DUBAI's PROPERTY MARKET IN 2024:

Sales reached a record-breaking AED 519 billion, a huge 37% increase from the previous year. This surge was driven by high demand exceeding available supply, which led to price growth and reinforced Dubai's status as a leading global real estate market.

Sales highlights:

• Villas and townhouses: Average prices soared by 32% to reach AED 7 million.
• Apartments: Not far behind, with a solid 12% increase to AED 2.4 million.
• Hotspots: Business Bay and Dubai Land saw significant growth in apartment sales, while established villa communities like The Springs and Arabian Ranches remained popular.
• Emerging Stars: Tilal Al Ghaf and Al Furjan attracted buyers with new projects and developments.

Sales Market Performance:
- Total Sales Value: AED 519 billion, a 37% increase from 2023.
- Total Residential Sales Transactions: 168,407 units, a 42% rise compared to 2023.
- Off-Plan Market Boom:
- 63% of total sales were off-plan properties.
- Developers launched branded projects with upscaled amenities to attract investors.
- Average Property Prices:
- Villas/Townhouses: AED 7.06 million (32% increase YoY).
- Apartments: AED 2.4 million (12% increase YoY).

Rental trends:

• Renewals rule: Tenants opted for stability, with 61% of Ejari contracts being renewals.
• Ownership beckons: A slight dip in new leases despite population growth suggests a strong shift towards owning.
• Prime picks: Downtown Dubai, Dubai Marina, and Business Bay remained top choices for apartment rentals.
• Community vibes: Town Square, Al Reem, and The Springs led the way for villa and townhouse rentals.

Rental Market Performance:
- Total Rental Value: AED 44 billion, a 17% increase from 2023.
- Total Rental Transactions: 474,358 contracts (2% rise from 2023).
- Rising Rents:
- Villas/Townhouses: AED 315,000 average rent (3% increase).
- Apartments: AED 147,000 average rent (5% increase).
- Tenant Behavior:
- 61% of tenants renewed contracts due to rising rents and lack of supply.
- More tenants moved to suburban areas for affordability and space.
- Payment Flexibility:
- 43% of landlords accepted 3 or more rental cheques, offering tenants more payment options.

Luxury & Prime Property Market
- Ultra-Luxury Sales:
- 347 homes worth over $10 million sold in 2024.
- Palm Jumeirah led the luxury segment with top transactions reaching AED 275 million.
- Top Luxury Sales:
- Palm Jumeirah (The One) - AED 275M
- Jumeirah Bay Island - AED 240.5M
- Palm Jumeirah (The Fronds) - AED 216M
- Prime Property Demand:
- Dubai continues to attract high-net-worth individuals (HNWIs).
- Limited supply in Palm Jumeirah, Emirates Hills, and Downtown Dubai has driven prices higher.

Commercial Real Estate & Market Outlook
- Commercial Property Boom:
- Office occupancy exceeded 90%, with limited new supply.
- Demand for Grade A office space continues to drive prices up.
- 2025 Outlook:
- Continued price growth expected (6-10%) due to strong demand.
- More off-plan projects likely to launch to balance supply shortages.
- Rental prices to remain high, though landlords may offer more flexible payment terms.

Conclusion
Dubai’s real estate market in 2024 broke multiple records, with strong demand for off-plan properties, rental market resilience, and luxury home sales soaring. Limited supply, high investor confidence, and strong population growth will likely sustain market momentum into 2025.

DUBAI's PROPERTY MARKET IN 2023:

The Dubai real estate market in 2023 saw record-breaking growth, with a surge in sales transactions, rental demand, and property prices.

Sales Market Performance
- Total Sales Value: AED 407.8 billion, a 56% increase compared to 2022.
- Total Sales Transactions: 131,055 units, a 36% rise from 2022.
- Off-Plan vs. Secondary Market:
- Off-Plan Transactions: 71% of sales volume (dominant segment).
- Secondary Sales: 49% of sales value (significant appreciation in ready properties).
- Luxury Market: Dubai ranked N°1 globally for residential sales over $10M, with 377 transactions.

Rental Market Trends
- Total Rental Value: AED 36 billion, a 15% increase from 2022.
- Rental Prices:
- Villas/Townhouses: AED 305,000 average rent (9% increase).
- Apartments: AED 140,000 average rent (16% increase).
- Tenant Preferences:
- 42% renewed existing contracts (supply shortage).
- Shift towards suburban communities due to rising central Dubai rents.
- Increase in branded residences, commanding up to 100% higher rents.

Conclusion
Dubai’s real estate market broke records in 2023 and is expected to continue its upward trend in 2024, driven by strong investor confidence, luxury property demand, and mortgage affordability. However, rental affordability remains a challenge, with high demand keeping rents elevated.

⚜️ MOST EXPENSIVE PENTHOUSES IN DUBAI ⚜️

– THE LAND OF EXTRAVAGANCE

The City of Gold has attracted global attention with its record-breaking developments, and the luxury real estate market is no exception.
• In November 2023, a 5-bed penthouse in Como Residences was sold for AED 500 million, becoming the most expensive penthouse in Dubai.
• In May 2023, a penthouse in the Jumeirah Marsa Al Arab sold for AED 420 million.
• In February 2023, a penthouse was sold for AED 410 million in Bulgari Lighthouse, Jumeirah Bay Island.

Wonder what is the highest price for Dubai luxury penthouses for sale? Let’s find out.

SKY MANSION – BUGATTI RESIDENCES

– AED 750 MILLION!

The top 11 floors in French Riveria-inspired Bugatti Residences by Binghatti consist of Sky Mansions or penthouses, which fully occupy the entire floor! Even more interesting is that penthouse owners will be able to drive their super-luxury vehicles to their apartments.
What will be the price tag of a luxury mansion penthouse branded by Bugatti – one of the world’s most expensive cars? Well, as announced by BinGhatti’s CEO Muhammad Bin Ghatti, a 44,214 sq. ft. Bugatti Residences penthouse in Business Bay is priced at a whopping AED 750 million, making it the most expensive property to ever go on sale in Dubai.

COMO RESIDENCES PENTHOUSE

– AED 500 MILLION

A penthouse in Palm Jumeirah’s Como Residences was sold for a record-breaking AED 500 million, making it the most expensive penthouse ever sold in Dubai and the third most expensive in the world.
The five-bedroom Como Residences penthouse spans 21,949 sq. ft. and features an exclusive private elevator, a state-of-the-art home automation system and floor-to-ceiling windows that offer breathtaking panoramic views of the Arabian Gulf and iconic skyscrapers. Nakheel is developing the project, which is expected to be completed in Q3 2027. The development is likely to attract sophisticated buyers seeking a luxurious lifestyle.

JUMEIRAH MARSA AL ARAB PENTHOUSE

– AED 420 MILLION

Jumeirah Marsa Al Arab’s penthouse sale also created a record for the most expensive penthouses in the city.
The impressive 24,628 sq. ft. property is based on the entire top floor of Marsa Al Arab.
Outdoor areas spanning 17,000 sq. ft include a private pool with breathtaking 360-
degree ocean views.
Residents will have exclusive entry through a private lobby and two lifts for unparalleled privacy and security. Plus, the newly constructed superyacht marina is just a stone’s throw away, adding to the opulence of this majestic penthouse.

SKY VILLA AT THE BULGARI LIGHTHOUSE

– AED 410 MILLION

A nine-bedroom Sky Villa in Bulgari Lighthouse was sold for AED 410 million, making it one of the highest-priced luxury penthouses in Dubai.
Counted among the top branded residences in Dubai, Bulgari Lighthouse by Meraas Dubai Sky Villa has nine bedrooms, a private study, a family room, double-height formal living spaces, a private gym, a spa and a full-service kitchen. Additionally, there will be a private swimming pool and a rooftop garden. The villa will be accessible via a private elevator, while a feature staircase will connect the three internal floors.

AVA DORCHESTER COLLECTION PENTHOUSE AT PALM JUMEIRAH

– AED 220 MILLION

Dubai’s ultra-luxury home market is no stranger to record-breaking deals. In May 2023, the most expensive Palm Jumeirah penthouse was sold for AED 220 million. This shell-and-core mega penthouse at AVA by Omniyat is part of the developer’s esteemed Dorchester Collection.
Aptly termed Sky Palace, it is based on the topmost floor of AVA, Dorchester Collection, spanning a massive 33,406 sq ft. When sold, the penthouse was in shell-and-core condition. This means the buyer can design the home of their dreams, which occupies four floors.
Talking about AVA penthouses for sale features, you have a 360-degree infinity lap pool, an indoor garden across four levels and a roof terrace with striking views of Palm Jumeirah.

OTHER LUXURY PENTHOUSES IN DUBAI

TOP FLOOR PENTHOUSE IN VOLANTE TOWER, BUSINESS BAY

– AED 183.6 MILLION

The top-floor Volante penthouse for sale in Business Bay is the next entry on our list of the most expensive penthouses in Dubai.
This Volante Tower full-floor, 4-level penthouse came with a 10-seater cinema, a private lift, underground parking, a private study, and a luxurious master bedroom. The attention to detail and luxury finishes made this penthouse genuinely exceptional.

RAFFLES THE PALM TRIPLEX PENTHOUSE

– AED 153.1 MILLION

Next on our list is the triplex penthouse at Raffles The Palm, priced at AED 153.1 million.
Having received a makeover by YODEZEEN architects, the 6-bedroom property had interiors furnished with top-of-the-line brands such as B&B Italia and Cattelan Italia.
The penthouse’s most striking feature is the circular rooftop terrace with lavish
landscaping and lounge area. The second floor features another private terrace, offering panoramic views of the Arabian Gulf, a private swimming pool and three well-sized bedrooms.

4-BED PENTHOUSE AT BULGARI RESORT AND RESIDENCES

– AED 122 MILLION

A 12,000 sq. ft. 4-bedroom penthouse in Bulgari Resort and Residences became the most expensive ready penthouse to be sold in the emirate for AED 122 Million.

PENTHOUSE AT ONE PALM – AED 102 MILLION

One Palm, developed by Omniyat, is a prestigious residential building on the Eastern tip of the Palm Jumeirah trunk. The penthouse in One Palm was sold for AED 102 million, highlighting the immense demand for luxurious properties in the city.
The One Palm penthouse offers a grandeur living experience, spanning an impressive 29,800 sq. ft.

5-BEDROOM PENTHOUSE AT RAFFLES THE PALM

– AED 75.6 MILLION

Another extraordinarily expensive penthouse sold in Dubai was the 5-bed unit at Raffles The Palm. With an impressive 790 sq. ft. private terrace, it had sunbathing areas, a private swimming pool, and an al fresco setting perfect for hosting private events and social gatherings.
The expansive open-plan living room and dining areas overlook the terrace. The show kitchen with top-of-the-line appliances creates a social space for large and small gatherings. The penthouse also includes a private study room, lobby, powder room and four en-suite bedrooms with balcony access.
The master bedroom suite boasts a large walk-in wardrobe and an en-suite master
bathroom. The penthouse’s luxurious design and stunning outdoor spaces make it an ideal choice for those seeking waterfront living.

⚜️ WHERE ARE LOCATED EXPENSIVE MANSIONS AND VILLAS

FOR SALE IN DUBAI? ⚜️

Emirates Hills, often called the “Beverly Hills of Dubai,” is an exclusive gated community nestled around the scenic Montgomerie Golf Club. Investors can find sprawling villas and palatial mansions that exude sophistication and elegance when living in Emirates Hills.
With lush greenery, serene lakes, and a championship golf course, Emirates Hills offers a tranquil retreat for HNWIs.

WHICH WAS THE MOST EXPENSIVE VILLA EVER SOLD IN DUBAI?

A villa on Frond N was one of the most expensive properties sold in PALM JUMEIRAH, reportedly purchased for AED 600 million by Indian Reliance Group chairman Mukesh Ambani from the family of Kuwaiti businessman Mohammed Al-Shaya, according to a Bloomberg report.
The Palm Jumeirah plot and built-up areas have managed to sell for Dh600 million, according to the most recent weekly data from the Dubai Land Department. Frond N’s plot measures just under 59,600 square feet, confirming the island’s reputation as the area in Dubai where mega-sized transactions are the order of the day. Land on the Palm that sold for Dh206.52 million was the next most expensive transaction.
Industry sources claim that the Dh600 million deal also reportedly includes a villa, with the price per square foot coming to more than Dh10000. According to the source, anything done these days on the Palm is extremely expensive. “Palm will continue setting records for a while.”

In August of the same 2022 year, Indian billionaire Mukesh Ambani's company, Reliance Industries, bought an $80 million (Dh294 million) beachfront villa in Dubai, the city's largest residential real estate deal ever.
The company bought the property, located on Palm Jumeirah, for Ambani's younger son, Anant.
It's a ten bedroomed, custom-built villa on Palm Jumeirah. This enormous contemporary white villa features a huge 33,000sq ft of state-of-the-art living space, seven-star spa hotel facilities, (including a gym and a hair salon), imported and handpicked book-matched Italian marble, all furnished by uber-lux Italian furniture houses Giorgetti and Minotti.

THE MARBLE PALACE, EMIRATES HILLS

AED 425 MILLION

Originally listed for Dh750 million, The Marble Palace covers 60,000 square feet of interior space on a 70,000 square-foot plot in one of Dubai’s most exclusive gated communities.
The property has five bedrooms, an indoor and outdoor swimming pool, two domes, a 70,000-liter coral reef aquarium, a private substation for power supply, and fortified emergency rooms. A garage capable of housing 15 luxury vehicles complements the estate’s exclusivity.
The construction of The Marble Palace took nearly 12 years, concluding in 2018, with an estimated Dh 80 million to 100 million invested in Italian stonework alone. Its interiors feature 70,000 gold-leaf sheets and an array of rare artifacts.
The Dubai property market has seen its first high price deal of 2025.