Residential property prices in Dubai record the highest increase in years at 11.62%

The Dubai Data and Statistics Corporation, affiliated with Dubai Digital Authority, in cooperation with the Dubai Land Department, issued the Real Estate Index Report for the fourth quarter and the year 2024, which showed that residential property prices recorded an annual growth of 11.62%, driven by increased demand for villas and apartments.

This growth reflects a stable economic environment, along with growing interest from local and international investors in Dubai's real estate market.

The report indicated that the fourth quarter of 2024 witnessed an additional increase in residential property prices by 1.99% compared to the third quarter, confirming the continued demand and healthy, balanced market growth.

Regarding commercial properties, sales prices recorded an annual growth of 13.19% during 2024, as a result of increased demand for office and commercial spaces, alongside a flourishing business environment and ongoing development projects that enhance the market's attractiveness.

During the fourth quarter alone, commercial property prices rose by 7.45% compared to the previous quarter, reflecting continued investment momentum in this sector and increased demand for high-quality commercial spaces.

The report confirmed that Dubai's real estate sector is heading towards further growth, based on a strong economic recovery, rising investor confidence, as well as legislative reforms that have enhanced the investment environment and facilitated freehold ownership procedures.

The report also highlighted the vital role of local and international demand, and government initiatives aimed at achieving sustainable development, which further strengthens Dubai's position as a global center for real estate investment.

Commenting on the report, Hamad Obaid Al Mansoori, Director General of Dubai Digital Authority, said:
We are proud that this strategic report is the result of our partnership with the Land Department, given its essential role in supporting the local economy. We will continue to collaborate to issue similar reports that accurately reflect reality and provide decision-makers with insights based on reliable digital analytics.

For his part, Engineer Marwan Ahmed Bin Ghalita, Director General of the Dubai Land Department, confirmed that the real estate sector is witnessing a strategic transformation, and said:
These indicators reflect the success of our policies aimed at achieving a sustainable balance between economic growth and attracting global investments.

We are working on developing an integrated real estate system that supports Dubai's vision as a global hub for living and investment, and we are proud of our partnership with the Dubai Data and Statistics Corporation.

Edited by: Imtilak Global ©