Dubai’s real estate market soared in 2024, achieving AED488 billion ($133 billion) in sales by December 10, according to Bayut’s comprehensive analysis. The report highlights the city’s growing allure for high-net-worth individuals (HNWIs), driven by economic prospects, tax benefits, and robust demand.
Major Gains Across All Property Segments
Price Increases in Key Areas:
- Affordable apartments in Dubai Investments Park, Discovery Gardens, and Liwan delivered yields of 9-11%.
- Villas in Arabian Ranches saw price rises of up to 56%, reflecting increasing demand.
- Mid-tier locations like Jumeirah Village Circle (JVC), Business Bay, and Al Furjan recorded steady price hikes between 7% and 40%.
- The luxury property market, led by Palm Jumeirah and Dubai Hills Estate, saw price gains up to 31%.
Transactional Highlights:
- Over 169,000 property transactions were recorded in 2024.
- The off-plan segment achieved AED213 billion ($58 billion) across 102,000 deals.
- The ready segment saw 67,000 transactions exceeding AED274 billion ($74.6 billion).
Rental Market Surge
Dubai’s rental market experienced widespread price hikes:
- Affordable apartment rents rose up to 48%, led by two-bedroom flats in Deira.
- Mid-tier rentals saw increases of up to 41%, with areas like Jumeirah Lake Towers in high demand.
- Luxury apartments, including units in Dubai Marina and Downtown, recorded rent growth of 5-25%.
Villa rental prices also surged:
- Affordable villa rents jumped by 44%, with DAMAC Hills 2 and Mirdif popular for budget-conscious tenants.
- Mid-tier villa rents increased by 45%, particularly for four-bedroom units in Town Square.
- Upscale villa rentals surged by 60%, with six-bedroom units in Jumeirah leading the segment.
Expert Insights and Growth Factors
Haider Ali Khan,
CEO of Bayut and Dubizzle Group MENA
Haider Ali Khan remarked:
“Dubai’s real estate market is buzzing. Luxury properties are breaking records as buyers from Europe and Asia flock to ultra-high-end homes. Emerging areas like Dubai South and Dubai Creek Harbour are also gaining traction due to improved infrastructure.”
Sustainable Growth Drivers:
- Dubai’s thriving economy and favourable government policies.
- Increasing global interest from HNWIs.
- Focus on sustainable, tech-enabled developments.
Investment Opportunities
Dubai offers lucrative prospects for investors, with diverse options ranging from affordable housing to luxury properties. Strong rental yields and potential for long-term capital appreciation solidify its position as a global real estate hotspot.
