Dubai’s residential property sector recorded remarkable growth in 2024, with capital gains averaging 27.5% year-on-year, surpassing forecasts. The ValuStrat Price Index (VPI) rose 1.7% in December, reaching 200.7 points—a 100% increase from pandemic levels. Villas outperformed apartments, achieving a 31.6% annual gain, while apartments grew by 23.6%.
Top villa performers included Jumeirah Islands (42.5%) and Palm Jumeirah (42.3%), while apartments in The Greens (31%) and Palm Jumeirah (28.3%) led gains. In contrast, areas like Mudon (13.5%) and International City (16.9%) recorded the lowest growth. Off-plan sales dominated, making up 71.1% of December transactions, with registrations soaring 513.8% annually. Key off-plan locations included Jumeirah Village Circle and Business Bay. Ready home sales saw a slight dip, with Jumeirah Village Circle and Dubai Marina leading the secondary market.
Source: Freepik
Prime property sales were robust, with 29 transactions exceeding AED30 million in areas like Palm Jumeirah and Emirates Hills. Developers Emaar (12.8%) and Damac (8.1%) topped sales charts, while Business Bay and Dubailand Residence Complex set new records for off-plan transactions. Dubai recorded over 168,000 residential transactions in 2024, with 114,480 under-construction units sold, reflecting a 68% share of total deals. The year also witnessed an all-time high of 142,000 units launched, underlining the city’s growing demand and robust real estate market.