Dubai Real Estate Market Report — December, 2024

Dubai Real Estate Market Report – December 2024

December 2024 rounded off the year with Dubai's residential and commercial market running flat out. The emirate registered 15,326 transactions worth AED 43.10 billion, a record on both volume and value across the 11-year series stretching back to 2014. On the Apartment, Villa and Commercial basis, the 14,772 deals were +38% year on year and their AED 34.98 billion in value climbed +23%.

The headline median came in at AED 1,567/sqft. Volume growth outpaced value growth, a sign the surge was fuelled by deal count and a widening mid-market rather than by ticket inflation on its own.

Headline figures

Year-on-year performance by category

Apartments drove the expansion. The segment posted 11,885 transactions, up +42% and 3,537 deals ahead of December 2023 — the highest December volume in the 11-year series. Value reached AED 21.44 billion (+21%). The median price, though, steadied rather than rose, easing to AED 1,641/sqft (-1%), the lowest December reading since 2021, while the median ticket dipped to AED 1,200,125 (-9%). The theme here is reach: more buyers transacting at more accessible price points, not richer deals.

Villas set price records even as apartments led on count. The 2,553 villa deals rose +28% (558 above the prior year), also a series-high December volume, and value advanced to AED 12.63 billion (+25%). Unlike apartments, villa pricing pushed upward: AED 1,450/sqft was up +35% and marked the highest December price per square foot in the series, with the median ticket broadly unchanged at AED 3,030,000 (+1%). Villa held the largest median ticket of any category.

Commercial was the only category to fall on volume. Its 334 deals slipped -4%, yet the segment firmed sharply on price and value: AED 905.56 million was up +56%, the median reached AED 1,652/sqft (+44%), a series-high December, and the median ticket leapt to AED 1,691,560 (+49%). Ranked by value across all property types, the order was Apartment, Villa, Plot, then Commercial — plots adding 554 deals worth AED 8.12 billion at AED 223/sqft.

Every category, including plots and buildings

Plots contributed 554 transactions worth AED 8.12 billion at a median of AED 223/sqft and a median ticket of AED 2,996,022, ranking third by value behind apartments and villas and ahead of commercial. Their low price per square foot reflects the land basis rather than any weakness in built product.

Primary versus resale

Off-plan sales dominated the month. Primary deals made up 68% of volume and 62% of value, with 10,029 transactions worth AED 21.58 billion. Resale accounted for the remaining 4,743 deals and AED 13.39 billion — 32% of volume but a heftier 38% of value, a 6-point gap showing that completed and secondary stock traded at higher average tickets than the off-plan pipeline.

Where the activity was

Marsa Dubai led on value at AED 3.14 billion, followed by Business Bay (AED 2.95 billion), Dubai South (AED 2.14 billion), Al Barsha South Fourth (AED 1.80 billion) and Downtown Dubai (AED 1.54 billion). On deal count, Al Barsha South Fourth headed the table with 1,601 transactions, ahead of Business Bay (1,383), Wadi Al Safa 5 (1,011), Dubai South (931) and Marsa Dubai (784). Four areas — Marsa Dubai, Business Bay, Dubai South and Al Barsha South Fourth — feature on both lists, pairing scale of capital with depth of activity. The month's top villa deal was AED 200,366,036 in Al Hebiah Fifth, while the leading apartment sale hit AED 84,000,000 at Bluewaters Residences 9 in Marsa Dubai.

Rental market

The leasing market firmed almost everywhere. New apartment contracts rose to 10,682 (+11.33%) with median rent up to AED 68,000 (+13.33%), and renewals reached 13,490 (+10.31%) at AED 54,000 (+8%). Commercial leasing was strong on both new (1,822 contracts, +21.22%) and renewed (2,179, +12.90%) deals. The single exception to the broad advance was new villa contracts, which eased to 1,184 (-5.88%) even as new villa median rent still rose to AED 175,000 (+11.82%) and villa renewals grew to 1,370 (+10.31%).

Supply

Developers stayed firmly in launch mode. December brought 8,723 units launched across 35 projects against 5,003 units delivered across 21 projects — a launch-to-delivery ratio of 1.7 and a net of 3,720 more units launched than handed over, keeping the forward pipeline well stocked.

Launched

• Golf Acres – Dubai South (Emaar), 158 units
• The Bristol Emaar Beachfront – Marsa Dubai (Emaar), 229 units
• Samana Barari Lagoons – Wadi Al Safa 3 (Samana), 607 units
• Beach Walk Grand By Imtiaz – Dubai Islands (Imtiaz), 112 units
• Imperial Residence 2 – Me'Aisem First (Tameer), 325 units
• Verano By Prescott – Al Hebiah Second (Prescott), 269 units
• Peninsula Dubai Residences - Tower 1 – Jumeirah Second (H&H), 75 units
• Whitecliffs Residences – Dubai Islands (Ag Properties), 73 units
• The Hub Residences By Zazen – Jabal Ali First (Zazen), 105 units
• La Tilia At Villanova Phase 2 – Wadi Al Safa 5 (Dubai Properties), 440 units
• The Autograph-S Series – Al Barsha South Fourth (Green Properties), 253 units
• Capital One – Al Barsha South Fourth (Prestige One), 126 units
• Dgm Vision – Al Satwa (Dgm Vision House), 95 units
• Treppan Tower – Al Barsha South Fifth (Fakhruddin), 264 units
• The Valley - Elva – Al Yufrah 1 (Emaar), 244 units
• Ember At Park Five – Me'Aisem First (Deyaar), 205 units
• Nad Al Sheba Gardens Phase 7 – Nad Al Sheba First (Meraas), 260 units
• The Chedi Private Residences – Al Thanyah First (Al Seeb), 118 units
• Pg Maison – Jabal Ali First (Pg Properties), 85 units
• Baygrove Residences C - Building 08 – Dubai Islands (Nakheel), 427 units
• Vega – Al Hebiah Fourth (Acube), 129 units
• Coral By Vision – Al Satwa (Vision Developments), 88 units
• Viera Residences – Me'Aisem First (Vantage), 144 units
• Luminar Tower 3 – Al Barsha South Fifth (Obs), 188 units
• La Tilia At Villanova Phase 1 – Wadi Al Safa 5 (Dubai Properties), 410 units
• Condor Golf Links 18 – Al Hebiah Fourth (Condor), 256 units
• Golf Dale - Townhouse – Dubai South (Emaar), 200 units
• Elm At Park Five - B – Me'Aisem First (Deyaar), 1,064 units
• Stamn One – Al Satwa (Stamn), 77 units
• The Valley - Farm Grove 2 – Al Yufrah 1 (Emaar), 290 units
• The Valley - Farm Grove – Al Yufrah 1 (Emaar), 482 units
• Oasis Loft – Nadd Hessa (Uniestate), 164 units
• Orise Tower 2 – Madinat Dubai Almelaheyah (Beyond), 534 units
• The Baltimore – Al Yelayiss 2 (Nshama), 167 units
• Allegro Residences – Dubai Islands (Mill Hill Riviera), 60 units

Delivered

• Alexis Tower – Jabal Ali Industrial Second (Reportage), 378 units
• The Pulse- Beachfront – Dubai South (Dubai South), 291 units
• Mayas Geneva – Al Barsha South Fourth (Sama Ezdan), 87 units
• Ellington Beach House – Palm Jumeirah (Ellington), 129 units
• Concept 7 Residences – Al Barsha South Fourth (Condor), 160 units
• Prime Residency 3 – Jabal Ali First (Prescott), 294 units
• Binghatti House – Al Barsha South Fourth (Binghatti), 294 units
• Azizi Amber – Jabal Ali First (Azizi), 116 units
• Binghatti Orchid – Al Barsha South Fourth (Binghatti), 314 units
• Arabain Ranches Lll - Bliss – Wadi Al Safa 5 (Emaar), 332 units
• Belgravia Heights Ii – Al Barsha South Fourth (Ellington), 146 units
• The Valley - Talia – Al Yufrah 1 (Emaar), 330 units
• Sobha Creek Vistas Grande – Al Merkadh (Sobha), 404 units
• The Autograph - South Place – Al Barsha South Fourth (Green Properties), 284 units
• Nadine Residences – Jabal Ali First (London Gate), 102 units
• Bali Residences – Al Barsha South Fifth (Bali Builders), 121 units
• Berkeley Place – Al Merkadh (Ellington), 127 units
• Jadeel 3 – Um Suqaim Third (Meraas), 278 units
• Binghatti Onyx – Al Barsha South Fourth (Binghatti), 508 units
• Ascot Residences – Al Yelayiss 2 (Nshama), 154 units
• The Diplomat Residences – Al Yelayiss 2 (Nshama), 154 units

Most expensive sales

Top apartment sales

1. AED 84,000,000 – Bluewaters Residences 9, Marsa Dubai
2. AED 37,250,000 – Marina Residences 4, Palm Jumeirah
3. AED 32,211,665 – Sobha Seahaven - Tower A, Marsa Dubai
4. AED 27,000,000 – Burj Binghatti Jacob & Co. Residences, Business Bay
5. AED 26,796,580 – Damac Bay Tower C, Marsa Dubai

Top villa sales

1. AED 200,366,036 – Al Hebiah Fifth
2. AED 115,000,000 – Emirates Living
3. AED 84,000,000 – Al Merkadh
4. AED 72,500,000 – Ghadeer Al Tair
5. AED 62,218,912 – Bukadra

Notes on methodology

Scope. Headline totals and the category table span every property category in the data, Plot and Building included. The primary/resale split, top-area rankings and the year-on-year series cover Apartment, Villa and Commercial only, so those figures are intentionally smaller than the headline and should not be summed across sections.

Rounding. Headline totals are the authoritative rounded numbers. Category-level breakdowns are rounded on their own and may not add up precisely to the headline.

Definitions. Price figures are medians rather than averages. Year-on-year sets the period against the same period a year before. All values in AED; areas in square feet.