Published by Espace Real Estate, the report outlines a phenomenal year of sector growth. The off-plan market significantly outpaced the secondary market in both value and volume.
61,435 off-plan sales (up 74% year-on-year) drove value to Dh127bn (up 51% year-on-year), complemented by a robust secondary market amassing a volume of 32,487 transactions (up 15% year-on-year).
Average prices increased in 19 of the 20 villa communities tracked, alongside ten of the 11 apartment communities.
High demand and reduced availability in the wake of so many renters converting to homeowners sees properties in Springs increase 26%, Jumeirah Park increase 23% and Town Square increase 21%, and many others secure notable price increases.
“Four of these nations rank among the top ten globally for national GDP, underscoring Dubai’s growing reputation as a magnet for global wealth.
“This trend reflects the sustained post-Covid appeal of Dubai to European buyers who are drawn by the city’s exceptional lifestyle, safety and strong returns on capital investment.”
John Lyons, Managing Director, Espace Real Estate
According to Espace Real Estate’s data, mortgage leads generated are up 111% year-on-year, facilitating transactions as residents lay down long-term roots in Dubai.
Newer apartment communities are also experiencing rising transaction volumes alongside increasing sales prices. Emaar Beachfront saw a 34% rise in transaction volume as buildings were handed over to new owners.
Similarly, Jumeirah Village Circle (JVC) recorded a 28% increase in transactions, driven by the area’s ongoing expansion and the influx of new projects and residents. Notably, 24 new projects were completed in JVC alone in 2024.
“High rental prices, limited rental supply, affordable mortgage products and ongoing population growth encourage many tenants to opt for homeownership if they are in the financial position to do so.”
Report, Espace Real Estate
Many new residents are entering the demand pool alongside established residents, with population growth up 65% in the last ten years.
The report reflects a shift in prominent buyer demographics, with six of Espace’s top ten buyer nationalities from Western European countries.
The report projects further population growth alongside new property supply in the pipeline, comprising approximately 80% apartments, demonstrating how dependent the city is becoming on new launches to keep up with demand. In the rental market, average rents continued to soar in most communities.
