Dubai’s property market ended 2024 with impressive results in December. This performance underlines Dubai’s resilience and continued appeal as a global investment hub. High demand in the residential and off-plan segments, combined with a rise in average prices, reflects increased confidence among investors and buyers.
Strong growth in transaction volumes and values
In December 2024, the market recorded 15,130 transactions, marking an increase of 37,3 % compared with December 2023. These transactions generated a total value of AED 42.7 billion, up by 5,1 % year-on-year. These figures illustrate the strength of the market and the growing interest of international investors in Dubai.
The average price per square foot reached 1,565 AED, showing an increase of 8,6 % compared with the previous year, which reflects the continued rise in the value of residential and commercial properties.
Analysis of the main segments
Flats
Flats accounted for the majority of transactions in December, representing approximately 77 % of total sales. With 11,615 units sold, the segment recorded an increase of 40 % in volume compared with December 2023, with a total value of AED 20.9 billion. Working-class areas such as Dubai Marina, Downtown Dubai, and Jumeirah Village Circle remain key destinations for buyers and investors looking for well-located, modern properties.
Villas and townhouses
The villa segment also performed strongly, with 2,441 transactions, up by 23,5 % compared with the previous year. The total value of villa sales reached AED 11.4 billion, confirming the consistent demand for spacious properties in upmarket areas such as Palm Jumeirah and Dubai Hills Estate.
Commercial properties
Although they account for a smaller share of the market, sales of commercial properties totalled 334 transactions, with a significant year-on-year increase. This segment continues to attract investors seeking stable returns.
Performance of the off-plan segment
Off-plan sales maintained their momentum in December, attracting investors thanks to flexible payment plans and opportunities for capital gains. Emerging areas such as Mohammed Bin Rashid City and Dubai Creek Harbour have seen increased demand, reflecting the growing interest in modern developments in well-planned communities.
Growth factors
International appeal
The United Arab Emirates’ favourable tax policy, combined with incentives such as long-term visas for investors, continues to attract international buyers. The absence of income tax and stable economic conditions further enhance Dubai’s appeal as an investment destination.
Infrastructure development
Major infrastructure projects, such as the expansion of the underground and the development of new residential neighbourhoods, increase connectivity and improve quality of life, thereby enhancing the city’s appeal to residents and investors.
Growing demand for luxury properties
The luxury property sector has seen strong demand, with record sales in areas such as Palm Jumeirah. These properties continue to attract a wealthy clientele keen to own prestigious homes in a stable and promising market.
Outlook for 2025
With such a strong end to the year, the outlook for 2025 looks promising. Demand for luxury and off-plan properties is expected to continue to grow, driven by international investors and expatriates seeking economic stability. Average prices are also expected to rise in popular areas, whilst developments in up-and-coming areas will offer attractive opportunities for first-time buyers.
Conclusion
December 2024 marks a remarkable conclusion to the Dubai property market. With rising transaction volumes, sustained demand and constantly improving infrastructure, Dubai remains a must-visit destination for investors and buyers. This dynamism, combined with a favourable economic climate, places the emirate at the forefront of the world’s most attractive property markets.
Whether it’s modern flats, luxury villas or innovative off-plan developments, Dubai continues to offer exceptional opportunities for those looking to invest in a rapidly expanding market.
