Dubai Property Market Growth: Prices Up 15 Quarters Straight!

Dubai real estate prices maintained their unbroken growth streak in the first quarter of 2024, with values appreciating for the 15th consecutive quarter. The gains were the most noticeable for more affordable housing units, as per the experts.

Apartments in communities like Discovery Garden, Dubai Sports City , and Dubailand — generally seen as ‘affordable’ options — saw price jumps of 30% or more compared to the prior year. This was apparently due to lower initial values leaving more room for increases.

Areas like Jumeirah Village Circle ,The Lakes, and Jumeirah Park saw villa values surge by over 20%. Researchers attributed this at least partly to homeowners renovating and relisting older properties at significantly higher prices. Updating homes in central, amenity-rich neighborhoods allowed sellers to demand large premiums.

Meanwhile, premium locations such as Palm Jumeirah and Downtown Dubai experienced more moderate price growth below 20%. Still, analysts emphasized no signs of value declines have emerged city-wide as sales prices are up around 20% annually and well above pre-pandemic levels.

Investors and residents alike continued flocking to Dubai, encouraged by affordability against other global destinations and high rental yields . Over 80,000 new units are projected to be completed by 2028 to meet demand. Property rallies that started during the Covid-19 pandemic thus show no signs of abating yet in the emirate. For buyers still seeking value, lower-cost housing neighborhoods remain many analysts’ top recommendations.