The Dubai real estate market is reaching record levels of activity, with residential property sales in the emirate hitting AED191bn ($52.5bn), according to a report published by Espace Real Estate.
Espace Real Estate said this represents an increase of 38 per cent on H1 2023.
In apartment sales, prices increased by an average of 17 per cent in the first six months of the year compared to the same time last year across the 10 communities monitored by Espace Real Estate.
Dubai apartment sales price increases
JVC (+30 per cent), JLT (+28 per cent), JBR (+24 per cent) and Downtown Dubai (+22 per cent) lead the way, while prices in Palm Jumeirah Apartments (+5 per cent) and Emaar Beachfront (+7 per cent) experienced more modest increases.
| Neighbourhood | H1 2023 | H1 2024 | Change |
| JVC | AED 671,089 | AED 875,162 | 30% |
| JLT | AED 1,198,064 | AED 1,530,326 | 28% |
| JBR | AED 2,944,926 | AED 3,658,216 | 24% |
| Downtown Dubai | AED 2,699,799 | AED 3,285,700 | 22% |
| Dubai Marina | AED 1,993,114 | AED 2,338,757 | 17% |
| Views & Greens | AED 1,513,300 | AED 1,731,146 | 14% |
| City Walk | AED 3,700,773 | AED 4,199,233 | 13% |
| Bluewaters Island | AED 9,214,960 | AED 10,436,325 | 13% |
| Emaar Beachfront | AED 4,113,883 | AED 4,401,787 | 7% |
| Palm Jumeirah | AED 5,309,473 | AED 5,573,491 | 5% |
John Lyons, managing director of Espace Real Estate, said: “There is a notable trend whereby new residents rent for their first one or two years before becoming the next wave of buyers looking to set down longer term roots for business and lifestyle reasons.
“New residents and the rental market in general help to absorb a large number of newly completed properties. For example in Downtown Dubai there were three new buildings completed in 2023 and there has been over 550 new rental contracts registered in these buildings alone in the first half of 2024. It is very encouraging to see the market absorb this new supply so quickly.”
Dubai apartment rent increases
The average rental price increase is 22 per cent for the apartments market in H1 2024 compared to H1 2023.
Apartment communities with the fastest rising rent include Bluewaters Island (+79 per cent), JBR (+19 per cent) and Palm Jumeirah (+24 per cent).
| Neighbourhood | H1 2023 | H1 2024 | Change |
| Bluewaters Island | AED 250,702 | AED 447,930 | 79% |
| Palm Jumeirah | AED 180,387 | AED 224,481 | 24% |
| JBR | AED 125,089 | AED 148,310 | 19% |
| Downtown Dubai | AED 132,411 | AED 156,273 | 18% |
| Emaar Beachfront | AED 200,347 | AED 237,083 | 18% |
| JVC | AED 53,270 | AED 62,176 | 17% |
| Greens | AED 83,041 | AED 95,480 | 15% |
| Dubai Marina | AED 106,381 | AED 122,513 | 15% |
| JLT | AED 76,435 | AED 87,205 | 14% |
| Views | AED 105,790 | AED 119,067 | 13% |
| City Walk | AED 183,766 | AED 195,879 | 7% |
John Lyons said: “While there will be a surge of rental supply in 2025 and 2026, 80 per cent of this supply will be apartments which tend to accommodate lower number households and therefore the projected population growth required to absorb the supply is often overestimated.
“Furthermore, is it important to note that residential supply must appeal to three distinct and growing demand pools: population growth (residents), exclusive use second home/holiday home buyers, and investors targeting the rising tourist market through managed holiday home investments.
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