Dubai’s residential real estate resale market surged by 25.3% in 2024, reaching AED155.73bn ($42.5bn), according to a report by Metropolitan Premium Properties. Despite global economic uncertainties, investor confidence remains strong, driving demand for ready-to-move-in properties.

Key Highlights:

• Transaction Growth: 58,328 resale transactions, up 19.3% from 2023.

• Price Surge: Average resale price per sq. ft. increased by 8% to AED1,548 ($421).

• Ready Properties in Demand: Secondary sales made up 83% of total transactions by value.

• Apartments Lead: Accounted for 77.69% of resales, followed by townhouses (14.67%) and villas (7.62%).

• High-Value Sales: A five-bedroom apartment at The One on Palm Jumeirah sold for AED275m ($75m), while a six-bedroom villa in Jumeirah Bay Island fetched AED240.5m ($65.5m).

Sector Breakdown:

• Apartments: Resale transactions increased 22.4%, reaching AED81.17bn ($22.1bn), with prices per sq. ft. up 5.3% to AED1,576 ($429).

• Villas: Resale transactions dipped 2.6%, but total value soared 22.1% to AED48.89bn ($13.3bn). Prices per sq. ft. rose 21% to AED1,937 ($530).

• Townhouses: Transactions grew 17.4%, totaling AED25.66bn ($7bn), with a 17.3% price increase per sq. ft. to AED1,212 ($330).

Looking ahead, the market is expected to maintain steady growth in 2025, supported by strong economic fundamentals and attractive financing options.