Dubai’s residential real estate market delivered a standout performance in 2024, setting new benchmarks in transaction volumes and investor confidence. The latest data from Savills Middle East reveals a 47% year-on-year surge in residential property transactions, underlining the city’s growing appeal as a magnet for high-net-worth individuals and international investors seeking stability, luxury, and returns.
Off-plan sales were a major driver of this surge, accounting for 68% of all transactions—up from 55% in 2023. Developers responded to the surging demand by launching more than 50,000 new units, a 25% increase year-on-year. Flagship projects such as City Walk Northline by Meraas, Ocean Cove by Emaar, and Ghaf Woods by Majid Al Futtaim were among the standout launches, with many developments selling out within weeks thanks to flexible payment terms and prime locations.
Zone 6, encompassing popular areas such as Jumeirah Village Circle, Dubai Hills Estate, and Al Barari, emerged as the epicenter of transaction activity—contributing to over half (51%) of all residential sales. Established areas like Dubai Marina, Business Bay, and Jumeirah Lakes Towers also maintained strong demand, reaffirming Dubai’s diverse market appeal.
Apartments remained the dominant asset class, comprising 82% of total transactions. Off-plan apartments represented 68% of this segment, up from 58% the previous year. Meanwhile, villas accounted for 18% of total residential sales, with a notable shift toward under-construction properties—rising to 68% of villa transactions in 2024 compared to just 45% in 2023. Key hotspots for villa buyers included Damac Hills 2, The Valley, and Dubai South.
Luxury housing continued its upward trajectory. Transactions of properties priced above AED 10 million rose by 23%, totaling more than 4,600 units. Luxury villas led the charge with a 33% increase, outperforming luxury apartments, which saw a 5% uptick. Prestigious enclaves such as Palm Jumeirah, La Mer, and Jumeirah Bay Island remained the most sought-after by ultra-wealthy buyers, commanding the highest price per square foot in the market.
The rental market also reflected Dubai’s buoyant momentum. Apartment rents climbed by 16%, while villa and townhouse rents rose by 13%. Emerging areas like Al Furjan recorded rent increases of up to 26%, pointing to a broader decentralization and growing interest in up-and-coming residential zones.
“Dubai’s residential market continues to grow from strength to strength, driven by a steady stream of international investors, end-users, and a strong pipeline of high-quality projects. The emirate has cemented its reputation as a global hub for luxury living and investment opportunities,” said Andrew Cummings, Head of Residential Agency at Savills Middle East.
Commenting on the broader market dynamics, Amanda Collison, spokesperson for Property Market-index, added:
“The depth of investor confidence in Dubai right now is unlike anything we’ve seen in recent cycles. What’s especially compelling is the sustained interest across both premium and mid-market segments. Dubai is no longer just a luxury haven—it’s evolving into a truly balanced global real estate ecosystem, offering something for every profile of investor and resident.”
Looking ahead to 2025, the outlook remains positive. The combination of robust demand, a resilient economy, and a healthy pipeline of off-plan and luxury developments positions Dubai for continued residential real estate success. Investors and end-users alike will find ample opportunity to benefit from the emirate’s dynamic and maturing property landscape.