Dubai’s real estate market witnessed a 20.8 percent surge in average annual rent prices, reaching AED90,288 ($24,581.74) in November, despite a slight annual decline in transaction volume. The rental market demonstrated overall stability in November 2024, with total rental transactions valued at AED3.53 billion, reflecting strong demand for quality rental properties and reaffirming Dubai’s appeal as a global hub for residents and investors.
In its latest Dubai real estate market report, Springfield Properties also revealed that total sales transaction values reached AED30.53 billion across 12,543 transactions. Despite a seasonal recalibration, these figures underscore continued investor confidence in Dubai’s dynamic property sector. Off-plan properties and apartments remained the primary drivers of activity, reflecting sustained demand for diverse housing solutions.
Apartments dominate market
Apartments dominated the Dubai real estate market, accounting for 10,552 transactions valued at AED19.27 billion. The off-plan sector also recorded a strong performance, with 7,537 transactions totaling AED15.84 billion, reaffirming buyers’ trust in new developments.
“November’s performance reflects the Dubai real estate market’s ability to adapt and thrive in an ever-changing global landscape. The strong activity in the off-plan segment and the steady demand for apartments underscore Dubai’s position as a leader in the global property market. Investors and end-users alike continue to be drawn to the city’s strategic vision, innovative developments, and unparalleled quality of life,” stated Farooq Syed, CEO of Springfield Properties.
Most popular areas in Dubai
Emerging areas such as Dubai South and Dubai Islands gained traction among buyers and tenants due to their strategic locations and competitive pricing, complementing the enduring appeal of luxury hotspots like Business Bay.
Meanwhile, areas such as Business Bay, Downtown Dubai and Palm Jumeirah continued to attract high-net-worth buyers. In addition, mid-income areas like Jumeirah Village Circle maintained steady demand with an average price of AED1.05 million, showcasing Dubai’s growth across various real estate segments.
“Dubai’s real estate sector is not only thriving but evolving to meet the needs of a diverse demographic. The city’s ability to balance luxury offerings with affordable housing options ensures its continued growth and resilience. As developers introduce innovative projects and urban infrastructure advances, Dubai remains at the forefront of global real estate investment opportunities,” Syed added.
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Dubai Real Estate Sector Strategy 2033 propels growth
Dubai’s evolving urban infrastructure and strategic initiatives under the Dubai Real Estate Sector Strategy 2033 remain pivotal to sustaining long-term growth. As the city’s population, currently at 3.8 million, is projected to reach 7.8 million by 2040, the demand for diverse housing options is set to rise further. This growth aligns with Dubai’s 2040 Urban Master Plan, aimed at fostering sustainable and inclusive urban development.
The Dubai Real Estate Sector Strategy 2033 aims to achieve its ambitious goals through a set of key performance indicators. These include doubling the real estate sector’s contribution to Dubai’s GDP to approximately AED73 billion and increasing homeownership rates to 33 percent. It also seeks to boost real estate transactions by 70 percent, elevate the market value to AED1 trillion, and expand the value of Dubai’s real estate portfolios twentyfold to AED20 billion.
The total number of real estate transactions in Dubai reached 188,000 as of November 2024, with a total value of AED625 billion ($170.2 billion), representing a 38 percent increase in transaction volume and a 23 percent rise in value compared to 2023. Notably, property sales surpassed AED437 billion for the first time, marking a 33 percent growth compared to the same period last year.
As 2024 concludes, Dubai’s real estate market is gearing up for sustained growth, driven by its strategic developments, population expansion and unwavering investor confidence.
