Chestertons Dubai Real Estate Market Report – 2024

Residential Sales:

Residential sales experienced impressive growth, rising by 22.2% from AED 164 billion in 2023 to AED 200 billion in 2024. This surge was primarily fueled by the apartment segment, followed by villas. The strong increase in apartment sales reflects their prevailing market percentage, maintained by a wave of recent off-plan developments that largely focused on apartment projects rather than villas.

Offplan Sales:

Off-plan sales saw remarkable growth, climbing 45.75% from AED 153 billion in 2023 to AED 223 billion in 2024. This surge was driven by robust demand from both end-users and investors, with off-plan apartments dominating the market through a substantial rise in transactions. Jumeirah Village Circle emerged as the top-selling community of 2024, recording 17,523 transactions.

Commercial Sales:

Commercial sales experienced a 5.7% increase in transaction value, rising from AED 90.5 billion to AED 95.7 billion. This increase occurred despite a 7.47% decline in transaction volume compared to the previous year. The difference emphasises a notable appreciation in commercial property values over the past year, primarily fueled by a shortage of available supply in the market. As a result, transaction values have risen even as the number of sales has decreased. This trend will likely continue unless a considerable new supply enters the market or there is a considerable shift in market conditions.

Use our 2024 Real Estate Market Report to stay ahead of the ever-changing real estate industry. For market trends, insights, and practical solutions for smart investment, this study is your go-to source whether you’re a buyer, investor, or industry professional.

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