by luna-admin 
Dubai’s property market saw a significant rise in Q3 2024, with residential prices climbing by nearly 20% and total sales surpassing AED 120 billion ($32.4 billion), according to CBRE Middle East’s UAE Real Estate Market Review.
Apartment prices jumped 19%, while villa prices increased by 23%, marking strong performance across the board. Rental rates also grew, with average apartment rents up by 19% and villa rents by 13% compared to the same period in 2023. Despite a slight drop in new rental registrations, renewals surged by 14%, highlighting sustained demand.
The residential transaction volume hit over 125,000 deals in the first nine months of 2024, a 36% increase from 2023, driven by robust off-plan sales and a continuing demand-supply imbalance.
Meanwhile, Dubai’s office sector remains landlord-friendly as demand grows amidst limited new supply, pushing occupancy rates to 93%. Rental rates for office spaces in all categories continued to rise, with Grade A rents growing by 21%, fueled by a positive non-oil economy and strong employment growth.
In hospitality, Dubai has set new visitor records, with international arrivals rising by 9.9% in the first half of 2024. Retail also saw high occupancy rates, though the limited supply of prime assets has led to rental growth and a challenging leasing environment.
The industrial and logistics sector remains strong, although a lack of ready-to-lease assets is limiting market activity, with landlords pushing rental rates higher, especially in prime North Dubai locations.
Matthew Green, Head of Research at CBRE MENA, commented, “Despite the ongoing supply challenges across multiple sectors, the UAE’s real estate market continues to demonstrate resilience, supported by a buoyant non-oil economy, with growth expected to continue over the next year.”
