Dubai’s real estate sector demonstrated strong growth in 2024, with increasing sales and rental prices across all property segments. The city’s strategic urban planning, investor-friendly policies, and tax-free framework continue to attract global interest, solidifying its position as a premier investment hub.
Luxury Apartments
Dubai Marina emerged as the most sought-after location for buying luxury apartments, with an average price of €640,000 and a 28% return on investment (ROI). Downtown Dubai and Palm Jumeirah followed, offering average prices of €960,000 and €1.57 million, respectively. Palm Jumeirah led with a remarkable 44% ROI. Other key areas included Dubai Creek Harbour and Jumeirah Beach Residence (JBR).
Luxury Villas
Dubai Hills Estate topped the list for luxury villa purchases, with an average price of €4 million and an ROI of 62%. Palm Jumeirah and DAMAC Hills also experienced notable growth, with per-square-foot price increases of 23% and 16.54%, respectively. Jumeirah Park saw the highest per-square-foot price rise at 97%, with average villa prices reaching €2.18 million.
Mid-Tier Properties
For mid-tier apartments, Jumeirah Village Circle (JVC) led with an ROI of 55% and an average sales price of €280,000. Business Bay and Jumeirah Lake Towers (JLT) followed, with average prices of €530,000 and €460,000, respectively. Al Furjan and Jumeirah Village Triangle (JVT) also gained popularity due to their strong ROI and price growth.
Mid-tier villa buyers favored Al Furjan, where prices averaged €1.22 million, delivering an ROI of 89%. Dubai Silicon Oasis (DSO) and International City also stood out for affordable options with robust returns.
Affordable Properties
DAMAC Hills 2, Dubailand, and Dubai South were key areas for affordable villas, offering average prices of €480,000, €910,000, and €1.03 million, respectively. Affordable apartments in Dubai Silicon Oasis (€200,000) and International City (€120,000) also saw significant demand due to their high ROI.
Rental Trends
Luxury rental demand remained strong in areas like Dubai Marina, Downtown Dubai, and Dubai Creek Harbour. For mid-tier rentals, JVC, Business Bay, and JLT emerged as top choices. Affordable rental properties were concentrated in Deira, International City, and Al Nahda.
Dubai’s real estate market continues to attract investors and tenants alike, driven by its economic resilience and ambitious infrastructure projects. With a business volume exceeding €136 billion in 2024, the market shows no signs of slowing down.
Source: economymiddleeast.com