Demand for real estate across the UAE — and Dubai in particular — remained exceptionally strong in the second quarter of 2024. More than 35,310 residential transactions were registered during the period, according to data from Primo Capital Experts. Property prices rose by 21%, while overall transaction volumes climbed 20.5% year-on-year.
Dubai Property Prices Q2 2024: Key Market Indicators
Primo Capital's detailed Q2 2024 study confirms broad-based growth across all major real estate segments in the UAE. The average value of residential properties in Dubai rose by 20.7%, underlining deep and sustained buyer demand.
Residential Market
The 35,310 residential transactions recorded across the emirate represent a 20.5% year-on-year increase. Within that total, off-plan property sales surged 23.9%, while secondary market sales grew 15.2%. Apartments appreciated 20.4% on average; villas gained 22.1%.
Commercial and Industrial Real Estate
Dubai's commercial office market maintained consistent momentum, with average rents rising 22.2% annually and 17.1% quarter-on-quarter. The industrial sector posted a 14.3% year-on-year increase in rental rates, driven by strong demand for warehouses and storage facilities.
Retail and Hospitality Sectors
Retail rents in Abu Dhabi and Dubai rose 14.7% and 10.5% respectively, supported by increased commercial activity and tightening vacancy rates. The hospitality sector held firm, with average occupancy rising 0.9% annually.
Expert View: Why Dubai Outperforms Global Markets
Mohammad Zeaiter, Senior Property Advisor at Primo Capital, highlighted the growing range of customisation options available to buyers through new launches from leading UAE developers. He noted that the return on investment in Dubai real estate is considerably higher than in comparable global markets — including New York, London, Singapore, and Hong Kong — making it increasingly attractive to international capital.
Zeaiter attributed the sustained growth of the UAE real estate market to the country's economic strength, consistent government support, and strong capital appreciation prospects. Those fundamentals, he said, continue to position Dubai as one of the world's leading destinations for property investment.
