Dubai Real Estate Market Report — June, 2024

Dubai Real Estate Market Report – June 2024

Dubai's property market ended June 2024 at a new high, logging 14,206 transactions worth AED 45.57 billion at a median of AED 1,455/sqft — the strongest June on record for both deal count and value in the 11-year series. Restricting the view to apartments, villas and commercial property, the 13,851 deals recorded were up +35% on June 2023, and the AED 38.51 billion they generated rose +47%.

Momentum reached every segment, but its character varied sharply. Apartments provided the sheer bulk of activity that lifted the headline to its record, while the villa market pushed its own ceiling higher on both volume and price.

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Headline figures

Year-on-year performance by category

Apartments powered the expansion. The category booked 10,504 transactions, up +26% year on year and roughly 2,185 above the prior June — the highest June volume in the 11-year series. Value, however, advanced only +9% to AED 19.31 billion, and that gap is revealing: the median price was broadly flat, slipping -1% to AED 1,558/sqft (still +27% over the 2014 base), while the median ticket fell -7% to AED 1,207,000. Put differently, buyers arrived in far greater numbers but leaned toward smaller, more affordable units, so activity ran ahead of value.

Villas were the standout, and here the growth was truly broad-based rather than a trick of mix. Transactions leapt +83% to 3,052 — 1,388 more than a year before and, as with apartments, the highest June volume in the series — while value more than doubled, climbing +129% to AED 18.41 billion. Critically, prices rose in step with volume: the median reached AED 1,302/sqft, up +19% and the highest June price per square foot in the series, with the median ticket rising +39% to AED 4,000,000. More deals and pricier deals combined to produce the outsized value gain.

Commercial stayed a small but firming corner of the market. Its 295 transactions gained +13% (only 33 more than the prior June), yet value surged +72% to AED 791.57 million on stronger pricing: the median reached AED 1,342/sqft, up +15% and itself the highest June price per square foot in the series, with the median ticket up +22% to AED 1,374,948.

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Every category, including plots and buildings

Land again moved outside the three core categories: 355 plot transactions traded for AED 7.06 billion in June, at a median AED 432/sqft and a median ticket of AED 5,700,000. Plots bridge the gap between the AED 38.51 billion apartment-villa-commercial total and the AED 45.57 billion headline, and their heavy per-deal values show just how much developer land acquisition is feeding the pipeline.

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Primary versus resale

Off-plan kept its grip. Primary sales accounted for 66% of volume and 69% of value — 9,121 deals worth AED 26.67 billion. The resale market took the remaining 4,730 transactions and AED 11.84 billion; its 34% volume share converted into a slightly smaller 31% of value, a hint that secondary deals ran a shade cheaper per transaction than new launches.

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Where the activity was

Activity concentrated in the fast-growing southern and central districts. By value, Wadi Al Safa 7 led with AED 4.23 billion, ahead of Business Bay (AED 3.04 billion) and Wadi Al Safa 5 (AED 2.41 billion), with Marsa Dubai (AED 2.04 billion) and Me'Aisem Second (AED 1.84 billion) completing the top five. The transaction-count order differs: Business Bay was busiest with 1,176 deals, followed by Al Barsha South Fourth (1,055) and Al Merkadh (932) — a reminder that the highest-value areas and the highest-volume ones do not always coincide.

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Rental market

The leasing market remained firmly landlord-friendly. New apartment contracts came to 9,174 (+7.37%) at a median AED 66,000, up +20% year on year, while the larger pool of 11,380 renewals settled at a median AED 54,285 (+8.57%) — the familiar gap that pushes tenants to renew rather than re-enter the market. New villa leases climbed to 1,454 contracts (+22.70%) at a median AED 165,000, and although villa renewals fell to 1,596 (-7.32%), their median rent still rose +11.90% to AED 148,454. Commercial mirrored the pattern, with renewal medians up +21.01% to AED 102,861 even as contract counts eased.

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Supply

Developers kept the pipeline running well ahead of completions. June brought 11,268 units launched across 34 projects against just 2,540 units delivered from 6 projects — a launch-to-delivery ratio of about 4.4 and a net addition of 8,728 more units launched than handed over. The imbalance signals sustained future supply, but also a delivery pace that keeps trailing new selling.

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Launched

• Greenway 2 – Dubai South (Emaar), 492 units
• Vitalia By Pinnacle – Palm Jumeirah (Pinnacle Aks), 45 units
• The Valley - Velora – Al Yufrah 1 (Emaar), 488 units
• One Park Central By Iman – Al Barsha South Fourth (Iman Developers), 526 units
• Beverly Gardens By Aa And Hmb Real Estate Development – Jabal Ali First (Aa And Hmb Real Estate Development), 220 units
• Vue By Crystal Bay – Al Barsha South Fourth (Crystal Group), 176 units
• Cilia Tower 9 – Wadi Al Safa 4 (Majid Al Futtaim), 546 units
• Floarea Vista – Jabal Ali First (Mashriq Elite), 158 units
• Damac Hills - Autograph Collection – Al Hebiah Third (Damac), 49 units
• Azizi Jewel – Jabal Ali First (Azizi), 281 units
• The Grandala – Al Satwa (Palladium Prime Real Estate Development Llc), 86 units
• Park Boulevard By Meteora – Al Barsha South Fourth (Meteora), 143 units
• Me Do Re 2 – Al Thanyah Fifth (Me Do Re), 407 units
• Nineteen Riviera Lagoon – Wadi Al Safa 3 (Riviera Developments), 19 units
• Palace Residences Creek Blue Tower 2 – Dubai Creek Harbour (Emaar), 1,024 units
• Art Bay East – Al Jaddaf (Ellington), 103 units
• Cresswell Residences – Dubai South (Esnaad), 72 units
• Binghatti Apex – Al Barsha South Fourth (Binghatti), 552 units
• 350 Riverside Crescent – Bukadra (Sobha), 750 units
• Laya Courtyard-B – Al Hebiah Second (Laya Developers), 289 units
• Sindbad – Wadi Al Safa 3 (Tanmiyat), 329 units
• Azha Downtown Residences – Downtown Dubai (Azha), 73 units
• The Valley - Venera – Al Yufrah 1 (Emaar), 696 units
• Edgewater Residences 2 – Dubai Islands (Mgs Development), 97 units
• Mercer House - South Tower – Al Thanyah Fifth (Ellington), 610 units
• Casa Vista Residence By Golden Woods – Al Barsha South Fourth (Golden Wood), 90 units
• Muraba Veil – Al Wasl (Muraba), 135 units
• Parkwood Residences – Al Barsha South Fourth (Arabian Gulf), 174 units
• Art Bay West – Al Jaddaf (Ellington), 173 units
• Avelon Boulevard – Al Barsha South 3 (Avelon), 136 units
• Peace Lagoons By Peace Homes – Wadi Al Safa 5 (Peace Homes), 1,000 units
• Iluka Residences – Dubai Islands (Ms Homes Developers), 57 units
• Samana Ivy Gardens 2 – Wadi Al Safa 5 (Samana), 836 units
• Jade Tower – Wadi Al Safa 3 (Tiger), 436 units

Delivered

• Azizi Pearl – Jabal Ali First (Azizi), 223 units
• Rukan - Building C – Wadi Al Safa 7 (Continental Investments), 621 units
• Cf 6 – Al Wasl (Meydan), 419 units
• Damac Hills (2) - Amargo 2 – Madinat Hind 4 (Damac), 105 units
• Urban Oasis – Business Bay (Dar Global), 483 units
• Grand Bleu Tower Interiors By Elie Saab Tower 2 – Marsa Dubai (Emaar), 689 units

Most expensive sales

Top apartment sales

1. AED 110,000,000 – Serenia Living - Tower 3, Palm Jumeirah
2. AED 34,000,000 – Bulgari Residences 1, Jumeirah Bay Islands
3. AED 32,336,441 – Baccarat Residence T1, Downtown Dubai
4. AED 28,313,576 – Serenia Residences Building B, Palm Jumeirah
5. AED 25,014,612 – The St. Regis Residences - Tower 1, Downtown Dubai

Top villa sales

1. AED 72,140,000 – Al Hebiah Fourth
2. AED 58,500,000 – Emirates Living
3. AED 56,000,000 – Palm Jumeirah
4. AED 46,000,000 – Hadaeq Sheikh Mohammed Bin Rashid
5. AED 44,413,000 – Dubai Islands

Notes on methodology

Scope. Headline totals and the category table span every property category recorded in the data, Plot and Building included. The primary/resale split, top-area rankings and the year-on-year series cover only Apartment, Villa and Commercial, so those figures are intentionally smaller 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 same period a year earlier. All values are in AED and areas in square feet.