2024 Market Snapshot: Dubai Real Estate Rewrites the History Books

Dubai's property market had a year like no other in 2024. Sales reached a record-breaking AED 519 billion, a huge 37% increase from the previous year. This surge was driven by high demand exceeding available supply, which led to price growth and reinforced Dubai's status as a leading global real estate market.

Sales highlights:

• - Villas and townhouses: Average prices soared by 32% to reach AED 7 million.
• - Apartments: Not far behind, with a solid 12% increase to AED 2.4 million.
• - Hotspots: Business Bay and Dubai Land saw significant growth in apartment sales, while established villa communities like The Springs and Arabian Ranches remained popular.
• - Emerging Stars: Tilal Al Ghaf and Al Furjan attracted buyers with new projects and developments.

Rental trends:

• - Renewals rule: Tenants opted for stability, with 61% of Ejari contracts being renewals.
• - Ownership beckons: A slight dip in new leases despite population growth suggests a strong shift towards owning.
• - Prime picks: Downtown Dubai, Dubai Marina, and Business Bay remained top choices for apartment rentals.
• - Community vibes: Town Square, Al Reem, and The Springs led the way for villa and townhouse rentals.

Why Dubai?

• - Strong economy: Dubai's diverse economy and business-friendly environment attract global investment.
• - Government support: Proactive policies, such as long-term visas, enhance Dubai's appeal.
• - Expo 2020 legacy: A boost to infrastructure and tourism continues to fuel growth.
• - Safe status: Dubai's stability and security attract investors seeking a safe haven.

Dubai's real estate market is arguably the strongest and most active it has ever been. Its dynamic and resilient nature offers a wealth of opportunities for both investors and homeowners seeking long-term growth

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