Dubai’s residential real estate market surged in H2 2024, with sales climbing 31% year-over-year (YOY) to AED 232 billion ($63.2 billion). The off-plan segment led the growth, accounting for 65% of transactions and generating AED 127 billion ($34.6 billion) in value—a 51% YOY increase.

Key trends include a 74% YOY rise in off-plan sales volume (61,435 transactions) and a robust secondary market, which recorded 32,487 transactions (up 15% YOY). Notably, average prices increased across 19 of 20 villa communities and 10 of 11 apartment communities, reflecting high demand and limited supply.

Top-performing communities:

• Villas: Jumeirah Golf Estates (+35%), Dubai Hills (+27%), Jumeirah Islands (+26%)

• Apartments: Emaar Beachfront (+34%), Jumeirah Village Circle (+28%)

Population growth—up 65% over the past decade—fuels demand. With 24 new projects completed in JVC in 2024 alone, the area is attracting buyers priced out of neighboring communities. Meanwhile, Western European buyers, particularly from the UK, France, and Ireland, dominate the market, drawn by Dubai’s lifestyle, safety, and strong ROI. Despite a steady pipeline of new developments (80% apartments), limited supply in the villa and townhouse segment could keep prices rising. John Lyons, Managing Director at Espace Real Estate, predicts continued growth in 2025, albeit slower than 2024’s exceptional gains.

Dubai’s real estate market is redefining global investment appeal, with new off-plan launches every 18 hours and high absorption rates driving both value and volume.