Dubai's housing market strong with 243,000 new units on the way

Dubai’s home market is growing fast. By 2027, the city will have 243,000 new homes. Most of these, around 80%, will be apartments, says real estate company Cavendish Maxwell.

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In 2024, Dubai set a record with 169,000 home sales. This was 42% more than in 2023. House prices also went up. In December, prices were 0.9% higher than in November and 3.1% more than the last three months. Compared to last year, prices jumped 16.5%. The cost for one square foot reached AED 1,493. This is 90% more than the lowest price in April 2009.

For 47 months in a row, home prices have increased in Dubai. But now, price growth is slowing down. Before, prices went up by 2.5% per month, but now they rise by only 1%.

More people took home loans in 2024. A record 36,600 loans were given out, which is 30% more than in 2023. The off-plan market (buying homes before they are built) is also doing well. Sales in this sector are four times higher than before COVID-19.

In 2024, about 145,000 off-plan homes were added, which means 400 new homes every day. Big companies like Emaar, Binghatti, and DAMAC launched the most projects. At the end of 2024, homes under construction made up 68% of the housing market.

Real estate expert Ronan Arthur from Cavendish Maxwell says this growth is not just because of the COVID-19 recovery. Since 2022, the market has been strong due to buyers from India, China, and the Middle East.

He also says that while Dubai’s market will grow in 2025, it is now reaching a stable level. The government, builders, and investors are making sure that prices do not rise too fast, as that could cause problems later.

In 2024, apartments were the most popular, making up 81% of home sales. This was 3% more than last year. Townhouses were 13%, down by 1%, and villas were 6%, down by 2%.

The most new homes in 2024 were built in Mohammed Bin Rashid City (5,300 homes), Jumeirah Village Circle (4,800), Business Bay (2,800), Al Furjan (2,600), and Rukan in Dubailand (1,500).

By 2027, Jumeirah Village Circle will have the most new homes (25,000). Business Bay will have 16,000, Azizi Venice 13,500, DAMAC Lagoons 11,100, and Arjan 9,000.

Jumeirah Village Circle also had the highest number of home sales in 2024. It had 4,048 ready home sales and 11,917 off-plan sales. Business Bay had 3,400 ready sales, followed by Dubai Marina (2,963), Downtown Dubai (2,289), and International City (1,927). In the off-plan sector, Business Bay had 6,779 sales, Dubai Hills had 5,487, Mohammed Bin Rashid City had 4,156, and Sobha Hartland II had 3,957.

In 2024, home prices went up in most areas. Barsha Heights had the highest price jump, 33% higher than in late 2023. Dubai Silicon Oasis was next with a 24% rise, and Jumeirah Lakes Towers followed with a 21% increase. But some areas saw a small drop in prices. Dubai Production City fell by 6%, Bluewaters Island by 4%, and Mohammed Bin Rashid City by 2%.

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