Dubai’s residential real estate market has set new records, with total sales surpassing Dh50 billion for the first time, data revealed on Thursday.
Engel & Völkers Middle East’s latest report shows sales transactions reached 19,605, marking an 80% year-on-year growth. This surge was led by the off-plan segment, which jumped 117% year-on-year, while secondary market sales rose by 33% amid limited supply.
“This exceptional performance underscores Dubai’s resilience and global appeal as a leading real estate market,” said Daniel Hadi, CEO of Engel & Völkers Middle East. “The city continues to draw high-net-worth investors and global businesses seeking stability and growth.”
Despite a 1.7% rise in average property prices, Dubai remains attractive for investors with a competitive rental yield of 6.9%. This strength persists against global geopolitical challenges, reinforcing Dubai’s position as a sought-after real estate destination.
Engel & Völkers highlighted Dubai’s real estate as a symbol of luxury, innovation, and exceptional living. Their latest report listed Dubai’s five most exclusive residential areas, celebrated for their prestige, unique features, and premium lifestyle. From iconic waterfronts to tranquil suburban retreats, Palm Jumeirah, Dubai Marina, Downtown Dubai, Dubai Hills Estate, and Emirates Living represent the pinnacle of residential living.
- Palm Jumeirah: A benchmark of luxury, Palm Jumeirah, the largest man-made island globally, features exclusive villas, marinas, and luxury shopping. Beachfront villas average Dh37 million and dominate sales over Dh10 million.
- Dubai Marina: Renowned for world-class dining and nightlife, Dubai Marina is a vibrant hub attracting young professionals and families. Its iconic canal and premium waterfront properties make it a consistent favorite.
- Downtown Dubai: With the Burj Khalifa, Dubai Mall, and Dubai Opera, Downtown Dubai offers unparalleled urban luxury. High-end apartments cater to affluent buyers seeking the best of city living.
- Dubai Hills Estate: A serene blend of luxury and nature, Dubai Hills Estate appeals to families and professionals valuing green spaces. Its 18-hole golf course and expansive parks offer a unique lifestyle.
- Emirates Living: Home to communities like The Springs, The Lakes, The Meadows, and Emirates Hills, Emirates Living offers tranquility and proximity to top schools. Its lakes and greenery provide a serene suburban experience.
Although residential sales and rental transactions saw slight declines, Dubai’s commercial real estate sector displayed robust demand. Total commercial sales reached Dh10.9 billion in 2024, the highest monthly figure and a 10% rise from 2023, driven by rising values and interest in premium spaces.
The office market showed a 24% year-on-year sales increase, with average prices rising to Dh1,503 per sq. ft., reflecting a 37% jump from the previous year. Office rental prices surged 25.8%, while retail rents grew by 6.9% year-on-year.
As Dubai’s economy expands and more businesses relocate or grow within the city, Engel & Völkers Commercial forecasts a strong close to 2024 and a positive outlook for 2025.
