Dubai’s residential real estate market has hit a historic milestone surpassing Dh50 billion in sales, driven largely by the booming off-plan sector which saw a 117% year-on-year increase. Total sales transactions reached 19,605, an 80% rise compared to the previous year.

Despite rising property values with average prices up by 1.7%, Dubai remains a top destination for investors offering a high rental yield of 6.9%. This growth highlights Dubai’s appeal amid global challenges.

Engel & Völkers' report also spotlighted the city's most exclusive areas that offer luxury, innovation and world-class living.

• Palm Jumeirah

• Dubai Marina

• Downtown Dubai

• Dubai Hills Estate

• Emirates Living

In commercial real estate, sales reached a record Dh10.9 billion with office prices increasing by 37%. The outlook for Dubai’s real estate market remains strong for the rest of 2024 and into 2025.