Dubai’s residential market closed 2024 on a high, with sales transactions soaring 32% year-on-year to AED 367 billion, driven largely by off-plan properties which accounted for AED 223 billion (60.7%) of the total. Developers launched a record 157,000 units during the year amid strong investor demand.

According to JLL’s 2025 Market Outlook, the UAE led the Middle East and Africa construction market, securing 47% of total project awards in 2024—valued at $34 billion. Residential and mixed-use projects dominated with $28.3 billion and $4.6 billion, respectively.

Despite rising construction costs, JLL expects the UAE’s real estate momentum to continue into 2025, supported by infrastructure projects, the conversion of qualified non-freehold properties, and robust demand for alternative assets like logistics and data centers. Rents grew 15.7% in 2024, but signs point to a potential stabilization in the short term.