Dubai’s real estate sector reached new milestones in 2024, with record-breaking apartment and villa sales of $75m and $65.5m, respectively.
According to a report by Metropolitan Premium Properties, Dubai’s residential resale market saw a 25.3 per cent increase, surpassing AED155.73bn ($42.5bn).
Despite global economic uncertainties, Dubai remains a prime choice for both local and international investors.
Svetlana Vasilieva, Head of Secondary Sales at Metropolitan Premium Properties, stated that Dubai’s real estate market continues to exceed expectations. The shift toward secondary sales highlights a growing demand for ready-to-move-in properties.
Key Report Insights:
- Total Resale Transactions: 58,328 in 2024, marking a 19.3 per cent rise from 2023.
- Total Resale Value: AED155.73bn ($42.5bn), a 25.3 per cent year-on-year increase.
- Average Price Growth: Resale price per sq. ft. rose by 8 per cent to AED1,548 ($421), driven by strong demand and limited supply.
- Preference for Ready Properties: Secondary sales dominated with 83 per cent of the total transaction value and 82 per cent of all transactions in 2024.
- Market Share by Property Type: Apartments led with 77.69 per cent, followed by townhouses (14.67 per cent) and villas (7.62 per cent).
Notable Luxury Sales:
- A six-bedroom villa in Jumeirah Bay Island set a record at AED240.5m ($65.5m).
- A five-bedroom apartment at The One on Palm Jumeirah fetched AED275m ($75m).
- High-end sales also included properties at Bulgari Lighthouse (AED137m/$37.3m) and The Crescent, Six Senses The Palm (AED130m/$35.4m).
- Dubai’s most expensive townhouse, sold in Umm Suqeim 2, reached AED72m ($19.6m).
Vasilieva predicts continued growth and stability for Dubai’s resale sector in 2025, supported by strong economic fundamentals and favorable financing options.
Apartments:
- Average resale price per sq. ft.: Increased by 5.3 per cent to AED1,576 ($429).
- Total resale transactions: 45,320, up 22.4 per cent year-over-year.
- Total transaction value: AED81.17bn ($22.1bn), reflecting a 24.1 per cent increase.
- Resale breakdown: 81 per cent secondary sales, 19 per cent off-plan resales.
- Apartment rental: Prices rose 17.3 per cent, with 477,424 transactions. Renewals accounted for 61 per cent, while new leases made up 39 per cent.
Villas:
- Average resale price per sq. ft.: Rose by 21 per cent to AED1,937 ($530).
- Total resale transactions: 4,449, a slight 2.6 per cent dip.
- Total transaction value: Increased by 22.1 per cent to AED48.89bn ($13.3bn).
- Villa rental: Prices climbed 23 per cent, with 35,085 transactions, 61 per cent being renewals.
Townhouses:
- Average resale price per sq. ft.: Jumped 17.3 per cent to AED1,212 ($330).
- Total resale transactions: Increased by 17.4 per cent to 8,559.
- Total transaction value: Soared 36.6 per cent to AED25.66bn ($7bn).
- Townhouse rental: Prices grew by 15.8 per cent, with 21,562 rental transactions, a 2.5 per cent rise year-over-year, amounting to AED3.41bn ($928.4m), a 16.5 per cent increase.
