Dubai real estate market in Q1 2024


Dubai Real Estate – Q1 2024 Report Highlights

According to the quarterly Property Finder report, Dubai’s residential and commercial real estate market continued its growth trajectory in Q1 2024.

Key Highlights:

  • Increased Demand: There is a rising demand for both purchases and rentals in the residential and commercial real estate sectors.
  • Sales Transactions: The number of sales transactions grew by 17% year-on-year, with 36,000+ deals recorded in Q1 2024 compared to 31,000 in the same period last year.
  • Transaction Value: The total value of transactions increased by 30%, reaching nearly AED 115.6B (USD 31.476B).
  • Ready Real Estate: Significant growth was observed in the ready real estate sector, with 19,600 deals registered, a 30% increase from last year. The value of these transactions rose by 46%, amounting to AED 78.2B (USD 21.29B) compared to AED 52B (USD 14.16B) in Q1 2023.
  • Off-Plan Deals: Off-plan deal volume increased by 4% year-on-year, with a total of 16,600 deals. The value of these deals grew by 5%, reaching AED 37.4B (USD 10.18B).

Over the past decade, the volume and value of real estate transactions in Dubai have nearly tripled. Unlike the volatility seen in Q1 2023, Q1 2024 experienced steady growth in demand without sudden surges or drops.

Supporting Factors:

  • Population influx
  • Tourism development
  • Economic growth
  • Government initiatives
  • Enhanced transportation infrastructure, including new metro lines, roads, and interchanges

Dubai’s real estate market continues to thrive, driven by these supportive trends and ongoing infrastructural developments.


By April 2024, the average transaction value for all types of real estate in Dubai saw a significant increase. The most substantial growth was recorded in the prices for villas and land plots, driven by the influx of families with children and the demand for luxury properties from high net-worth individuals (HNWIs) globally. In the first quarter, 105 residences sold for over AED 36.5M (USD 10M) each, with the total value of such transactions reaching AED 6.35B (USD 1.73B), a 6% increase compared to Q1 2023.

To cater to the growing demand for high-end properties, developers launched several luxury projects in Q1 2024, including:

  • Armani Beach Residences by Arada
  • Mercedes-Benz Places by Binghatti Properties
  • Altitude by DAMAC Properties and de GRISOGONO

The overall volume of real estate transactions increased in both quantity and value compared to the same period in 2023, while the demand for off-plan and completed properties remained stable. Residential real estate purchases made up nearly 90% of total transactions, with the highest demand for apartments, which saw a 25% increase relative to Q1 2023. In contrast, demand for villas decreased by 9.4%. Commercial deals accounted for just 2% of total transactions due to limited supply.


Dubai, as a business and tourist hub, continues to attract businessmen, expats, and residents relocating within the UAE. The emirate is ranked the 9th most popular destination in The Global Expat Index, driving up the number of tenants and causing a rapid rise in rental values. In Q1 2024, average rents for apartments and villas increased by 20% and 15.8%, respectively. Apartments are in demand for both long-term and short-term rentals, while villas remain popular with families.

Following updates to the RERA Real Estate Rental Index and new value adjustment rules, rental values are expected to increase by 10-20%. Coupled with lower mortgage rates, these trends may further boost demand for real estate.

The rental value for commercial real estate surged by 43.5% over the year, averaging AED 55.1K (USD 15K) per year. The high demand for commercial properties, driven by low supply and strong competition, presents lucrative investment opportunities.

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