Dubai real estate surges in Q3 2024, driven by luxury sales boom

Dubai’s real estate market continues to show strong growth, according to the Q3 2024 report by Allsopp & Allsopp. The report highlights key trends across the city's property market, focusing on price movements and demand in both sales and rental sectors.

Despite global economic uncertainties, Dubai's real estate remains a focal point for investment, with property transactions continuing to rise.

One of the main findings of the report is the sustained increase in property prices, particularly in villa communities such as Jumeirah Golf Estates, Dubai Hills Estate, and Palm Jumeirah.

These areas saw price increases of up to 10%, driven by high demand for larger homes with outdoor spaces and luxury amenities.

The report notes that buyers are increasingly drawn to such properties, reflecting the shift towards lifestyle-oriented living.

Apartment sales have also gained positive momentum, with areas like Downtown Dubai, Dubai Marina, and Business Bay experiencing steady price increases. The appeal of these areas, particularly for international investors, lies in their proximity to commercial hubs and scenic waterfronts.

As more buyers enter the market, Dubai's real estate landscape continues to attract high-net-worth individuals seeking premium properties.

The rental market also saw notable growth, with increased demand pushing up prices in desirable neighborhoods such as Arabian Ranches, Emirates Living, and Jumeirah Islands.

Average rental prices rose by 6 to 8% in Q3 2024, as limited inventory and a growing expatriate population contributed to higher competition for prime properties.

Off-plan sales remain a key feature of Dubai’s market, with significant activity in emerging areas such as Dubai Creek Harbour and Mohammed Bin Rashid City.

Buyers are taking advantage of off-plan opportunities, seeking flexibility and potential for capital appreciation as the market continues to grow.

The report underlines Dubai’s robust real estate market, driven by high demand in both sales and rentals. As the emirate continues to diversify and develop its economy, it remains an attractive destination for both residents and investors