Dubai’s real estate market witnessed remarkable growth in the off-plan segment throughout 2024, reinforcing its role as a key driver of the emirate’s property sector. According to the Dubai Land Department (DLD), off-plan transactions accounted for 63% of total sales, reflecting heightened investor confidence. Off-plan apartment sales reached a record 94,455 units, a significant rise from 56,146 in 2023. Key areas such as Jumeirah Village Circle, Business Bay, and Dubai Hills Estate led apartment sales, while Damac Riverside and The Valley were top choices for villas. The surge was driven by economic stability, infrastructural advancements, and investor-friendly policies. With Dubai’s Vision 2040 and sustainable urban planning initiatives in motion, the market is expected to maintain its momentum in 2025.
Dubai’s Off-Plan Property Market Leads Real Estate Growth in 2024
In 2024, Dubai’s off-plan property sector continued to dominate the real estate market, representing 63% of total sales. Both investors and homebuyers showed a growing preference for off-plan properties due to their contemporary designs, strong potential for future value appreciation, and enhanced community living experiences. Apartment transactions experienced remarkable growth, reaching 94,455 compared to 56,146 the previous year.
Jumeirah Village Circle (JVC) stood out with 3,046 property sales, where the average price was AED 1,360 per square foot. Business Bay followed closely with 2,049 sales, boasting an average price of AED 2,506 per square foot. Dubai Hills Estate recorded 1,401 sales, with properties averaging AED 2,383 per square foot. These communities gained traction for their strategic locations, robust infrastructure, and high-end lifestyle amenities.
Dubai’s villa and townhouse segment also witnessed substantial growth, with transactions climbing from 9,944 in 2017 to 32,125 in 2024. The off-plan market played a key role in this surge, showing a 47% increase year-on-year. Factors driving this trend included large-scale master-planned developments, rising demand for spacious residences, and favourable investment conditions attracting both local and international buyers.
Damac Riverside reported 968 property sales, with townhouses averaging AED 1,100 per square foot and villas priced at AED 1,069 per square foot. The Valley by Emaar secured 817 sales, with townhouses averaging AED 1,214 per square foot. Emaar South followed with 684 sales, where townhouses averaged AED 1,296 per square foot, and villas stood at AED 1,213 per square foot.
Several factors contributed to the strong performance of Dubai’s off-plan real estate market. Economic stability, driven by Dubai’s diversified economy and investor-friendly environment, played a vital role. Infrastructure improvements, including new transportation networks and sustainable development projects, boosted the appeal of properties. Additionally, the global spotlight from Expo 2020 strengthened Dubai’s reputation as a premier investment destination, while long-term investor visa programs tied to property ownership encouraged lasting commitments.
Looking ahead to 2025, Dubai’s real estate market is poised for further growth. Developers are set to launch innovative projects tailored to meet the evolving demands of modern buyers. Vision 2040’s ambitious urban development strategies, a focus on sustainability, and strong interest from global investors are expected to fuel continued expansion. Government initiatives such as reduced transaction costs and flexible payment plans will also play a significant role in attracting new investments to the sector.
