Dubai residential real estate resales increased by 25.3 per cent to more than AED155.73bn ($42.5bn) last year, according to a new report by Metropolitan Premium Properties.
Despite global economic uncertainties, Dubai’s resilient real estate market remains attractive to both domestic and international investors.
Svetlana Vasilieva, Head of Secondary Sales at Metropolitan Premium Properties, said: “Dubai’s real estate market has once again outperformed expectations and 2024 was no exception. The data clearly shows a dynamic and evolving market with strong demand for ready-to-move-in properties.
“This shift towards secondary sales reflects the increasing preference for immediate occupancy and the desire to capitalize on the current market conditions.”
Dubai real estate sales
Key findings of the report include:
- Total transaction volume: The market recorded 58,328 resale transactions in 2024, representing a 19.3 per cent increase compared to 2023
- Total resale value: The total value of all residential resale transactions reached AED155.729bn ($42.5bn), a 25.3 per cent increase versus the previous year
- Average price growth: The average resale price per square foot increased by nearly 8 per cent, rising to AED1,548 ($421) across all property types, reflecting strong demand and limited supply
- Demand for ready properties: Secondary sales accounted for 83 per cent of all transactions by value and 82 per cent of all transactions in 2024. The preference for ready-to-move-in properties is driven by higher rental costs and the absence of interest rate increases, encouraging more residents to shift from renting to purchasing their homes
- Apartments continue to lead: Apartments accounted for 77.69 per cent of all resale transactions, townhouses made up 14.67 per cent and villas accounted for 7.62 per cent
The most expensive transactions of 2024 were also recorded, with a luxury six-bedroom villa in Jumeirah Bay Island setting the record with a AED240.5m ($65.5m) price tag.
A five-bedroom apartment at The One on Palm Jumeirah fetched AED275m ($75m), a five-bedroom apartment at the Bulgari Lighthouse for AED137m ($37.3m) and a five-bedroom apartment at The Crescent, Six Senses The Palm for AED130m ($35.4m).
The most expensive townhouse in Dubai was sold in Umm Suqeim 2 for AED72m ($19.6m) and another for AED35.6m ($9.7m) and a five-bedroom townhouse in Tilal Al Ghaf sold for AED34m ($9.3m).
Vasilieva said: “For 2025, we project a sustained period of growth and stability in Dubai’s resale sector. Investor confidence remains high, bolstered by the city’s strong economic fundamentals and world-class infrastructure.
This, coupled with attractive financing options, will continue to fuel transaction activity.”
Focussing on apartments, the Metropolitan Premium Properties report said the average resale price per square foot in Dubai increased by 5.3 per cent, reaching AED1,576 ($429) compared to 2023.
A total of 45,320 apartment resale transactions were recorded, reflecting a 22.4 per cent increase compared to 2023. The total value of these transactions reached AED81.17bn ($22.1bn), up 24.1 per cent year-over-year.
81 per cent of resale transactions were secondary sales while off-plan resale accounted for 19 per cent of the transactions. A total of 76 per cent (AED61.77bn/$16.8bn) of the resale value was attributed to secondary sales, while 24 per cent was linked to off-plan resales in the apartment sector.
The average price per square foot for apartment rental increased 17.3 per cent. There was a total of 477,424 transactions, a nearly 2 per cent increase from last year, with renewals making up 61 per cent while new leases accounting for 39 per cent.
For villas, on the other hand, the average resale price per square foot for villas surged to nearly 21 per cent, reaching AED1,937 ($530) compared to 2023.
While the number of villa resale transactions in Dubai dipped slightly by 2.6 per cent to 4,449, the total value of these transactions soared by 22.1 per cent, reaching AED48.89bn ($13.3bn).
The average price per square foot for villa rentals increased by 23 per cent. There was a total of 35,085 transactions with renewals accounting for over 61 per cent.
For townhouses, the average resale price per square foot surged 17.3 per cent, reaching AED1,212 ($330) compared to 2023.
While the number of resale transactions for townhouses increased 17.4 per cent, totalling 8,559, while the total value of these transactions soared 36.6 per cent to AED25.66bn ($7bn).
The average price per square foot for townhouse rental rose 15.8 per cent. There was a total of 21,562 rental transactions, a 2.5 per cent increase from last year, accounting for AED3.41bn ($928.4m), which reflects a 16.5 per cent increase.
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