Dubai’s residential real estate market surged in 2024, with property values rising 19.1% over the past year to AED 1,685 ($459) per square foot, according to Knight Frank’s Q4 2024 report. Villa prices climbed 20.2%, reaching AED 2,009 ($547) per square foot, standing 38.1% above the 2014 peak.

Demand Outpaces Supply Dubai's real estate boom is driven by high demand for villas, beachfront homes, and branded residences, particularly among international buyers seeking green spaces and waterfront locations. The market has seen a 30% drop in available homes, with luxury villa listings declining 52%.

New Developments & Supply Challenges With 302,880 homes under construction by 2029—80% apartments, 18% villas, and 2% branded residences—Dubai aims to meet rising demand. However, only half of the 60,000 homes promised in 2024 were delivered, signaling supply chain challenges.

Luxury Market Breaks Records The number of $10M+ homes for sale dropped 40%, while $25M+ listings fell 85%, further driving up prices. Prime areas like Palm Jumeirah, Jumeirah Bay Island, and Emirates Hills saw prices rise 16.9% YoY to AED 6,627 ($1,805) per square foot.

Dubai’s luxury real estate remains a global hotspot, with 435 $10M+ home sales in 2024, including a record 153 transactions in Q4 alone. With demand soaring and supply tightening, Dubai's property market shows no signs of slowing down.