With off-plan property sales accounting for 63 per cent of all residential transactions in 2024, witnessing a spike from 54 per cent in 2023, Dubai's real estate market continues to boom. The growth results from competitive prices, flexible payment plans, and restricted secondary.
Following Engel & Völkers Middle East's latest report, overall residential sales transactions increased by 40.3 per cent year-on-year, reaching 170,992 units in 2024, more than five times the transactions recorded in 2020. Apartments topped the market, accounting for nearly 90 per cent of total growth, with sales up 47.6 per cent due to their affordability, high rental returns, and investor appeal.
Luxury residences remain in high demand, with high-net-worth individuals moving to prime locations, including Palm Jumeirah, Downtown Dubai, and Dubai Marina. New developments like Palm Jebel Ali and The Oasis are also gaining pace in the off-plan market. Sales in the ultra-luxury market increased by 20.5 per cent for residences priced above Dhs 10 million.
The research also highlights strong growth in Dubai's commercial real estate sector, driven by increased new business registrations and high demand for office, retail, and warehouse space. Occupancy rates in major corporate districts, including DIFC, Downtown Dubai, and Corporate Bay, have reached 95 per cent - 97 per cent, while rents for offices, retail spaces, and warehouses have risen significantly. In 2025, Dubai's real estate market is predicted to continue contributing to the city's economic growth, with strong investor confidence, expansion in the luxury sector, and the sustained dominance of off-plan sales.
