Commercial property prices rose 13.19 percent annually in 2024, driven by growing demand for office and retail spaces
Dubai’s Real Estate Sector Continues Strong Growth Momentum in 2024
Amid Dubai’s ongoing economic development, the real estate industry continues to lead the charge. In 2024, residential property prices saw an annual increase of 11.62 percent, underlining the strong appetite for villas and apartments across the emirate.
According to the Real Estate Index Report for Q4 and the full year 2024 — a collaborative publication by the Dubai Data & Statistics Establishment and the Dubai Land Department — this growth is attributed to a combination of a stable economy and rising interest from both domestic and foreign investors in Dubai’s real estate market.
In the fourth quarter of 2024 alone, residential property prices increased by 1.99 percent compared to the previous quarter. This reflects consistent demand and balanced market expansion. Over the year, apartment prices went up by 8 percent, while villa prices saw a significant 21 percent jump.
Commercial Property Market Sees 13.19% Annual Growth
On the commercial side, property values experienced a 13.19 percent annual increase in 2024, fueled by heightened demand for office spaces and retail units amid Dubai’s flourishing business environment. Ongoing large-scale development projects have also added to the market’s competitiveness.
As per the report, the commercial segment experienced notable gains, with retail shop and office prices climbing 24 percent, and hotel apartment and hotel room prices recording a 4 percent rise.
During Q4 2024, commercial real estate prices saw a quarterly increase of 7.45 percent compared to Q3, showcasing a sustained rise in investor interest and the growing appeal of high-quality commercial spaces.
“Dubai is currently undergoing a strategic shift in its real estate landscape. These figures validate the success of our policies that aim to strike a balance between sustainable growth and attracting international investments. We are committed to establishing a fully integrated real estate ecosystem aligned with Dubai’s vision of becoming a global destination for both investment and lifestyle,” said His Excellency Eng. Marwan Ahmed bin Ghalita, Director General of the Dubai Land Department.
Key Drivers Behind Dubai’s Real Estate Boom
According to the findings, the outlook for Dubai’s property market remains positive, with growth being propelled by multiple strategic factors. Chief among them are a resilient economic recovery, high investor confidence, and legal reforms that have improved the investment environment and simplified ownership procedures.
Additionally, the combination of increasing local and global demand for residential and commercial properties, along with government-led efforts focused on sustainable development, has further strengthened Dubai’s global status as a real estate investment hotspot.
“The heightened confidence in the real estate sector and this exceptional performance are direct outcomes of the strategic initiatives implemented by Dubai’s leadership. At the Dubai Land Department, we remain committed to empowering investors and market stakeholders through access to accurate and reliable data. This helps them make informed decisions and contributes to solidifying Dubai’s position as a leading international real estate destination,” added bin Ghalita.
This report is part of a joint initiative between the Digital Dubai Authority and the Dubai Land Department, created to offer well-researched, dependable data that supports strategic planning for both investors and decision-makers looking to shape the future of Dubai’s real estate market.
