Dubai’s property market has surpassed AED 500 billion in transactions between November 2023 and November 2024, according to data from dubizzle, the UAE’s property platform.
“Dubai’s real estate market has truly outdone itself, hitting new heights in 2024, with over AED 500 billion in business between November 2023 and November 2024. It’s clear that this dramatic growth is driven by the government’s proactive initiatives including the revised property visa offerings and expansion of freehold areas,” Haider Ali Khan, CEO of dubizzle and Dubizzle Group MENA said.
Dubai’s most profitable property areas revealed in 2024 report
In the luxury segment, Dubai Marina has established itself as the premier location for high-end apartments, commanding average sales prices of AED 2.55 million and rental rates of AED 145,000 annually.
The area has seen a 15.03 per cent increase in price per square foot. Dubai Hills Estate leads the luxury villa market with average sales prices reaching AED 16.07 million, while Al Barsha demands the highest villa rents at AED 436,000 per year.
The mid-tier market shows Jumeirah Village Circle (JVC) dominating apartment sales with average prices of AED 1.12 million and annual rentals of AED 78,000.
The area has experienced a 19.95 per cent increase in per-square-foot prices, reaching AED 1,330 in 2024.
Al Furjan leads the mid-tier villa segment with sales prices averaging AED 4.86 million, demonstrating increases of 21.61 per cent, 25.68 per cent, and 38.07 per cent for three, four, and five-bedroom units respectively.
For affordable housing, Dubai Silicon Oasis has emerged as the primary choice for apartments, with average sales prices of AED 805,000 and an 8.33 per cent return on investment.
The area has seen substantial growth with studio, one-bedroom, and two-bedroom unit prices increasing by 30.00 per cent, 26.15 per cent, and 35.76 per cent, respectively.
Deira offers the most competitive apartment rents at AED 66,000 annually. DAMAC Hills 2 leads the affordable villa segment with sales prices at AED 1.92 million and annual rents at AED 115,000.
Investment returns across segments show promising figures. Living Legends achieved the highest ROI for mid-tier apartments at 11.16 per cent, while Al Barari topped luxury villa returns at 7.39 per cent.
Green Community led luxury apartment ROI at 8.48 per cent. Dubai Investment Park demonstrated strong performance in affordable apartments with a 9.98 per cent return.
The report highlights significant price movements across communities. JVC recorded a 38.11 per cent increase in villa prices per square foot, while Dubai South saw a 25.2 per cent rise.
In the luxury segment, Jumeirah Park experienced a 23.97 per cent increase, with villa prices averaging AED 8.72 million.
Rental markets have shown similar momentum. Downtown Dubai’s luxury apartments command average yearly rents of AED 213,000, while Palm Jumeirah villa rents reach AED 1.49 million annually.
Mid-tier areas like Town Square and Reem offer villa rentals at AED 160,000 and AED 183,000 per year respectively.
The data indicates Dubai’s property market maintains its growth trajectory, supported by government initiatives and infrastructure development.
The market continues to offer varied options across luxury, mid-tier, and affordable segments, catering to diverse investor and tenant requirements.
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