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Home Sector Real Estate Dubai real estate: Villas drive 11.62 percent residential property price surge in 2024

Dubai real estate: Villas drive 11.62 percent residential property price surge in 2024

Commercial property prices rose 13.19 percent annually in 2024, driven by growing demand for office and retail spaces
Dubai real estate: Villas drive 11.62 percent residential property price surge in 2024
Last year, apartment prices in Dubai increased by 8 percent, while villa prices surged 21 percent

Amid Dubai’s ongoing economic expansion, one sector stands out – real estate. In 2024, residential property prices recorded an annual increase of 11.62 percent, reflecting strong demand for villas and apartments.

According to the Real Estate Index Report for Q4 and 2024, released by the Dubai Data & Statistics Establishment in collaboration with the Dubai Land Department, this growth was driven by several factors, including a stable economic environment and increasing interest from both local and international investors in Dubai’s real estate market.

In Q4 2024, residential property prices rose 1.99 percent from the previous quarter, reflecting steady demand and a well-balanced market growth. Year-on-year, apartment prices in Dubai increased by 8 percent, while villa prices surged 21 percent.

Commercial property prices rise 13.19 percent

On the commercial front, property prices rose 13.19 percent annually in 2024, driven by growing demand for office and retail spaces amid Dubai’s thriving business environment. Ongoing development projects have further enhanced market competitiveness.

The report revealed that in the commercial segment, retail shop and office prices rose 24 percent, while hotel apartment and room prices gained 4 percent.

In Q4 2024, commercial property prices surged by 7.45 percent compared to Q3, reflecting sustained investment growth and increasing demand for premium commercial spaces.

“Dubai is undergoing a strategic transformation in the real estate sector, and these indicators reflect the success of our policies aimed at balancing sustainable growth with attracting global investments. We are working on developing a fully integrated real estate ecosystem that supports the emirate’s vision of being a global hub for investment and living,” stated His Excellency Eng. Marwan Ahmed bin Ghalita, director general of Dubai Land Department.

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Factors driving Dubai’s real estate growth

According to the report, Dubai’s real estate sector is on a trajectory of continued growth, driven by several key factors, most notably the robust economic recovery, deep investor confidence and legislative reforms that have enhanced the investment climate and streamlined property ownership processes.

In addition, the rise of local and international demand for residential and commercial properties, coupled with government-led initiatives supporting sustainable development, has further reinforced Dubai’s position as a global real estate investment hub.

“The growing confidence in the sector and this remarkable growth are the result of the wise initiatives adopted by the Government of Dubai. At the Dubai Land Department, we will continue to support investors and market stakeholders by providing accurate and reliable data to help them make well-informed investment decisions, further strengthening Dubai’s position as a leading global real estate hub,” added bin Ghalita.

The report is part of a strategic collaboration between the Digital Dubai Authority and the Dubai Land Department, aimed at providing accurate and reliable data to support decision-makers and investors in shaping future strategies based on well-researched insights.

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