The Engel & Völkers Dubai Property Market Report for H1 2024

Record-breaking residential sales

Unprecedented growth

Dubai's residential property market witnessed extraordinary growth in H1 2024. Sales transactions and total sales value increased significantly, reflecting robust demand and investor confidence.

Total sales volume (H1: 2019-2024)

Off-plan market dominance

The off-plan market has emerged as a key growth driver. Our report explores the factors behind this trend, including the popularity of new communities on the fringes of Dubai and the benefits that attract investors to new developments.

Buyer profile

In the first half of 2024, Engel & Völkers engaged with buyers from over 50 countries. The report delves into the profile of these buyers, highlighting the increase in end-user purchases and mortgage transactions, and what this means for the market.

Luxury market insights

Dubai’s luxury real estate market continues its impressive growth trajectory. The report provides detailed insights into the critical luxury market trends, including the influx of high-net-worth individuals. 

Luxury transactions thrive

Despite a slight pullback in transactions compared to the second half of 2023, H1 2024 saw a remarkable 47% increase compared to the same period last year. 

Luxury sales transactions over AED 10M (H1: 2019-2024)

Top communities for luxury transactions

Discover which communities are setting records in the luxury market. The report highlights the most sought-after areas and the emerging luxury developments attracting affluent buyers.

Residential leasing trends

The rental market in Dubai is experiencing an ongoing shift. Our report analyzes these changes, focusing on lease renewals, new rental contracts, and the factors influencing tenants' decisions to buy rather than rent.

Shifting patterns

Dubai's rental market continued its shift towards tenants either renewing their current contracts or buying a home rather than finding a new rental property. This contributed to an 8.1% drop in new contracts year on year and a 3.2% increase in contract renewals.

New and renewed rental contracts 

Insights and detailed analysis

Sales price changes in top communities

The Engel & Völkers H1 2024 Market Report offers an exclusive look at sales price changes in key communities, helping buyers and investors understand the market's ongoing trends.

Top communities for luxury transactions

Our report reveals the top communities for luxury transactions, offering a glimpse into where the highest-value properties are being sold.

Rental statistics and key community insights

Dive into detailed rental statistics and gain insights into key communities. The report is an essential tool for confidently navigating the rental market.

Download the Market Report

For a comprehensive analysis of Dubai's real estate market performance, click the link below to download the Engel & Völkers Residential Property Market Report for H1 2024.