The Dubai real estate sector saw new highs last year with record apartment and villa purchases of $75m and $65.5m.
Dubai’s Residential Real Estate Market Soars with 25.3% Growth in Resales, Surpassing AED 155.73 Billion
Dubai’s residential real estate market witnessed an impressive 25.3% surge in resales, totaling over AED 155.73 billion ($42.5 billion) in 2024, according to a recent report by Metropolitan Premium Properties.
Despite global economic challenges, Dubai continues to attract both local and international investors, reaffirming its position as a resilient and thriving real estate hub.
Dubai’s Secondary Market Gains Momentum
Svetlana Vasilieva, Head of Secondary Sales at Metropolitan Premium Properties, emphasized that Dubai’s real estate market once again surpassed expectations in 2024.
“The data showcases a dynamic and evolving landscape with strong demand for ready-to-move-in properties. The shift towards secondary sales highlights a growing preference for immediate occupancy, as buyers seek to leverage favorable market conditions.”
Key Insights from the Report
✅ Resale Transactions Boom – The total number of resale transactions in 2024 reached 58,328, marking a 19.3% increase compared to 2023.
✅ Market Value Surge – The cumulative value of residential resale transactions skyrocketed to AED 155.73 billion ($42.5 billion), reflecting a 25.3% year-over-year growth.
✅ Rising Property Prices – The average resale price per square foot climbed nearly 8%, reaching AED 1,548 ($421) across all property categories. This surge underscores a strong demand against limited supply.
✅ Dominance of Ready Properties – 83% of all resale transactions by value and 82% by volume were secondary sales. The increased preference for ready-to-move-in properties is largely fueled by rising rental costs and steady interest rates, encouraging tenants to transition into homeowners.
✅ Apartments Take the Lead – 77.69% of all resale transactions involved apartments, while townhouses accounted for 14.67% and villas for 7.62%.
Record-Breaking Luxury Transactions in 2024
Dubai’s luxury real estate sector saw high-value deals, setting new benchmarks in the market:
🏡 Jumeirah Bay Island – A six-bedroom villa was sold for AED 240.5 million ($65.5 million).
🏢 The One at Palm Jumeirah – A five-bedroom apartment fetched AED 275 million ($75 million).
🌊 Bulgari Lighthouse – Another five-bedroom apartment was acquired for AED 137 million ($37.3 million).
🏖️ The Crescent, Six Senses The Palm – Sold for AED 130 million ($35.4 million).
🏘️ Umm Suqeim 2 – Dubai’s most expensive townhouse, sold for AED 72 million ($19.6 million).
2025 Market Projections
Looking ahead, Vasilieva predicts continued growth and stability in Dubai’s real estate resale sector, with investor confidence remaining strong due to the city’s robust economic fundamentals and world-class infrastructure.
“With attractive financing options and a stable regulatory environment, Dubai’s resale market is poised for sustained expansion.”
Apartments: Key Market Trends
🏙️ Price Growth – The average resale price per square foot for apartments climbed 5.3% to AED 1,576 ($429) compared to 2023.
📈 Transaction Volume – A total of 45,320 apartment resale transactions were recorded, reflecting a 22.4% increase from the previous year.
💰 Total Market Value – The combined value of apartment resales soared to AED 81.17 billion ($22.1 billion), up 24.1% year-over-year.
Dubai Land Department Insights
📌 81% of all resale transactions were secondary sales, while off-plan resales accounted for 19%.
📌 76% of the total resale value (AED 61.77 billion/$16.8 billion) came from secondary sales, while off-plan resales contributed 24%.
📌 Rental Prices Surge – The average price per square foot for apartment rentals increased 17.3%, with 477,424 rental transactions recorded, reflecting a 2% annual rise.
Villas and Townhouses: Rising Demand
🏡 Villa Market Trends
✅ Price Appreciation – The average resale price per square foot for villas surged 21% to AED 1,937 ($530).
✅ Market Value Growth – Despite a 2.6% dip in the total number of villa resales (4,449 transactions), the total value increased by 22.1%, reaching AED 48.89 billion ($13.3 billion).
✅ Rental Market Growth – The average price per square foot for villa rentals jumped 23%, with 35,085 total transactions, 61% of which were renewals.
🏘️ Townhouse Market Trends
✅ Price Surge – The average resale price per square foot for townhouses increased by 17.3%, reaching AED 1,212 ($330).
✅ Higher Transaction Volume – The total number of townhouse resale transactions rose 17.4% to 8,559, while the total value surged by 36.6% to AED 25.66 billion ($7 billion).
✅ Rental Market Growth – The average price per square foot for townhouse rentals climbed 15.8%, with 21,562 rental transactions, reflecting a 16.5% increase in total market value.
Dubai’s real estate sector continues to thrive, with strong investor confidence, rising property values, and increasing transaction volumes shaping the future of the market. As the city gears up for another year of growth in 2025, the resale sector remains a key driver of Dubai’s booming property landscape.
