The residential real estate sector in Dubai experienced exceptional growth during 2024 when sales reached 169,000 which constituted a 42% increase from 2023 figures. The subject of residential properties remained on an upward trend in 2024 based on Cavendish Maxwell’s findings that prices increased 0.9% during December compared to the last month and 3.1% above Q4 numbers from the previous year. Property prices increased by 16.5% across the year while the square foot price rose to AED 1,493 which equals $407.
As many as 145,000 new off-plan units became available to buyers during the entire year while staying four times above pre-Covid market levels. The market leadership for unit releases and sales value during this period rested with developers Emaar together with Binghatti and DAMAC Properties. Residential building purchases where apartments represented 81% of the total properties sold shows how demand in the sector remains strong.
During Q4 2024 Barsha Heights experienced the most substantial price increase for apartments amounting to 33% when compared to Q4 2023. The district of Dubai Silicon Oasis demonstrated apartment market growth amounting to 24% while Jumeirah Lakes Towers experienced 21% growth. The residential market in Nad Al Sheba led the way with 54% villa and townhouse price growth and Jumeirah Village Triangle and Dubai South trailing close behind with 33% and 29% increases.
Dubai Investments Park maintained its leading position in rental yield returns at 10.3% while International City followed closely with 9.4% then Dubai Production City produced 8.6%. The rental prices for villas jumped by 52% within Palm Jumeirah. Dubai’s real estate sector indicates that its market expansion will continue at a steady pace until 2025.
