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Dubai, UAE - Dubai’s real estate market remains a global hotspot for investors, with off-plan transactions accounting for 63% of all property sales in 2024, up from 54% in 2023, according to Engel & Völkers Middle East’s latest report. The shift toward off-plan properties highlights the increasing demand for new developments, driven by competitive pricing, attractive payment plans, and limited supply in the secondary market.
Total residential sales transactions surged by 40.3% to 170,992 units in 2024, more than five times the number recorded in 2020, underscoring sustained investor confidence in Dubai’s property market. Apartment sales led the way, growing by 47.6% year-on-year and accounting for nearly 90% of the total market expansion, reflecting their affordability, strong rental yields, and appeal to both end-users and investors.
Palm Jumeirah, Downtown Dubai, and Dubai Marina continued to attract luxury buyers, while emerging developments like Palm Jebel Ali and The Oasis are driving new interest in off-plan projects, catering to high-net-worth individuals seeking exclusivity and long-term capital appreciation. In the ultra-luxury segment, sales of properties priced over AED 10 million rose by 20.5%, reaffirming Dubai’s position as a global destination for prime real estate.
"The continued dominance of off-plan sales reflects a clear shift in buyer preferences, with investors looking for properties that offer long-term value and flexible financing options," said Daniel Hadi, CEO of Engel & Völkers Middle East. "Developers are responding with innovative projects, while government-led initiatives, such as long-term visas and free zone expansions, further strengthen Dubai’s attractiveness as a real estate investment hub."
Dubai’s commercial property market also saw remarkable growth, supported by strong economic fundamentals and an increasing number of businesses establishing a presence in the city. With over 24,000 new business registrations in the first half of 2024, occupancy rates in DIFC, Downtown Dubai, and Business Bay climbed to 95-97%, leading to double-digit rental growth across the sector.
Office rents rose 11% year-on-year, while retail rents increased by 9.7% and warehouse prices surged by 21.1%, reflecting the increasing demand for high-quality commercial spaces. The tight supply of Grade A offices has prompted new development activity, including Aldar Properties’ upcoming project on Sheikh Zayed Road and further commercial launches this year.
As Dubai enters 2025, the city’s real estate market remains a key driver of economic expansion. Investor confidence continues to be fueled by rising property values, a thriving luxury sector, and the sustained momentum of off-plan transactions. With developers launching new projects to meet demand and regulatory frameworks supporting long-term investment, Dubai’s position as a premier global real estate destination remains stronger than ever.
Press contact:
Diana Džaka Bičo
Marketing Director
Office 21 Mezzanine Level, Golden Mile 2,
Palm Jumeirah, Dubai UAE
Dubai, United Arab Emirates
Telephone number: +971 52 881 8057
diana.dzaka@engelvoelkers.com
Flor Pamintuan
PR Account Director
Ishraq Communications LLC
flor@ishraqcomms.com
About Engel & Völkers:
Engel & Völkers is one of the world’s leading service companies specialized in the brokerage of premium residential property, commercial real estate, yachts and aircrafts. For over 45 years now, the wishes and needs of private and institutional clients have had top priority, giving rise to the ongoing development of a range of services relating to all aspects of real estate. Sales and leaseholds, as well as consultancy for various investment opportunities in the real estate segment are among the core competencies of more than 16,500 people operating under the Engel & Völkers brand. The company is currently operating in over 35 countries on five continents. Intensive training schemes in its in-house real estate Academy and the high level of quality assurance governing its systematically structured service provision are key factors that account for the company’s success. Engel & Völkers develops digital tools and IT products on an ongoing basis in order to keep its service as efficient as possible. In doing so, the company is setting new standards in digital solutions for property brokerage. www.engelvoelkers.com
About Engel & Völkers Middle East:
Established in 2014, Engel & Völkers Middle East has its offices in Dubai, United Arab Emirates. The team consists of over 200 trusted agents, each focusing on premium residential and commercial properties, serving as experts in their respective areas. The company recently established a separate entity for commercial real estate (Engel & Völkers Commercial Middle East). Engel & Völkers Commercial serves as an entry point to exceptional commercial real estate opportunities in Dubai, from attractive office spaces to industrial complexes. The Private Office provides services for affluent clients and has access to premium real estate globally. Whether you're in the market to rent, buy, or sell a property, Engel & Völkers Middle East is a perfect choice to achieve your real estate goals. www.engelvoelkers.com/ae/en