The real estate sector is prominent in the middle of Dubai’s ongoing economic expansion. In 2024, real estate prices for residential properties recorded an annual increase of 11.62%, reflecting strong demand for villas and apartments.
According to the fourth and 2024 Real Estate Index Report, published by Dubai Data & Statistical Facilities in collaboration with Dubai’s Land Sector, this growth was driven by a variety of factors, including a stable economic environment and a growing interest in local and international investors in Dubai’s real estate market.
In the fourth quarter of 2024, real estate prices rose 1.99% in advance compared to the previous quarter. This is due to a balanced market growth with constant demand. Home prices in Dubai rose 8% compared to the previous year, while villa prices rose 21%.
Commercial Property Prices Jump 13.19% in 2024
In 2024, real estate prices rose 13.19% per year. This is due to increased demand for offices and retail spaces that Dubai is in the middle of the prosperity of the business environment. Further development projects further improved the market’s competitiveness.
The report showed that retail and office prices rose 24% and hotel apartment and room prices rose 4% in the trading segment.
In the fourth quarter of 2024, commercial property prices rose 7.45% compared to the first quarter. This is due to continued growth in investment and increased demand for high quality business facilities.
“Dubai is undergoing a strategic transformation in the real estate sector, and these indicators reflect the success of our policies aimed at balancing sustainable growth with attracting global investments. We are working on developing a fully integrated real estate ecosystem that supports the emirate’s vision of being a global hub for investment and living,” stated His Excellency Eng. Marwan Ahmed bin Ghalita, director general of Dubai Land Department.
Key Drivers Behind Dubai’s Real Estate Growth
According to the report, Dubai real estate sector is based on continuous growth development. This is especially due to several key factors regarding robust economic recovery, deep trust in investors, and legislative reforms that have strengthened the optimized property of real estate.
Furthermore, the increased regional and international demand for housing and businesses associated with the state-run initiative to support sustainable development further strengthened Dubai’s position as a global real estate investment center.
“The growing confidence in the sector and this remarkable growth are the result of the wise initiatives adopted by the Government of Dubai. At the Dubai Land Department, we will continue to support investors and market stakeholders by providing accurate and reliable data to help them make well-informed investment decisions, further strengthening Dubai’s position as a leading global real estate hub,” added bin Ghalita.
This report is part of the strategic cooperation between the Digital Dubai Authority and the Dubai Land Sector, aiming to design future strategies based on well-researched findings to support decision makers and investors.
