Dubai’s real estate market experienced significant growth in 2024, as residential property prices surged by 19.1% year-over-year, reaching $459 per square foot, marking a 13.3% increase over the market’s previous high point in 2014.
Villa prices saw an even sharper rise, climbing 20.2% to $547 per square foot, 38.1% above the 2014 high. This trend reflects the strong demand for luxury stand-alone villas, beachfront homes, and branded residences in Dubai.
The report also highlighted a strong pipeline of new developments, with 302,880 homes set for completion by 2029. This translates to an average of 60,576 new homes annually, beating the long-term completion rate of 36,000 homes per year.
However, the availability of properties priced over $10m dropped by 40%, from 4,119 to 2,491 in the past 12 months. The $25m+ market was even more affected, with inventory going from 583 to just 86 homes.
The market indicates continued strength in Dubai’s luxury real estate sector, despite a tightening supply in the upper-end price brackets.
Gulf Economist Staff Writer