Cavendish Maxwell’s 2024 Dubai Residential Market Performance report has reported that Dubai’s residential property market secured a record-breaking 169,000 transactions in 2024.
Prices saw sustained increases during the year, ending 0.9% up month-on-month in December, and 3.1% higher than the previous quarter. Year-on-year, prices rose 16.5%, with the cost per sq ft reaching AED 1,493 in December – an increase of over 90% on the April 2009 low.
Dubai’s residential property sector closed 2024 with 47 months of continuous price rises. However, as anticipated by Cavendish Maxwell, the rate of appreciation is starting to slow, with monthly growth now hovering around 1%, compared to previous month-on-month increases of up to 2.5%.
“These impressive figures are not just the result of the recovery from the pandemic. They reflect a strong, stable property market that has seen consistent growth since 2022, driven by continued international demand from India, China and other Middle Eastern countries in particular.
“While Dubai’s residential market remains extremely robust, with further growth expected in 2025, there are now signs of an adjustment to more sustainable levels.
“As with previous market cycles, the emirate’s regulators, developers and investors are taking the right steps to avoid runaway growth which, as we have seen before, could threaten market stability.”
Ronan Arthur, Partner and Head of Residential Valuation, Cavendish Maxwell
Mortgage activity also soared in 2024, hitting an all-time high of 36,600 loans – up almost a third on 2023. The booming off-plan sector continued to dominate the market, with sales four times up on pre-Covid levels.
Almost 145,000 new off-plan units came to the market during the year – an average of 400 per day, the report shows.
Emaar Properties, Binghatti Properties and DAMAC Properties led the new launch market in terms of both units released and sales value. In 2024, projects under construction represented 68% of the total residential market.
Apartments accounted for 81% of residential property purchases in 2024, an increase of 3% on the previous year. Townhouses took 13% of the share, a 1% drop, and villas 6%, a decrease of 2% on 2023.
