Dubai luxury real estate market

Q4 2024 review

The fourth quarter of 2024 set a record for Dubai’s luxury real estate market. Rising demand for high-end properties, limited supply, and favorable conditions for investors contributed to a significant increase in both transaction volumes and property prices.

Key market indicators

Total transaction value: AED 147 billion, up 26% compared to Q4 2023
Number of transactions: 31,920, up 18% quarter-on-quarter
Average price per square foot: AED 1,640, up 10% year-on-year

Price trends

Luxury segment performance

Transactions above AED 10 million: over 4,600, a 23% increase year-on-year
Average price in elite neighborhoods: AED 6,626 per sq. ft., up 6% from Q4 2023
Palm Jumeirah: market leader in premium transactions, with average prices reaching AED 7,305 per sq. ft.

Rental market

Geographic demand breakdown

The highest buyer interest in the premium
segment was concentrated in:

Palm Jumeirah: leader in both transaction volume and price growth
Downtown Dubai: strong demand for apartments with views of Burj Khalifa
Dubai Hills Estate: popular among family buyers

Conclusion

The fourth quarter of 2024 confirmed Dubai’s position as one of the world’s leading luxury real estate markets. Rising prices, increasing transaction volumes, and sustained investor interest all point to continued positive momentum heading into 2025.

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