The Dubai residential real estate sector achieved a record performance in 2024 with transactions, new supply, and average price per sq ft across most submarkets new all-time highs. 

 

Significant residential demand has positioned Dubai among the most active residential markets globally. Throughout the year, the city witnessed more than 168,000 residential transactions across freehold markets, said  an Emirates NBD study.

 

Transaction activity was spread across price points and micro-markets, however, units priced between AED1 million and AED2 million saw especially robust growth with a 71% y/y increase in demand.

 

 A total of 114,480 under construction units were sold in 2024. Their share in overall transactions has increased from 54% in 2023 to 68% in 2024, it said.

 

In line with the spectacular growth in demand, the number of units launched across the city has also reached an all-time-high. A total of 142,000 units were launched across Dubai in 2024.

 

When compared to December 2020, average prices across apartments are now 65% higher while villa/townhouse average rates/sq ft have more than doubled, it noted. - TradeArabia News Service