Dubai’s residential resale market continued its upward trajectory in 2024, with total transaction values reaching AED 155.72 billion, marking a 25.3% increase compared to the previous year. The latest report from Metropolitan Premium Properties, a division of the Metropolitan Group, highlights the market’s resilience despite global economic uncertainties.
“Dubai’s real estate market has once again outperformed expectations and 2024 was no exception,” said Svetlana Vasilieva, Head of Secondary Sales at Metropolitan Premium Properties. “The data clearly shows a dynamic and evolving market with strong demand for ready-to-move-in properties. This shift towards secondary sales reflects the increasing preference for immediate occupancy and the desire to capitalize on the current market conditions.”
Key Market Trends
- Transaction Volume Surge: The market recorded 58,328 resale transactions in 2024, reflecting a 19.3% year-over-year increase.
- Resale Value Growth: The total value of residential resale transactions reached AED 155.72 billion, a 25.3% increase from 2023.
- Price Appreciation: The average resale price per square foot rose by nearly 8% to AED 1,548, driven by strong demand and limited supply.
- Preference for Ready Properties: Secondary sales accounted for 83% of all transactions by value and 82% of total transactions.
- Apartments Leading Sales: Apartments comprised 77.69% of all resale transactions, followed by townhouses (14.67%) and villas (7.62%).
Most Expensive Transactions
Dubai’s luxury property market continued to attract high-value deals in 2024. The priciest villa sale was a six-bedroom residence on Jumeirah Bay Island, fetching AED 240.5 million. The highest apartment sale was a five-bedroom unit at The One on Palm Jumeirah, selling for AED 275 million. Meanwhile, the most expensive townhouse was sold in Umm Suqeim 2 for AED 72 million.
Property-Type Breakdown
Apartments
- Average Price Increase: Up 5.3% to AED 1,576 per square foot.
- Resale Transactions: 45,320 sales, a 22.4% increase from 2023.
- Total Transaction Value: AED 81.17 billion, up 24.1%.
- Rental Market Growth: The average rental price per square foot rose 17.3% to AED 77.
Villas
- Price Surge: Up 21% to AED 1,937 per square foot.
- Transaction Dip: Sales fell by 2.6% to 4,449 transactions.
- Transaction Value Increase: Total resale value jumped 22.1% to AED 48.89 billion.
- Rental Growth: The average villa rental price per square foot rose 23% to AED 70.
Townhouses
- Price Appreciation: Up 17.3% to AED 1,212 per square foot.
- Resale Transactions: 8,559 sales, up 17.4%.
- Transaction Value Growth: Up 36.6% to AED 25.66 billion.
- Rental Market Expansion: The average rental price per square foot increased by 15.8% to AED 68.
Outlook for 2025
Vasilieva remains optimistic about the market’s continued growth. “For 2025, we project a sustained period of growth and stability in Dubai’s resale sector. Investor confidence remains high, bolstered by the city’s strong economic fundamentals and world-class infrastructure. This, coupled with attractive financing options, will continue to fuel transaction activity.”
As Dubai maintains its position as a global real estate hub, the city’s residential resale market is set to remain a lucrative investment avenue for both local and international buyers.
