We know Dubai is famous for its iconic skyscrapers and luxurious lifestyle. So, prices are very important when investing in the Dubai Real Estate Market . Did prices go up, or did they fall? For investors, knowing these changes is important. If you’re thinking about buying an apartment with a view of the Burj Khalifa or a villa by the beach, understanding past prices can help you make smart choices. What happened in the last decade, and what does it mean for the future of Dubai’s real estate market? Let’s explore the story behind Dubai’s property prices and see what patterns have emerged!
Dubai Real Estate Market Trends
From 2014 to 2015, Dubai’s real estate prices stayed steady. However, from 2016 to 2019, prices went down due to more supply and a slow economy.
COVID-19 hurt prices in 2020, but they bounced back fast. High-end areas saw more demand. From 2021 to 2023, luxury properties and prime areas like Downtown Dubai saw big price jumps.
In 2024, more people buy property in Dubai. This showed growing trust in the market.
Factors Influencing Property Prices in Dubai
Many things affect Property Prices in Dubai . These include supply and demand, the economy, new rules, and what investors think.
The market has seen good times and bad. It’s grown, then slowed down, then steadied. COVID-19 hit hard, but the market is bouncing back and growing again.
Dubai’s real estate market is expected to keep growing. It will focus on fancy homes and smart, green projects. New tech like AI and blockchain will play a big role.
Dubai wants to grow in a way that’s good for the planet. It’s also becoming a place where smart people come to work. This will help the market grow even more.
Dubai Property Price in 2014: (A Year of Steady Growth)
Dubai’s real estate market grew steadily in 2014. The residential sector played a key role. New developments met growing demand from end-users and investors.
Transaction volume and value showed an upward trend. The total real estate investment transactions surpassed AED 109 billion. This involved 41,715 investors, reflecting a strong confidence in the market’s potential and stability, especially with the upcoming Expo 2020 on the horizon.
Investor Demographics
GCC Investors
Investors from the Gulf Cooperation Council (GCC) played a crucial role, contributing AED 32 billion through 7,186 transactions. Among these:
- Emirati Nationals led the charge with AED 22.771 billion from 4,452 transactions.
- Saudi Arabian Investors followed with AED 5.207 billion from 1,745 transactions.
- Other GCC countries, including Kuwait, Qatar, Bahrain, and Oman, also participated actively, adding to the market’s diversity and strength.
Arab Investors
Arab investors, excluding GCC nationals, completed 5,431 transactions, amounting to over AED 12 billion. Key contributors included:
- Jordanians
- Egyptians
- Lebanese
- Iraqis
These groups demonstrated a strong interest in Dubai’s real estate, attracted by its strategic location and economic prospects.
Non-Arab Investors
Non-Arab investors were pivotal, with a total investment of over AED 64 billion through 29,098 transactions. Notably:
Indian Nationals emerged as the largest group of foreign investors, with AED 18.123 billion from 7,353 transactions.
Other significant contributors included investors from Pakistan, the UK, Iran, and Canada, each bringing unique perspectives and capital into the market.
Dubai Property Price in 2015: Navigating Market Fluctuations
The Dubai real estate market 2015 experienced a notable year, marked by substantial growth and strategic investments. The Dubai Land Department (DLD) reported AED 267 billion in real estate transactions, reflecting an 8% increase over the previous year.
Overview of Transaction Activity
In 2015, Dubai recorded over 63,000 real estate transactions, showcasing the market’s vibrancy and investor confidence. Sales transactions constituted a significant portion of this activity, making up 49% of the total transactions. This indicates a healthy demand for property ownership and investment in the city.
Sales and Mortgages
Sales Transactions: Sales transactions alone accounted for AED 130 billion, spread across more than 48,000 individual deals.
Mortgage Transactions: Mortgage transactions also played a crucial role, totaling AED 117 billion from over 12,000 transactions.
Land Transactions: The land sector was a major contributor to the overall transaction value. This involved 16,751 transactions, underscoring the importance of land as a critical asset class in Dubai’s real estate market.
Top Areas for Unit Sales
Business Bay: Business Bay emerged as a leading area for unit sales, with 3,212 transactions valued at AED 4.953 billion. This area continues to be a focal point for business and residential development.
Al Hebiya 4: With 3,080 transactions valued at AED 2.573 billion, Al Hebiya 4 demonstrated strong appeal for investors seeking strategic locations.
Dubai Marina: Known for its luxurious lifestyle offerings, Dubai Marina recorded 3,059 transactions valued at AED 6.240 billion, indicating its ongoing popularity among high-net-worth individuals.
Most Invested Areas: A Closer Look
There are several key areas that attracted significant investment in 2015:
Al Yafra 2: Leading the land sales category with transactions worth AED 3.285 billion, Al Yafra 2 proved to be a prime location for investors.
Al Hebeya 3: Following closely, Al Hebeya 3 saw AED 3.950 billion in sales, highlighting its strategic importance.
- Al Yafra 3: With AED 1.710 billion in sales, Al Yafra 3 continued to attract interest from investors seeking growth opportunities.
Mortgage Highlights
Mortgages were a vital component of the real estate market, facilitating numerous transactions across various property types.
Top Areas for Land Mortgages
Al Barsha South 1: This area recorded 387 transactions totaling AED 415 million, demonstrating its appeal for secured investments.
Al Thunaya 5: With 399 transactions amounting to AED 1.377 billion, Al Thunaya 5 was a preferred choice for land mortgages.
Al Thunaya 4: This area saw 249 transactions totaling AED 1.902 billion, reflecting strong investor confidence in its potential.
Top Areas for Unit Mortgages
- Dubai Marina: Leading the unit mortgage category, Dubai Marina had 927 transactions valued at AED 1.788 billion, indicating robust demand for financing in this prestigious area.
- Business Bay: With 814 transactions valued at AED 1.821 billion, Business Bay continued to attract significant mortgage activity.
- Al Thunaya 4: This area recorded 739 transactions valued at AED 911 million, showcasing its attractiveness for unit mortgages.
Dubai Property Price in 2016: Resilience in Challenging Times
In 2016, Dubai’s real estate market witnessed a total of 60,595 transactions, exceeding AED 259 billion in value. This figure underscores the market’s maturity and stability, as highlighted by His Excellency Sultan Butti Bin Mejren, Director General of DLD.
Breakdown of Transactions
Sales Transactions: Over 41,776 sales transactions were recorded, amounting to AED 103 billion. Land sales and mortgage transactions represented a significant portion, with a total value of AED 193 billion across 15,994 transactions.
Mortgage Transactions: Mortgage transactions contributed AED 128 billion, with 15,000 transactions recorded. This indicates strong investor confidence and the availability of financing options. The year 2016 saw the launch of 134 new projects worth AED 100 billion, reflecting developers’ confidence in the market’s growth potential.
Investor Insights:
Dubai’s real estate sector continued to attract a diverse range of investors in 2016, with the total investment exceeding AED 91 billion from 55,928 investors. The market’s appeal spans across GCC nationals, Arab investors, and a significant number of foreign investors.
GCC And Arab Investors
GCC Nationals: Contributed AED 35 billion from 12,768 investors, with Saudi Arabian investors leading the way with transactions worth AED 8 billion.
Arab Investors: From outside the GCC, contributed over AED 12 billion, with Egyptian investors making significant contributions.
Foreign Investors
Foreign investment approached AED 44 billion, with Indian nationals ranking highest in terms of both volume and value. Other prominent investors included nationals from Pakistan, the UK, Canada, China, and the USA.
Attractive Areas for Investment
- Business Bay: Recorded 3,508 investments worth AED 6.2 billion.
- Dubai Marina: Secured 2,937 transactions worth AED 6.3 billion.
- Burj Khalifa: Led in terms of value, with over AED 7 billion across 2,097 transactions.
Dubai Property Price in 2017: Recovering from Market Corrections
The Dubai real estate market continued its upward trajectory in 2017. The Dubai Land Department (DLD) reported a total of AED 285 billion in real estate transactions, marking a significant increase from previous years. In 2017, the Dubai real estate market recorded approximately 69,000 transactions. This represents a 6% increase in the number of transactions and a 4% increase in value compared to 2015.
Transaction Breakdown
- Sales: Sales of land, buildings, and units reached AED 114 billion through 49,000 transactions.
- Mortgages: Mortgage transactions amounted to AED 138.5 billion across 15,700 transactions.
- Other Transactions: Approximately 4,000 other transactions were valued at AED 33.3 billion.
Global Investor Turnout
Dubai’s real estate market in 2017 attracted a diverse group of investors from around the world. The total investment from 39,480 investors reached over AED 107 billion, highlighting the market’s global appeal.
Investor Demographics
- Gulf Nationals: Over 9,790 Gulf nationals made 14,381 transactions worth more than AED 37 billion.
- Arab Investors: Nearly 7,000 Arab investors conducted 8,644 transactions valued at over AED 14 billion.
- Foreign Investors: Approximately 23,000 foreign investors completed 30,000 transactions worth AED 56 billion.
Top Nationalities Investing
UAE nationals led the investment activity with AED 25.307 billion, followed by Indian investors with AED 15.6 billion. Saudi investors ranked third, contributing over AED 7 billion, followed by British and Pakistani investors with AED 6 billion and AED 5 billion, respectively.
High-Demand Areas
The report highlighted the top ten real estate sales areas in Dubai:
- Burj Khalifa: 2,008 transactions worth AED 7.368 billion.
- Business Bay: 3,763 transactions worth AED 7.115 billion.
- Dubai Marina: 3,300 transactions worth nearly AED 7 billion.
- Hadaeq Sheikh Mohammed bin Rashid: 1,948 transactions worth AED 5.672 billion.
- Al Barsha South Fourth: 3,138 transactions worth around AED 4 billion.
Dubai Property Price in 2018: Stabilizing Market Conditions
The Dubai real estate market in 2018 experienced a notable shift, characterized by a focus on quality and prime residential areas. Despite a drop in overall transaction volumes, the market demonstrated resilience and adaptability.
Dubai residential market saw over 5,454 villas and 25,595 apartments transacted. The total transaction volume in the secondary market was AED 74.7 billion, marking a 10% decrease from AED 82.6 billion in 2017. This decline reflects a cautious approach by investors and buyers amid global economic uncertainties.
Key Statistics
- Villas and Apartments: A total of 31,049 residential units were transacted.
- Secondary Market: AED 74.7 billion in transactions, down from AED 82.6 billion in 2017.
Off-Plan Market Dynamics
The off-plan market experienced a significant decline, with transaction volumes dropping by 34% to AED 23 billion. However, the opening of the off-plan market in Jumeirah provided a much-needed boost, emerging as the top-performing area in 2018. Developments in World Islands , City Walk , Port de la Mer, Jumeirah Bay, and Madinat Jumeirah contributed to this success.
Highlights
- Jumeirah’s Performance: The area attracted significant interest, becoming a focal point for off-plan sales.
- Market Challenges: The decrease in off-plan transactions indicates a shift in buyer preferences towards ready-to-move-in properties.
Prime Residential Market
The prime residential market, defined by high-end properties, totaled AED 39 billion in 2018, representing an 11% decrease from the previous year. The top-performing areas are
- Business Bay: AED 6.9 billion in sales.
- MBR City: AED 6.3 billion in sales.
- Downtown Dubai: AED 5.4 billion in sales.
Dubai Property Price in 2019: Embracing New Developments
The Dubai real estate market in 2019 experienced a notable increase in transaction volumes, driven by favorable prices and attractive investment opportunities. As Dubai prepared for the much-anticipated Expo 2020, the real estate sector saw renewed interest from both local and international buyers.
Market Overview
In 2019, the Dubai real estate market recorded over 40,000 property transactions in the sales sector, amounting to AED 81.03 billion. This marked a significant increase from the AED 73.08 billion recorded in 2018, reflecting a growing confidence among investors and buyers. The market saw a shift towards the primary, off-plan segment, with close to 15,000 sales transactions, compared to nearly 14,000 in the secondary market.
Dubai Marina emerged as the most popular area for buying apartments in 2019. The average price per square foot declined by 11.8%, making it an attractive option for investors. The area recorded 3,369 transactions worth AED 8.07 billion, up from 2,526 transactions in 2018.
Other Popular Areas
- Downtown Dubai: The second most sought-after area, with the average price per square foot decreasing by 9.5%.
- Palm Jumeirah: Despite a 16.6% decrease in average sales price per square foot, it remained a preferred choice for luxury property buyers.
Dubai Property Price in 2020: Pandemic’s Impact
The pandemic had an expected impact on the global property sector, and Dubai was no exception. However, the market quickly adapted by introducing virtual solutions to facilitate property transactions. The latter half of 2020 saw several announcements that boost investor confidence
General Market Trends
Despite initial projections of significant declines, Dubai property prices remained favorable for buyers and investors, with most areas experiencing moderate declines under 10%. According to the data released by the Dubai Land Department, there were 20,716 residential transactions recorded in the emirate in 2020. Notably, villa sales showed greater stability, reflecting a shift in demand towards larger living spaces in the wake of social distancing measures.
Moderate Decline in Apartment Prices
Overall, apartment prices in Dubai experienced moderate declines under 10% in 2020 across most popular areas. Jumeirah Village Circle saw the least decline of 6.1% with average prices falling from AED 878 to AED 825 per sqft. Similarly, prices in Jumeirah Lake Towers declined by 10.8% to AED 830 per sqft.
More affordable areas like Dubai Silicon Oasis and International City also remained favorite choices for apartments, with price drops below 13%. Prices in more upscale areas like Business Bay fell by 9.4% possibly due to homeowners keeping rates competitive.
Within communities, Seasons remained the most sought-after project in JVC. Investors preferred International City which offered the highest rental yield of 8.5%. For luxury apartments, Dubai Marina, Downtown Dubai and Palm Jumeirah saw moderate price correction but remained top picks with yields over 5%.
Stable Performance of Villa Prices
Compared to apartments, villa prices increased stronger in 2020 with most popular areas seeing less than 5% decline. Dubailand remained the top choice for affordable villas, with prices falling just 2.4% to AED 636 per sqft. The Springs, another long-time favorite, recorded a minor 1.9% decline.
Similarly, luxury villa hotspots like Arabian Ranches experienced a marginal 1.8% decline with average prices steady at AED 873 per sqft. Newer projects such as Dubai Hills Estate and Palm Jumeirah also saw a limited 4-4.5% reduction.
Within Dubailand , Falcon City drew the most interested, while Al Reem emerged as the most searched community in Arabian Ranches . The moderate price stability, especially in the villa segment, reflected higher demand for spacious homes amid the pandemic.
Dubai Property Price in 2021: Continue Recovery
After the Covid pandemic, the Dubai real estate market experienced growth in 2021. As the city emerged from the global pandemic, strategic initiatives and a strong economic environment fueled this remarkable performance.
Record-Breaking Transactions
In 2021, Dubai’s real estate market recorded over 84,196 transactions, with a total value of nearly AED 300 billion. This marked the highest annual value in the history of Dubai’s real estate sector, reflecting a 66.3% increase in transaction volume and a 72% increase in value compared to 2020.
Break Down
- Sales Transactions: Properties worth AED 151.07 billion were sold throughout the year, breaking a 12-year record.
- Off-Plan vs. Secondary Market: 59.6% of transactions were for secondary/ready properties, while 40.4% were for off-plan properties.
Market Dynamics and Trends
Increased Demand for Secondary Properties
The secondary market saw significant activity, with 36,480 properties transacted, totaling AED 105.56 billion. This represents the highest secondary sales transaction value since 2008, driven by increased demand for ready-to-move-in properties.
Surge in Off-Plan Sales
The off-plan market also experienced growth, with 24,761 properties transacted, worth AED 45.5 billion. This surge was particularly evident in Q4 2021, where off-plan sales reached their highest volume and value since Q1 2010.
Popular Areas for Investment
Apartments
Dubai Marina and Downtown Dubai remained popular choices for apartment buyers. Despite fluctuations in prices, these areas continued to attract investors due to their prime locations and amenities.
Villas and Townhouses
The demand for villas and townhouses surged, with areas like Arabian Ranches and Palm Jumeirah seeing increased interest. The shift towards spacious living environments was a key trend in 2021.
Dubai Property Price in 2022: Surging Demand and Price Appreciation
Continuing the previous year’s trend, Dubai’s real estate market experienced exponential growth in 2022, with property prices for both villas and apartments increasing significantly. According to the Dubai Land Department, there were 97,466 sales transactions worth AED 265.6 billion, marking a record-breaking year for the sector.
Key Highlights
- Transaction Volume: 97,466 sales transactions, reflecting a booming market.
- Sales Value: AED 265.6 billion, showcasing the market’s strength and investor confidence.
Affordable vs. Luxury Segments
The market saw substantial growth across both affordable and luxury segments, with distinct trends emerging in each category.
Affordable Apartments
Jumeirah Village Circle (JVC) remained the top choice for affordable apartments, with a 7.25% increase in average price-per-square-foot, reaching AED 896. Investors could expect to pay around AED 440k for studios, AED 708k for 1-bed, and AED 1.07M for 2-bed flats. Jumeirah Lake Towers (JLT) also saw a 10.9% increase, making it a preferred choice for budget-conscious investors.
Luxury Apartments
Dubai Marina continued to capture investor interest for luxury apartments, with a 11.6% rise in average price-per-square-foot, reaching AED 1,501. Downtown Dubai also maintained its allure, with prices increasing by 14.7% to AED 2,239 per square foot. These areas offered attractive returns, with Dubai Marina yielding the highest rental returns of 7.04%.
Transitioning to Villas
The demand for villas surged in 2022, reflecting a shift towards spacious living environments. This trend was evident in both affordable and luxury segments.
Affordable Villas
DAMAC Hills 2 emerged as the most popular choice for affordable villas, with a 2.89% increase in price-per-square-foot to AED 626. The average price for 3-bed villas was AED 1.12M, while 4 and 5-bed houses averaged AED 1.45M and AED 1.92M, respectively. Jumeirah Village Circle also attracted small-ticket investors, with a 10.17% increase in sales price per square foot.
Luxury Villas
Dubai Hills Estate and Arabian Ranches were top choices for luxury villa buyers. Dubai Hills Estate recorded a sales volume of 2,536 transactions worth AED 12.5 billion. These areas not only offered luxurious living but also promised substantial returns on investment.
Dubai Property Price in 2023: Best Year
In 2023, Dubai’s real estate market achieved remarkable milestones with 132,628 sales transactions, collectively valued at AED 409.8 billion. This represented a significant increase from the previous year, underscoring the market’s strength and desirability. The upward trajectory in property prices was evident across the luxury, mid-tier, and affordable segments, reflecting a diverse range of investment opportunities.
Key Highlights
- Transaction Volume: 132,628 sales transactions, showcasing a thriving market.
- Sales Value: AED 409.8 billion, indicating strong investor confidence.
Affordable Apartments: A Surge in Demand
The affordable apartment segment saw a notable increase in property prices, with areas like International City leading the way. The price-per-square-foot for apartments in International City surged by 15.5%, averaging AED 583. The average transaction price in the area stood at AED 383.2k, following a 5.22% increase.
Popular Areas for Affordable Apartments
- International City: Top choice for investors, offering an ROI of 8.10%.
- Dubai Residence Complex: Recorded a 7.32% increase in price-per-square-foot.
- Dubai Production City: Attracted buyers with a 9.18% increase in prices.
Transition to Mid-Tier Apartments
In the mid-tier segment, Jumeirah Village Circle (JVC) emerged as the most sought-after district. The price-per-square-foot for flats in JVC recorded a 7% uptick, averaging AED 1,016. The average transaction price in the area was AED 691.7k, marking a 2.75% increase.
Key Mid-Tier Areas
- Jumeirah Village Circle: Remained a favorite among investors, with an ROI of 8.48%.
- Dubai Silicon Oasis: Offered a strong ROI of 9.07%.
- Jumeirah Lake Towers: Experienced an 11.8% increase in prices.
Luxury Apartments: A Magnet for Investors
Dubai Marina retained its position as the preferred destination for luxury apartment sales. The price per square foot for apartments in Dubai Marina increased by 9.16%, averaging AED 1,737. The average transaction value surged by 16.6%, reaching AED 1.88M.
Popular Luxury Areas
- Dubai Marina: Offered promising rental yields of 7.15%.
- [ Business Bay](https://topluxuryproperty.com/ae/dubai-communities/business-bay/ “Link title”): Saw a 14.3% increase in price per square foot.
- Downtown Dubai: Attracted significant investor interest with a 10.2% price increase.
Affordable Villas: Rising Popularity
DAMAC Hills 2 maintained its status as the preferred choice for budget-friendly villas. The average price per square foot for villas in DAMAC Hills 2 increased by 10.7%, averaging AED 743. The transaction value averaged AED 1.35M, representing a 0.54% increase.
Key Areas for Affordable Villas
- DAMAC Hills 2: Offered an ROI of 6.68%.
- Dubailand: Experienced a 14.2% increase in price per square foot.
- [ Dubai South](https://topluxuryproperty.com/ae/dubai-communities/dubai-south/ “Link title”): Attracted buyers with competitive pricing.
Transition to Mid-Tier and Luxury Villas
The mid-tier and luxury villa segments also saw significant growth. Areas like Arabian Ranches and Dubai Hills Estate continued to attract high-net-worth individuals seeking spacious living environments.
Mid-Tier and Luxury Villa Highlights
- Arabian Ranches: Known for its premium amenities and strategic location.
- Dubai Hills Estate: Offered luxurious living with promising returns.
Dubai Property Price in 2024: Continuing Growth
The first half of 2024 has proven to be another remarkable period for Dubai’s real estate market. market saw 43,075 sales transactions for ready properties, both residential and commercial, valued at AED 122.9 billion. This robust activity underscores the market’s continued appeal to both local and international investors.
Key Highlights
- Transaction Volume: 43,075 sales transactions, reflecting sustained market activity.
- Sales Value: AED 122.9 billion, highlighting strong investor confidence.
Affordable Apartments: A Steady Rise
The affordable apartment segment witnessed significant interest, with International City leading the charge. The price per square foot for apartments in this area rose by 7.86%, making it a top choice for budget-conscious buyers.
Popular Areas for Affordable Apartments
- International City: Maintained a strong ROI of 8.37%.
- Dubai South: Despite a 13.5% decline in transaction prices, it remains a popular choice.
- Dubai Production City (IMPZ): Offered the highest ROI in this segment at 8.89%.
Transition to Mid-Tier Apartments
Jumeirah Village Circle (JVC) continued to dominate the mid-tier apartment market, with a price-per-square-foot increase of up to 12%. This area remains attractive due to its strategic location and amenities.
Key Mid-Tier Areas
- Jumeirah Village Circle: Offered an ROI of 8.65%.
- Jumeirah Lake Towers: Saw a notable increase in transaction values.
- Dubai Silicon Oasis: Provided the highest ROI in the mid-tier segment at 9.28%.
Luxury Apartments: A Magnet for High-End Investors
Dubai Marina retained its allure for luxury apartment seekers, with a price-per-square-foot appreciation of up to 7%. This area continues to attract high-net-worth individuals seeking premium living spaces.
Popular Luxury Areas
- Dubai Marina: Delivered an ROI of 6.82%.
- Business Bay: Experienced a 14.3% increase in price per square foot.
- Downtown Dubai: Remained a top choice for luxury investments.
Affordable Villas: Rising Popularity
DAMAC Hills 2 emerged as the preferred choice for affordable villas, with a price-per-square-foot increase of 6% to 17%. This area offers a balance of affordability and quality living.
Key Areas for Affordable Villas
- DAMAC Hills 2: Provided an ROI of 6.97%.
- The Valley by Emaar: Reported the most significant price surge.
- Dubailand: Attracted diverse investor interest.
Transition to Mid-Tier and Luxury Villas
Jumeirah Village Circle and Arabian Ranches remained popular choices for mid-tier and luxury villas, respectively. These areas offer spacious living environments and strong investment returns.
Mid-Tier and Luxury Villa Highlights
- Jumeirah Village Circle: Reported the highest price hikes in the mid-tier segment.
- Arabian Ranches: Led the luxury villa market with a substantial price increase.
Trend Analysis of Different Factors
Dubai Property Supply and Demand Analysis
| Year | Supply | % Change from 2014 | YOY |
|---|---|---|---|
| 2014 | 14,876 | - | -5.44% |
| 2015 | 9,069 | -39.05% | -39.05% |
| 2016 | 15,125 | +1.67% | +66.74% |
| 2017 | 15,633 | +5.09% | +3.36% |
| 2018 | 15,998 | +7.54% | +2.33% |
| 2019 | 28,777 | +93.57% | +79.87% |
| 2020 | 30,353 | +104.25% | +5.48% |
| 2021 | 31,964 | +115.22% | +5.31% |
| 2022 | 35,141 | +136.18% | +9.94% |
| 2023 | 37,604 | +152.95% | +7.01% |
| 2024 | 17,877 | +20.19% | -52.47% |
Price Per Sqft Trend
| Year | Price per sqft | % Change from 2014 | YoY Change |
|---|---|---|---|
| 2014 | 956 | - | — |
| 2015 | 937 | -1.99% | -1.99% |
| 2016 | 875 | -8.47% | -6.62% |
| 2017 | 900 | -5.86% | +2.86% |
| 2018 | 940 | -1.67% | +4.44% |
| 2019 | 853 | -10.79% | -9.26% |
| 2020 | 812 | -15.06% | -4.81% |
| 2021 | 794 | -16.94% | -2.22% |
| 2022 | 1039 | +8.68% | +30.86% |
| 2023 | 1175 | +22.91% | +13.09% |
| 2024 | 1386 | +44.98% | +17.96% |
Property Type Price Trend Analysis
| Year | Apartment Price | Villa Price | Commercial Price | Plot Price |
|---|---|---|---|---|
| 2014 | 1,000,000 | 3,174,944 | 1,240,858 | 2,815,150 |
| 2015 | 956,746 | 3,193,928 | 1,178,823.69 | 1,662,500 |
| 2016 | 915,000 | 2,692,404 | 978,400 | 1,600,000 |
| 2017 | 963,170.24 | 2,685,888 | 1,000,000 | 3,133,855 |
| 2018 | 873,000 | 2,400,000 | 820,000 | 2,850,000 |
| 2019 | 979888 | 1,765,888 | 700,000 | 2,850,000 |
| 2020 | 900,000 | 1,811,000 | 600,000 | 3,224,197 |
| 2021 | 977,506 | 2,300,000 | 691,500 | 3,188,000 |
| 2022 | 1,198,000 | 2,050,000 | 800,000 | 2,818,800 |
| 2023 | 1,217,268 | 2,850,000 | 995,896 | 3,980,000 |
| 2024 | 1,280,000 | 3,535,544 | 1,330,898.15 | 4,900,000 |
Mortgage vs. sales property transactions value
| Year | Mortgage | Sale |
|---|---|---|
| 2014 | 815 | 655 |
| 2015 | 858 | 772 |
| 2016 | 768 | 638 |
| 2017 | 926 | 705 |
| 2018 | 448 | 778 |
| 2019 | 438 | 446 |
| 2020 | 598 | 368 |
| 2021 | 898 | 748 |
| 2022 | 915 | 1,229 |
| 2023 | 1,408 | 2,295 |
| 2024 | 1,156 | 2,978 |
Future Project Supply Projection
Based on the property data from past performance and projections, we can observe the trends for future planned property supply starting from 1st of January 2024. The following table outlines the expected units as depicted on the graph, reflecting the supply dynamics over the next several years. Note that these numbers do not include any overdue projects with handover dates prior to 2024.
| Year | Planned Property Supply (Units) |
|---|---|
| 2024 | 24,000 |
| 2025 | 41,000 |
| 2026 | 44,000 |
| 2027 | 21,000 |
| 2028 | 13,000 |
| 2029 | 4,000 |
Conclusion
The dubai property prices in the last 10 years offer valuable insights into real estate market trends dubai. These trends help predict the dubai property investment outlook for the next decade. Historical data analysis reveals potential shifts and opportunities in the real estate sector.
Dubai property prices have grown consistently over the past decade. Average annual increases ranged from 3% to 10%. Luxury residential properties saw the highest growth, averaging 10% annually.
Commercial properties experienced moderate growth, averaging 5% per year. During economic instability, prices declined up to 15%. Foreign investment drove prices up, contributing to 30% of real estate transactions.
Recent trends show Dubai’s dynamic real estate landscape. Residential property sales prices increased by 12% between Q3 2021 and Q3 2022. They reached AED 1,203 per sq ft. Average rents rose by 19% in the same period.
Growth varied across different areas. Mohammed Bin Rashid City, Palm Jumeirah, and Business Bay saw highest price growth. Dubai Land, Dubai South, and Dubai Creek Harbour experienced price declines.
This comprehensive guide will help investors, developers, and policymakers in their decision-making. It helps in strategic planning for the years ahead in Dubai’s property market.
