Dubai real estate prices increased by 20% in Q3 2024 with residential sales worth AED 120bn, according to CBRE Middle East UAE Real Estate Market Review. The residential market showed an average price increase by 20% compared to last year with 19% increase in average apartment prices ad 23% increase in average villa prices.

Rental growth observed 19% on average for apartments and 13% for villas. Dubai’s transactions continue to increase specifically due to growth in off-plan property market. Total residential transactions of 125,000 were reported, which is 36% comparatively. Q3 enjoyed AED120bn in residential property sales, resulting in robust year-on-year growth.

Office rentals remained on a rise seeing growth of 11%, 21%, 24% and 19% with average Prime, Grade A, Grade B and Grade C respectively compared to Q3 last year. The tourism has increased in year 2024 and continued growth in retail market is observed, rental rates continuing to rise. Retail rents remained positive with average rates in Dubai rising by close to 3%, expecting further real estate growth over next year.