Dubai’s real estate market continued its upward trajectory in January 2024, with a significant increase in sales transactions and property values. According to Property Finder, there was a 17% year-on-year increase in recorded sales transactions, exceeding 11,000 compared to 8,712 in January 2023. The total value of transactions also surged by 27%, reaching nearly AED 35 billion.
Apartment Sales Lead the Charge
Apartment sales were the main driver of the market growth, increasing by 18.9% year-on-year. This growth was fueled by strong demand for mid-range apartments in popular communities such as Jumeirah Village Circle, Dubai Hills Estate, Palm Jumeirah, and Downtown Dubai. In contrast, villa sales saw a decline of 56.6%, likely due to the higher price point and limited supply of new villas.
Ready Properties vs. Off-Plan Properties
The market for ready properties remained stable in January, with prices remaining relatively flat. However, there was a growing interest in off plan properties, which offer investors the potential for higher returns. Off-plan sales transactions increased by 25% year-on-year, driven by attractive payment plans and developers offering incentives such as free service charges and post-handover rental guarantees.
Key Statistics:
Sales transactions: 11,000+ (17% YoY increase)
Property value: AED 35 billion (27% YoY increase)
Apartment sales growth: 18.9%
Villa sales decline: 56.6%
Off-plan sales growth: 25%
Highest Price Land Sales in January 2024
| Area |
Property Type |
Amount |
| Horizon |
Land |
AED 1,531M |
| Trade Center First |
Land |
AED 900M |
| Silicon Oasis |
Land |
AED 816M |
| Madinat Dubai Almelaheyah |
Land |
AED 614M |
| Dubai Marina |
Land |
AED 400M |
Best 5 Performing Areas – January 2024
| Area |
Count |
Amount |
| Jumeirah Village Circle |
1683 |
AED 1B |
| Business Bay |
1254 |
AED 1.25B |
| Burj Khalifa |
603 |
AED 1.34B |
| Jumeirah Lakes Towers |
532 |
AED 702M |
| Dubai Land Residence Complex |
500 |
AED 262M |
Most Selling OFF Plan Apartments in January 2024
| Area |
Count |
Amount |
| Elitz 3 By Danube |
236 |
AED 259M |
| The Edge |
199 |
AED 298M |
| Damac Casa |
172 |
AED 700M |
| Club Drive |
166 |
AED 379M |
| Avonlea |
139 |
AED 329M |
Most Selling OFF Plan Villas in January 2024
| Area |
Count |
Amount |
| The Valley – Alana |
72 |
AED 322M |
| Expo City Valley |
47 |
AED 236M |
| California Village |
31 |
AED 88M |
| Bianca |
24 |
AED 29M |
| Al Barari Ixora Villas |
21 |
AED 99M |
Most Selling Ready Apartments in January 2024
| Area |
Count |
Amount |
| Socio |
98 |
AED 1.16B |
| RP Heights |
74 |
AED 200M |
| Sky Courts |
59 |
AED369M |
| Downtown Views II |
40 |
AED 90M |
| Town Square Jenna & Warda |
30 |
AED 63M |
Most Selling Ready Villas in January 2024
|
Area |
Count |
Amount |
| Reem Townhouses |
69 |
AED 121M |
| Parkside 2 |
46 |
AED 68M |
| Rukan 3 |
48 |
AED 31M |
| Elan |
36 |
AED 93M |
| Noor Townhouses |
28 |
AED 54M |
