs average AED 350,000, brands charge 20% over market, short-term Bluewaters rent is AED 15,000/month, Jumeirah Islands 5BRs hit AED 3 million, The Springs villas go for AED 250,000, Dubai Creek Harbour 2BRs are AED 140,000, Motor City townhouses rose 16% to AED 130,000, and Golden visa properties yield 6.5%—all showing there’s a rental slice of Dubai to fit just about every budget and ambition.
Residential Prices
- Average villa price in Palm Jumeirah increased by 28% YoY to AED 5,482 per sq ft in Q1 2024
- Apartment prices in Downtown Dubai rose 19% YoY to AED 2,456 per sq ft in H1 2024
- Median townhouse price in Arabian Ranches hit AED 2.3 million in Q2 2024
- Luxury penthouse prices in Dubai Marina surged 35% to AED 4,200 psf in 2023
- Average price per sqm for 3BR apartments in Jumeirah Village Circle reached AED 1,450 in Q3 2024
- Off-plan villa sales prices in Dubai Hills Estate averaged AED 3,800 psf in 2024
- Resale apartment prices in Business Bay up 22% to AED 2,100 psf YoY
- Average 4BR villa price in Emirates Hills at AED 15.5 million in mid-2024
- Studio apartment prices in JLT increased to AED 850,000 average in Q2 2024
- 2BR flat prices in Dubai Silicon Oasis at AED 1.2 million median
- Waterfront villa prices in Dubai Harbour up 30% to AED 4,500 psf
- Affordable housing prices in Dubai South averaged AED 900 psf in 2024
- Podium-level apartment prices in Emaar Beachfront at AED 3,200 psf
- Townhouse prices in Sobha Hartland rose to AED 2.8 million average
- High-rise apartment prices in DIFC up 25% YoY to AED 3,500 psf
- Golden visa eligible property prices averaged AED 2 million in 2024
- Branded residence prices in Dubai at AED 5,000+ psf premium
- Mid-tier villa prices in Al Furjan at AED 2.1 million
- Sea-view apartment prices in Bluewaters Island up 18%
- 5BR mansion prices in Jumeirah Islands AED 20 million+
- Compact apartment prices in Discovery Gardens AED 750 psf
- Gated community villa prices in The Springs AED 3.2 million
- New launch apartment prices in Dubai Creek Harbour AED 2,800 psf
- Resale townhouse prices in Motor City up 15% to AED 1.9 million
Residential Prices Interpretation
Dubai's real estate market in 2023-2024 is a vibrant, varied landscape where luxury hotspots like Palm Jumeirah (28% YoY villa growth to AED 5,482 psf) and Dubai Marina (35% luxury penthouse surge to AED 4,200 psf) lead with premium prices, while mid-tier areas such as Al Furjan (AED 2.1 million villas) and Motor City (15% resale townhouses at AED 1.9 million) hold steady, affordable options like Dubai South (AED 900 psf) and Discovery Gardens (AED 750 psf compact apartments) keep accessibility strong, high-rises in DIFC (25% YoY gains to AED 3,500 psf) and Business Bay (22% resales to AED 2,100 psf) cater to diverse budgets, and niches like Jumeirah Islands' AED 20 million+ 5BR mansions, Bluewaters Island's 18% sea-view apartment growth, and Jumeirah Village Circle's AED 1,450 per sqm 3BR apartments add depth—all while branded residences command a AED 5,000+ psf premium and golden visa-eligible properties average AED 2 million.
Transaction Volumes
- Total residential transactions in Dubai reached 167,000 in 2023
- Q1 2024 saw 28,000 property sales, up 35% YoY
- Off-plan sales accounted for 65% of transactions in H1 2024
- Villa transactions surged 60% to 12,500 units in 2023
- Apartment deals hit 150,000 in 2023, +41% YoY
- Secondary market transactions up 22% in Q2 2024
- Downtown Dubai recorded 5,200 transactions in 2023
- Dubai Marina sales volume 8,900 units H1 2024
- JVC transactions reached 15,000 in 2023
- Palm Jumeirah luxury deals 450 transactions 2023
- Arabian Ranches townhouse sales 2,800 units 2024
- Business Bay apartment transactions up 28%
- Dubai Hills Estate off-plan deals 4,200 in Q1-Q2 2024
- Emirates Hills mansion sales 120 units 2023
- JLT resale transactions 3,500 in H1 2024
- Dubai Silicon Oasis deals 6,000 annually 2023
- Emaar Beachfront transactions 1,200 luxury units
- Sobha Hartland sales volume 2,100 townhouses/villas
- DIFC residential transactions 900 high-end
- Al Furjan transactions 4,500 mid-2024
- Bluewaters Island deals 650 apartments 2023
- Discovery Gardens budget sales 7,200 units
- The Springs transactions 1,800 villas/townhouses
- Dubai Creek Harbour off-plan 3,500 transactions
- Motor City sales 2,900 units in 2023
Transaction Volumes Interpretation
Dubai’s residential real estate market stayed vibrant in 2023 and early 2024, with 167,000 total transactions in 2023, a 35% year-over-year jump to 28,000 sales in Q1 2024, 65% of H1 2024 deals being off-plan, 150,000 apartment transactions (up 41% from 2022) and 12,500 villa deals (a 60% surge), while secondary market sales grew 22% in Q2 2024; leading hotspots like Downtown Dubai (5,200 in 2023), Dubai Marina (8,900 in H1 2024), and JVC (15,000 in 2023) thrived, luxury niches such as Palm Jumeirah (450 deals) and Emirates Hills (120 mansions) stood out, and areas like Discovery Gardens (7,200 budget units) and Emaar Beachfront (1,200 luxury apartments) catered to varied buyers, with steady performers including Arabian Ranches (2,800 townhouses in 2024), Business Bay (28% growth), and Dubai Hills Estate (4,200 off-plan deals in Q1-Q2).
Sources & References
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