Dubai, UAE – Dubai’s real estate sector continues its remarkable growth trajectory, with affordable housing and luxury developments driving record-breaking performance in 2024. Recent data reveals a significant shift as more tenants transition into homeowners, fueled by attractive prices, innovative payment plans, and strategic urban development.
According to Emirates NBD Research, residential units priced between Dh1 million to Dh2 million experienced a staggering 71% year-on-year increase in demand. The city recorded over 168,000 residential transactions in 2024, with under-construction units dominating the market at 68% of total sales, up from 54% in 2023.
Transaction Values Soar
The fourth quarter alone witnessed 46,844 closed deals, contributing to a total sales transaction value of Dh116.5 billion, marking a 31.1% year-on-year increase. Leading this growth is the off-plan market, accounting for over half the total transaction value, driven by flexible payment plans and robust investor interest in future-ready assets.
Affordable and Luxury Segments Thrive
Mid-income buyers gravitated toward areas like Dubai South and Jumeirah Village Circle, while luxury buyers targeted high-end developments in Palm Jumeirah and Dubai Hills Estate. Palm Jumeirah achieved the highest average sales price of Dh4,600 per square foot, reinforcing its position as a global luxury hotspot.
Farooq Syed, CEO of Springfield Properties, credited the market’s success to Dubai’s strategic planning and focus on quality, innovation, and sustainability. “Buyers and investors view Dubai as a city offering long-term growth, stability, and world-class amenities,” he stated.
Population Growth and Urban Vision
As Dubai’s population approaches 4 million by 2025, demand across all property segments continues to rise. The city’s alignment with the Dubai 2040 Urban Master Plan underpins its commitment to building a sustainable, inclusive, and globally appealing real estate ecosystem.
A Record Year and Bright Outlook
In 2024, 142,000 units were launched—an all-time high, reflecting Dubai’s adaptability and forward-thinking approach. Apartment prices rose 65% on average since December 2020, while villa/townhouse rates have more than doubled.
As Dubai transitions into 2025, it is poised to reshape the global real estate landscape further. With its unwavering focus on value-driven projects and innovative urban planning, the city continues to set benchmarks for modern, sustainable living.
