Dubai’s real estate market has achieved a remarkable milestone, surpassing AED 50 billion in total sales for the first time ever. According to a recent report from Engel & Völkers, sales transactions jumped 80% year-over-year, reaching a total of 19,605. This surge was primarily driven by the off-plan market, where sales soared by 117% despite limited supply. As a result, Dubai continues to be a magnet for high-net-worth investors seeking stability and growth opportunities.
Alongside this record sales performance, Dubai’s rental yields remain competitive, with an average of 6.9%. Property prices also increased by 1.7%, reinforcing the city’s position as a prime investment destination. Key neighborhoods like Palm Jumeirah, Dubai Marina, Downtown Dubai, Dubai Hills Estate, and Emirates Living are leading the way in luxury living. Palm Jumeirah, in particular, continues to dominate, with average beachfront villa prices reaching AED 37 million.
On the commercial side, Dubai’s office market saw impressive growth as well. Sales of office properties grew by 24%, with office prices rising 37% year-over-year to AED 1,503 per square foot. Rental costs for office spaces and retail properties also surged, reflecting the city’s continued attractiveness for global businesses. Office rental costs rose by 25.8%, while retail rental rates increased by 6.9%. With strong underlying demand and a positive economic outlook, the commercial real estate sector in Dubai is expected to continue its robust growth into 2025. This momentum in both residential and commercial real estate highlights Dubai’s resilience and appeal as a global hub for investors, businesses, and luxury living.
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