FEBRUARY 2024

DUBAI PROPERTY
MARKET INSIGHTS

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Median Prices
in February

AED 0

Apartments

AED 0

Townhouses

AED 0

Villas

Market
highlights

The
numbers

Dynamic Price Index

No Data Found

DPI MONTHLY
OVERVIEW

Dubai’s real estate market showed no signs of cooling in February, with prices rising another 0.83% to reach AED 1,294 per square foot. This continues the market’s steady appreciation, now up 17.43% year-on-year and edging ever closer to the previous peak of September 2014.

The monthly price increase in February represented the 36th consecutive month of year-on-year gains. While more modest than recent months, the measured growth aligns with forecasts for an overall slowing to 5-8% annual appreciation as the market matures.

Underpinning the rising values were record-breaking February sales volumes of 11,913 transactions, a staggering 30.4% spike from last year’s levels. Robust off-plan activity continued driving demand, with new project launches introducing nearly 10,000 units to the pipeline. 

As Dubai’s safe-haven status solidifies, the market’s resilient performance displayed an optimistic trajectory heading into 2024.

MONTH

INDEX VALUE

MOM CHANGE

QOQ CHANGE

YOY CHANGE

INDEX PRICE

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

Mar 2023

0
0 %
0 %
0 %
0

Feb 2023

0
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0 %
0 %
0

HISTORICAL TRANSACTIONS - completion status

No Data Found

HISTORICAL TRANSACTIONS - sales recurrence

No Data Found

February
2024

No Data Found

PRICE
TIERS

The mid-tier price points between AED 1-3 million continued gaining market share in February, collectively growing 3.1% to account for a dominant 51.9% of all transactions. This expansion was spearheaded by the AED 1-1.5 million segment, which surged 1.6% thanks to successful affordable luxury launches like Danube‘s Oceanz in Dubai Maritime City and Nshama’s Grove on the Park in Town Square.

The adjacent AED 1.5-2 million and AED 2-3 million tiers also saw notable 1.5% combined growth. Driving this was strong off-plan sales at premium waterfront developments such as Sobha‘s 330 Riverside Crescent, Select Group‘s Nautica projects and Emaar‘s Aeon in Dubai Creek Harbour

Meanwhile, properties below AED 1 million lost some ground, dipping 0.7% to 29.6% market share as supply remains constrained for entry-level inventory. The high-end over AED 3 million also contracted by 2.4% as higher borrowing costs tempered demand at the uppermost luxury price points.

PRICE TIERS
MONTHLY COMPARISON

The latest data paints an impressive picture of Dubai’s resilient real estate market. Prices have now climbed 17.43% year-on-year and a remarkable 64.9% from the market’s trough all the way back in April 2009.

At AED 1,294 per square foot, average property values sit just 4.9% below the previous peak set back in September 2014. This sustained appreciation, now spanning 36 consecutive months of year-on-year increases, demonstrates the resilient fundamentals underpinning demand in Dubai.

Looking ahead, the consistent growth trajectory alongside record-breaking sales volumes and a strong project pipeline suggests prices will continue their measured rise throughout 2024. Barring any major unforeseen events, forecasts anticipate a further 5-8% value appreciation this year as Dubai cements its status as a world-class investment destination.

FEB 2024

JAN 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 %
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0 %

2M-3M

0 %
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0 %

3M-5M

0 %
0 %
0 %

5M-10M

0 %
0 %
0 %

10M+

0 %
0 %
0 %

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INVESTMENT
CONSULTANT

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