Dubai Real Estate Market Report — January, 2024

Dubai Real Estate Market Report – January 2024

Dubai's property market began 2024 with the strongest January it has ever seen. Across apartments, villas and commercial property, 11,361 transactions traded, a +21% rise on January 2023, and those deals were worth AED 30.05 billion, up +27%. Both figures set January records for the 11-year series.

Taking every property type into account, plots included, the month wrapped up with 11,685 transactions worth AED 36.16 billion at a median of AED 1,574/sqft. The true story, though, was the divergence beneath a rising tide: apartments surged, commercial firmed, and villas thinned in number even while their values rose.

Headline figures

Year-on-year performance by category

Apartments drove the expansion. The segment recorded 9,413 sales, a +30% leap that added 2,183 deals over the previous January and set the highest January volume in the 11-year series. Value grew +27% to AED 19.84 billion, and pricing reached a fresh peak of AED 1,723/sqft — up +5% year on year and +67% above the 2014 base, likewise a series high for the month. Notably, the median apartment ticket slipped -2% to AED 1,312,500, so the value gains flowed from per-square-foot pricing rather than larger individual deals.

Villas ran the opposite way on volume. Sales dropped -11% to 1,640 — the only category to fall, and 207 fewer than a year before. Even so, segment value still rose +26% to AED 9.59 billion, because buyers paid more per home: the median villa ticket surged +25% to AED 3,246,410 and price per square foot climbed +7% to AED 1,180/sqft, a January high for the series and +63% above 2014. Fewer deals, weighted toward the premium end, generated more money.

Commercial property, modest in count, was broadly solid. Its 308 transactions grew +5% — the highest January tally since 2015 — and value gained +27% to AED 608.06 million. It also posted the sharpest pricing shift of the three: the median jumped +29% to AED 1,313/sqft, a series high and +34% over 2014, while the median ticket rose +51% to AED 1,228,003.

Every category, including plots and buildings

Plots were a quiet heavyweight. Only 324 deals were logged, but with a median ticket of AED 5,775,000 they contributed AED 6.12 billion in value, carrying the apartment-villa-commercial base of AED 30.05 billion up toward the AED 36.16 billion all-property headline. At a median AED 500/sqft, land changed hands well below built product on a per-foot basis.

Primary versus resale

The primary market led on both measures. New-build sales made up 63% of volume and 64% of value — 7,158 deals worth AED 19.34 billion — against 4,203 resale transactions totalling AED 10.71 billion, or 37% of volume and 36% of value. Resale's value share sits one point below its volume share, so secondary trades tilted slightly toward lower-priced homes while developers took the larger part of both activity and spend.

Where the activity was

Business Bay was the month's standout, heading the value table at AED 2.42 billion and coming second by volume with 1,089 deals. Hadaeq Sheikh Mohammed Bin Rashid (AED 2.15 billion) and Palm Jumeirah (AED 2.10 billion) came next on value, ahead of Marsa Dubai (AED 1.75 billion) and Madinat Dubai Almelaheyah (AED 1.60 billion). Volume painted a slightly different picture: Al Barsha South Fourth led outright with 1,463 transactions, followed by Business Bay, Madinat Dubai Almelaheyah (778), Hadaeq Sheikh Mohammed Bin Rashid (611) and Marsa Dubai (484).

Rental market

The leasing market grew tighter still. New apartment contracts totalled 10,883 (+6.29%) at a median rent of AED 60,000, a steep +20% higher, while the larger pool of 14,287 renewals (+18.51%) held to a lower AED 49,613 — the familiar divide between what sitting tenants pay and what the open market now demands. Villa demand was hottest for new leases, with contracts up +25.49% to 1,467 and median rents of AED 155,159 (+10.83%), even as renewals were flat in number at 1,471. Commercial rents also moved up, with new leases reaching a median AED 97,976 (+18.04%) across 1,932 contracts.

Supply

Developers kept the pipeline running well ahead of completions. 17,577 units were launched across 61 projects, against 4,858 units delivered from 19 projects — a launch-to-delivery ratio of 3.6 and a net 12,719 more units launched than handed over. The imbalance points to a still-expanding forward supply book even as present demand runs at record levels.

Launched

• Aeon Tower 2 – Dubai Creek Harbour (Emaar), 262 units
• The Central Downtown-D – Al Barsha South 3 (Aqua Properties), 1,177 units
• Cinderella – Wadi Al Safa 3 (Tanmiyat), 664 units
• Royal Regency Suites - 2 – Business Bay (Al Seeb), 238 units
• Cello Residences - Tower B – Al Barsha South Fourth (Taraf Development), 392 units
• The Beachfront Villas By Ellington – Wadi Al Safa 3 (Ellington), 21 units
• Golf Vista Heights – Al Hebiah Fourth (London Gate), 209 units
• Cubix Residences – Al Barsha South Fourth (Qube Development), 72 units
• Habtoor Grand Residences – Marsa Dubai (Al Habtoor Group), 272 units
• Euphoric Residences – Downtown Dubai (East & West), 552 units
• Marwa Homes Iii – Al Barsha South Fourth (New World), 14 units
• Emirates Living - Springs 11 – Emirates Living (Emaar), 484 units
• Emirates Living - Springs 12 – Emirates Living (Emaar), 308 units
• Lumina Vista Residences – Al Barsha South Fourth (Arib), 74 units
• Sky Residences 3 – Dubai South (Dubai South), 437 units
• Iconic – Al Safouh Second (Mered), 319 units
• Emirates Living - Springs 8 – Emirates Living (Emaar), 304 units
• Emirates Living - Springs 4 – Emirates Living (Emaar), 320 units
• The Woodland Residences – Wadi Al Safa 3 (Amis), 30 units
• Armani Beach Residences At Palm Jumeirah – Palm Jumeirah (Arada), 57 units
• The Lakes Deema 4 – Al Thanyah Third (Emaar), 57 units
• Arbor View – Al Barsha South 3 (Ellington), 171 units
• The Lakes Ghadeer – Al Thanyah Third (Emaar), 138 units
• The Haven - Tower A – Wadi Al Safa 5 (Meraki Developers), 626 units
• The Lakes - Deema 1 – Al Thanyah Third (Emaar), 66 units
• Sobha Seahaven - Tower B – Marsa Dubai (Sobha), 247 units
• Emirates Living - Springs 3 – Emirates Living (Emaar), 450 units
• Emirates Living - Springs 10 – Emirates Living (Emaar), 322 units
• Emirates Living - Springs 7 – Emirates Living (Emaar), 267 units
• Sportz By Danube - 2 – Al Hebiah Fourth (Danube), 1,110 units
• One River Point – Business Bay (Ellington), 298 units
• Haven By Aldar 3 – Wadi Al Safa 5 (Aldar), 292 units
• Emirates Living - Springs 15 – Emirates Living (Emaar), 478 units
• Myka Suites – Me'Aisem First (Myka Luxe), 150 units
• Manhattan 1 By Sd – Al Barsha South Fourth (Samana), 193 units
• Serene Gardens 2 By Prescott – Jabal Ali First (Prescott), 285 units
• Emirates Living - Springs 1 – Emirates Living (Emaar), 242 units
• Confident Lancaster – Wadi Al Safa 2 (Vision Developments), 81 units
• The Lakes Deema 3 – Al Thanyah Third (Emaar), 55 units
• Celia Heights – Wadi Al Safa 3 (Abou Eid), 203 units
• Trussardi Residences – Jabal Ali First (Mira), 141 units
• Marwa Homes Iv – Al Barsha South Fourth (New World), 12 units
• Emirates Living - Springs 14 – Emirates Living (Emaar), 408 units
• Cavendish Square – Al Barsha South Fifth (Leos), 141 units
• Ashton Park – Al Barsha South Fourth (Mirfa Ibc Developers), 99 units
• Vista Heights – Al Thanyah Fifth (Emirates Mezna), 401 units
• Emirates Living - Springs 6 – Emirates Living (Emaar), 198 units
• Haven By Aldar 2 – Wadi Al Safa 5 (Aldar), 474 units
• Oceanz 3 By Danube – Madinat Dubai Almelaheyah (Danube), 393 units
• Emirates Living - Springs 5 – Emirates Living (Emaar), 272 units
• Aveline Residencies By Citi Developer – Al Barsha South Fourth (Citi Developers), 265 units
• 330 Riverside Crescent – Bukadra (Sobha), 770 units
• Zulal 3 – Al Thanyah Third (Emaar), 612 units
• Deansgate By Ade – Wadi Al Safa 3 (Ade Properties), 87 units
• H Three By Aurora – Al Barsha South Fourth (Aurora), 147 units
• Ellington House Iv – Hadaeq Sheikh Mohammed Bin Rashid (Ellington), 110 units
• Rosalia Residences – Jabal Ali First (Deyaar), 118 units
• Emirates Living - Springs 2 – Emirates Living (Emaar), 483 units
• South Bay 4 Premium – Dubai South (Dubai South), 138 units
• Emirates Living - Springs 9 – Emirates Living (Emaar), 318 units
• The Lakes Deema 2 – Al Thanyah Third (Emaar), 53 units

Delivered

• Azizi Riviera 46 – Al Merkadh (Azizi), 422 units
• Azizi Park Avenue – Nad Al Sheba First (Azizi), 125 units
• Al Waleed Garden 2 – Al Jaddaf (Al Waleed), 173 units
• Laya Heights – Al Hebiah Second (Akshara Global), 398 units
• Mohammed Bin Rashid Al Maktoum City , District One Phase Iii , Residences 11 – Al Merkadh (Meydan), 240 units
• Azizi Riviera 36 – Al Merkadh (Azizi), 214 units
• Azizi Riviera 42 – Al Merkadh (Azizi), 185 units
• Azizi Riviera 38 – Al Merkadh (Azizi), 162 units
• Golfville Block B – Hadaeq Sheikh Mohammed Bin Rashid (Emaar), 313 units
• Dorchester Collection Dubai – Business Bay (Omniyat), 50 units
• Binghatti Heights – Al Barsha South Fourth (Binghatti), 366 units
• Me Do Re – Al Thanyah Fifth (Me Do Re), 394 units
• Azizi Riviera 43 – Al Merkadh (Azizi), 293 units
• Azizi Riviera 45 – Al Merkadh (Azizi), 190 units
• Azizi Riviera 44 – Al Merkadh (Azizi), 279 units
• Gardenia Livings – Al Barsha South 3 (Safe Builder And Developers), 156 units
• Cf 2 – Al Wasl (Meydan), 456 units
• Azizi Riviera 47 – Al Merkadh (Azizi), 194 units
• Azizi Riviera 41 – Al Merkadh (Azizi), 248 units

Most expensive sales

Top apartment sales

1. AED 55,000,000 – Jumeirah Living Marsa Al Arab, Um Suqaim Third
2. AED 36,158,000 – Damac Bay 2 Tower A, Marsa Dubai
3. AED 32,000,000 – Bulgari Residences 2, Jumeirah Bay Islands
4. AED 31,000,000 – Balqis Residence - Beach Villas, Palm Jumeirah
5. AED 29,948,000 – Damac Bay Tower A, Marsa Dubai

Top villa sales

1. AED 146,000,000 – Al Merkadh
2. AED 128,450,000 – Palm Jumeirah
3. AED 79,000,000 – World Islands
4. AED 59,210,000 – Ghadeer Al Tair
5. AED 58,000,000 – Emirates Living

Notes on methodology

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

Rounding. The headline totals are the authoritative rounded figures. 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 matching period a year earlier. All values are in AED; areas are in square feet.