Dubai Real Estate Market Report — September, 2024

Dubai Real Estate Market Report – September 2024

September 2024 was the most active and highest-value September in Dubai's 11-year record, registering 18,081 transactions worth AED 44.76 billion at a median of AED 1,540/sqft across every property type. Focusing on the apartment, villa and commercial segments, volume came to 17,820 deals — a 34% rise on September 2023 — while value grew 26% to AED 40.18 billion.

Apartments shouldered most of the load, yet villas kept up the tempo, and even commercial, the one soft spot, drove its pricing to a series high. The month reads as broad, price-led strength rather than a narrow burst.

Headline figures

Year-on-year performance by category

Apartments powered the expansion. The segment logged 14,203 sales, a 36% year-on-year increase and the highest September volume in the 11-year series — 3,745 more deals than a year before. Value reached AED 24.67 billion (up 25%), the median firmed 5% to AED 1,618/sqft — a September record and 35% above the 2014 base — and the median ticket climbed 5% to AED 1,285,888. This was growth resting on both more deals and firmer pricing, neither at the other's expense.

Villas stayed in lockstep. Sales rose 34% to 3,265 — once more a September high for the series and 826 ahead of last year — with value up 27% to AED 14.76 billion. Pricing is where villas set themselves apart: the median hit AED 1,432/sqft, up 19% year on year and a striking 125% above 2014, the sharpest long-run appreciation of any category here. The median ticket slipped 3% to AED 2,968,392, suggesting the added volume tilted toward relatively smaller or lower-priced units even as per-square-foot values surged.

Commercial was the sole category to decline by volume, its 352 deals down 8% year on year — only 31 fewer than last September, so the pullback was slight in absolute terms. Every other measure pointed upward: value rose 15% to AED 751.33 million, the median price jumped 26% to AED 1,386/sqft (a September record and 33% above 2014), and the median ticket surged 36% to AED 1,495,727. Fewer but decidedly larger and pricier deals defined the commercial month.

Every category, including plots and buildings

Land stayed a high-ticket, low-frequency niche: a mere 261 plot sales produced AED 4.59 billion in value, holding the lowest median price per square foot on the board at AED 520/sqft yet comfortably the largest median ticket at AED 5,500,000 — a reminder that plot value hinges on land area rather than headline rates.

Primary versus resale

Off-plan and other primary sales carried on dominating, making up 72% of volume and 70% of value — 12,885 deals worth AED 28.03 billion. Resale supplied the other 28% of transactions but a slightly larger 30% of value (4,935 deals, AED 12.15 billion), the two-point gap showing secondary-market trades fetched a marginally higher average price than the primary pipeline.

Where the activity was

Hadaeq Sheikh Mohammed Bin Rashid topped the value table at AED 2.56 billion, ahead of Wadi Al Safa 5 (AED 2.27 billion), Marsa Dubai (AED 2.05 billion), Dubai South (AED 1.86 billion) and Dubai Investment Park Second (AED 1.85 billion). By deal count the map leaned toward the affordable growth corridors: Al Barsha South Fourth headed the table with 1,683 sales, followed by Madinat Hind 4 (1,155) and Dubai South (1,092), while Hadaeq Sheikh Mohammed Bin Rashid (902) and Wadi Al Safa 5 (874) featured on both lists.

Rental market

Leasing ran hot alongside sales. New apartment contracts rose 15.84% to 13,426, with the median new rent up 16.67% to AED 70,000 and rents per square foot up 21.79% to AED 95/sqft; renewals (14,139, up 11.15%) rose more gently, keeping the median at AED 56,500. Villa and commercial tenants met the steepest per-square-foot rises on renewal — villa renewal rates up 23.26% to AED 53/sqft and commercial up 23.53% to AED 84/sqft — even as villa renewal contracts (1,713, down 2.56%) and commercial renewals (1,929, down 5.90%) fell in number.

Supply

Developers kept the pipeline fed: 17,126 units were launched across 56 projects against 2,570 completions from 10 projects — a launch-to-delivery ratio of 6.7 and a net addition of 14,556 more units launched than delivered. The supply response continues to outrun handovers by a wide margin.

Launched

• One By Nine – Nad Al Sheba First (Nine Developments), 47 units
• Building 6 - Teal – Wadi Al Safa 5 (Aldar), 988 units
• Binghatti Ivory – Al Jaddaf (Binghatti), 332 units
• Haven Bay Residences – Dubai Islands (Metac), 64 units
• South Garden C – Jabal Ali First (Jag Development), 258 units
• Vanguard By Frank Muller – Marsa Dubai (London Gate), 771 units
• Ashton Park Residences - The Second – Al Barsha South Fourth (Ashton), 194 units
• Pier Point 2 – Madinat Dubai Almelaheyah (Emaar), 121 units
• Legado By Prescott – Al Barsha South Fourth (Prescott), 343 units
• Lazord By Lapis – Wadi Al Safa 3 (Lapis), 313 units
• Dawn By Binghatti – Al Barsha South Fourth (Binghatti), 97 units
• Ocean Views - Building B – Madinat Dubai Almelaheyah (Emaar), 78 units
• City View Dubai Hills Residences – Hadaeq Sheikh Mohammed Bin Rashid (City View), 246 units
• Damac Lagoons - Valencia Tower D – Al Hebiah Fifth (Damac), 1,558 units
• Hillcrest – Al Yelayiss 2 (Nshama), 171 units
• The Oasis - Lavita – Me'Aisem Second (Emaar), 49 units
• Amaal 8 – Ras Al Khor (Amaal Emirates), 552 units
• Mass Residence – Al Barsha South Fourth (Jaiedco), 69 units
• Luminar Tower 1 – Al Barsha South Fifth (Object One), 200 units
• Building 1 - Moss – Wadi Al Safa 5 (Aldar), 59 units
• Azizi Venice 11 – Dubai South (Azizi), 1,126 units
• Cove Edition Residence 1 By Imtiaz – Wadi Al Safa 5 (Imtiaz), 182 units
• Gharbi I Residences – Al Barsha South 3 (Rabdan), 170 units
• Anwa Aria By Omniyat – Madinat Dubai Almelaheyah (Omniyat), 192 units
• South Garden A – Jabal Ali First (Jag Development), 260 units
• Pier Point 1 – Madinat Dubai Almelaheyah (Emaar), 122 units
• Weybridge Gardens 3 – Wadi Al Safa 5 (Leos), 208 units
• Vida Residences Club Point-Building C – Hadaeq Sheikh Mohammed Bin Rashid (Emaar), 672 units
• Mayfair Gardens By Majid – Al Satwa (Al Majid Property), 64 units
• Azizi Neila – Jabal Ali First (Azizi), 274 units
• Vincitore Aqua Flora – Al Barsha South 2 (Vincitore), 546 units
• Greenridge – Dubai South (Emaar), 520 units
• Burj Azizi – Trade Center First (Azizi), 1,080 units
• South Garden B – Jabal Ali First (Jag Development), 258 units
• The Waterway By Prestige One – Bukadra (Prestige One), 115 units
• One.B Tower – Business Bay (Wasl), 262 units
• A 99 – Wadi Al Safa 5 (Arabian Gulf), 90 units
• Oasiz 1 By Danube – Nadd Hessa (Danube), 410 units
• La Boutique – Al Jaddaf (Continental Investments), 119 units
• Taormina Village 1 – Wadi Al Safa 3 (Reportage), 530 units
• Enara By Omniyat – Business Bay (Omniyat), 50 units
• The Acres 3 & Estates – Wadi Al Safa 7 (Meraas), 291 units
• Trillium Heights – Al Satwa (Grenorbit), 56 units
• Golf Hillside – Hadaeq Sheikh Mohammed Bin Rashid (Emaar), 185 units
• Signature Lifestyle Residences – Al Thanyah Fifth (Signature Developers), 187 units
• Samana Ibiza – Wadi Al Safa 5 (Samana), 467 units
• Solcasa Residence – Nad Al Sheba First (Matrix), 58 units
• Mak I'Sola Bella – Al Barsha South Fourth (Al Hadaf), 207 units
• Beach Walk Residences 3 By Imtiaz – Dubai Islands (Imtiaz), 82 units
• Minati Homes 1 – Jabal Ali First (Januss), 82 units
• Havelock Residences – Jabal Ali First (Aa And Hmb Real Estate Development), 230 units
• Porto View – Madinat Dubai Almelaheyah (Emaar), 115 units
• 171 Garden Heights – Al Satwa (Jad Global), 159 units
• Binghatti Ghost – Al Jaddaf (Binghatti), 785 units
• Saria By Beyond – Madinat Dubai Almelaheyah (Beyond), 372 units
• Valores Residences – Jabal Ali First (Ocean Pearl), 90 units

Delivered

• La Sirene - Building 6 – Jumeirah First (Meraas), 142 units
• Shams Townhouses – Al Yelayiss 2 (Nshama), 212 units
• Murooj Alfurjan West – Jabal Ali First (Nakheel), 521 units
• La Sirene - Building 4 – Jumeirah First (Meraas), 144 units
• Greenview 2 – Dubai South (Emaar), 292 units
• Samana Park Views – Al Barsha South 3 (Samana), 178 units
• Bulgari Ocean Mansions – Jumeirah Bay Islands (Meraas), 7 units
• Equiti Arcade – Jabal Ali First (Bnh), 83 units
• The Community – Al Barsha South Fifth (Tecom Investments), 391 units
• The One At Jumeirah Village Triangle – Al Barsha South Fifth (The First Group), 600 units

Most expensive sales

Top apartment sales

1. AED 58,000,000 – Luxury Family Residences 3, Business Bay
2. AED 48,365,000 – Bluewaters Bay - Building 1, Marsa Dubai
3. AED 45,000,000 – Bulgari Residences 2, Jumeirah Bay Islands
4. AED 34,293,804 – Baccarat Residence T1, Downtown Dubai
5. AED 32,600,000 – Burj Binghatti Jacob & Co. Residences, Business Bay

Top villa sales

1. AED 203,000,000 – Palm Jumeirah
2. AED 68,000,000 – World Islands
3. AED 59,000,000 – Ghadeer Al Tair
4. AED 45,000,000 – Emirates Living
5. AED 43,894,000 – 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 added across sections.

Rounding. Headline totals are the authoritative rounded figures. Category-level breakdowns are rounded on their own and may not add up exactly 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 are in AED; areas are in square feet.