Dubai’s property market ended 2024 on a high, with residential prices rising nearly 18% year-on-year, driven by strong off-plan sales and high demand, according to CBRE Middle East.
Residential Market: Apartment prices increased by 18%, and villa prices by 20%, reaching AED 1,647 ($448.5) and AED 2,024 ($551) per sq. ft. respectively. Off-plan sales surged, with Q4 transactions hitting AED 119 billion ($32.4 billion)—a 30% annual increase. Full-year transactions totaled AED 434 billion ($118.2 billion), up 33% from 2023.
Commercial Market: Office occupancy rates climbed to 94%, and average leasing rates surged 20%. Demand for prime office spaces outstripped supply, pushing rental prices higher.
Retail & Hospitality: Dubai saw 9% more international visitors, supporting steady retail growth. Prime retail spaces remain in short supply, though tenants resist sharp rent hikes.
Industrial & Logistics: The sector saw 16% rent growth in Q4, with high occupancy levels amid a landlord-favored market. The new supply is limited until at least H2 2025.
CBRE notes that the UAE government has introduced new regulations to improve transparency, expand the market, and stabilize off-plan sales. Dubai’s real estate momentum will continue into 2025, with strong foreign investor interest and sustained demand across all property sectors.
1 - 2 Beds
1 - 2 Beds
