APRIL 2024

DUBAI PROPERTY
MARKET INSIGHTS

Powered by Property Monitor

Median Prices
in April

AED 0

Apartments

AED 0

Townhouses

AED 0

Villas

Market
highlights

The
numbers

Dynamic Price Index

No Data Found

DPI MONTHLY
OVERVIEW

Following last month’s dramatic surge, Dubai’s property market continued to inspire buyer confidence in April. Property prices increased by 1.95%, with the average price per square foot reaching an all-time high of AED 1,351. This steady rise shows Dubai’s real estate sector’s ongoing demand and investment interest. Additionally, prices are now 9.5% above the market peak of September 2014 and 72.1% above the market trough of April 2009.

While sales volume slightly reduced to 11,605 transactions in April, it still set the second-highest monthly record, representing a 44.3% year-over-year increase. This sudden drop in activity was primarily down to Eid Al-Fitr (week-long public holiday) and heavy rainfall in the region, temporarily hindering buyers from purchasing property. However, transaction volumes on a pro-rata basis are still near their all-time high.

Meanwhile, residential transactions, including apartments, townhouses, and villas, comprised 91.8% of Dubai’s property sales, with commercial properties accounting for the remaining portion. Out of the total residential sales, 67.4% (after adjusting for a technicality) were off-plan properties, posing as the main pull factor for the market’s growth.  

MONTH

INDEX VALUE

MOM CHANGE

QOQ CHANGE

YOY CHANGE

INDEX PRICE

Apr 2024

0
0 %
0 %
0 %
0

Mar 2024

0
0 %
0 %
0 %
0

Feb 2024

0
0 %
0 %
0 %
0

Jan 2024

0
0 %
0 %
0 %
0

Dec 2023

0
0 %
0 %
0 %
0

Nov 2023

0
0 %
0 %
0 %
0

Oct 2023

0
0 %
0 %
0 %
0

Sep 2023

0
0 %
0 %
0 %
0

Aug 2023

0
0 %
0 %
0 %
0

Jul 2023

0
0 %
0 %
0 %
0

Jun 2023

0
0 %
0 %
0 %
0

May 2023

0
0 %
0 %
0 %
0

Apr 2023

0
0 %
0 %
0 %
0

HISTORICAL TRANSACTIONS - completion status

No Data Found

HISTORICAL TRANSACTIONS - sales recurrence

No Data Found

APRIL
2024

No Data Found

PRICE
TIERS

Dubai’s property market saw the highest activity in the AED 1.5-2 million price range, with prices increasing by 1.4% and securing an 11.9% market share. This was due to the increased purchase of high-end apartments recently developed in Address Residences Zabeel in Zabeel and Sobha One in Ras Al, averaging AED 2,558 and AED 2,222 per sq.ft., respectively. 

Following closely behind was the AED 2m-3m price range, which saw a 1.3% increase and captured 17.2% of the market share. This was driven mainly by off-plan purchases in upper-mid-priced apartments at Parkside Hills in Dubai Hills, averaging AED 2,076 per sq.ft. In contrast, the AED 5m-10m price range saw the heaviest transacted price decline, with 1.8%, now only accounting for 4.5% of the market share.

Once again, Dubai’s mid-priced segments dominated this month, up 3.5% and securing 48.5% of the market. In contrast, affordability-driven properties (AED 1 million and below) saw a 1.6% drop and now hold 30.6%, and high-end price tiers (AED 3 million and above) declined by 1.9%, occupying a 20.9% market share. This shows that price sensitivity remains very much present in Dubai’s property market, with buyers typically not shifting dramatically up or down the price scale. 

PRICE TIERS
MONTHLY COMPARISON

Dubai’s property market is extending its boundaries, witnessing remarkable expansion in price rises and monthly sales volumes. Property prices surged by 20.1% in April, marking the 38th consecutive month of year-over-year increases. This consistent growth pushed Dubai’s average annual price growth rate to 5.23% in April 2024, a significant rise from 2.67% in April 2023.

Boosting buyer confidence further, nearly 10,000 new off-plan units will join the existing inventory of about 34,000 units across 120 projects in Q1 2024. With leading developers like Aldar, DAMAC, Emaar, and Majid Al Futtaim, as well as niche and smaller developers, launching projects in prime locations, including Meydan Horizon, Jumeirah Garden City, and Jaddaf, buyers are just getting a glimpse of what’s in store for them.

Barring significant economic, geopolitical, or unforeseen global events that may compromise Dubai’s demand-supply dynamics, the city’s real estate market is expected to remain stable and attractive. Whether you’re a newcomer or a seasoned property investor, now is a great time to tap into Dubai’s booming property market and secure a future-proof investment.

APR 2024

MAR 2024

MOM CHANGE

<500K

0 %
0 %
0 %

500K-750K

0 %
0 %
0 %

750K-1M

0 %
0 %
0 %

1M-1.5M

0 %
0 %
0 %

1.5M-2M

0 %
0 %
0 %

2M-3M

0 %
0 %
0 %

3M-5M

0 %
0 %
0 %

5M-10M

0 %
0 %
0 %

10M+

0 %
0 %
0 %

SPEAK TO AN
INVESTMENT
CONSULTANT

For live availability and pricing, contact our investment team.

By submitting this form you agree to subscribe to updates from M&M Real Estate and be sent information in relation to its products and services.

×