Provident’s Dubai Property Market Report 2024: Key Highlights and Insights

Dubai’s real estate market thrived in 2024, driven by visionary urban planning, population growth, and transformative infrastructure projects. Our comprehensive report reflects the emirate’s resilience and forward-thinking strategies, positioning it as a global hub for business, tourism, and investment. Let’s learn how the real estate sector performed last year with Provident’s Dubai Property Market Report 2024.

Key Highlights from the Dubai Real Estate Market Report

• Dubai's population reached 3.83 million, growing 8% from Q4 2023.
• A total of 168,407 units were sold, marking a 42% increase from 2023.
• Off-Plan Sales: 106,695 units, with JVC (11.2%), Business Bay (6.4%), and DAMAC Hills 2 (5.8%) leading.
• Ready Sales: 61,712 units, with JVC (7.8%) and Business Bay (5.5%) as top-performing areas.
• 25,143 units were completed, including 19,806 apartments, 1,488 villas, and 3,364 townhouses.
• 90% of villa and townhouse communities face demand exceeding supply.
• Mortgage registrations surged with 17,441 apartments, 5,711 townhouses, and 3,533 villas.

Key Drivers Behind Dubai's Remarkable Growth in 2024

Government’s Strategic Future Plans

The Dubai government’s visionary strategies for the emirate’s future have driven significant growth in Dubai’s property market in 2024. Vision 2033 focuses on economic expansion by doubling foreign trade, fostering 30 global unicorn companies, and advancing sustainable industries.

Vision 2040 aims to accommodate a population of 7.8 million, double green spaces, quadruple public beaches, and enhance public transport access, ensuring 55% of residents are within 800 meters of a station.

These factors position Dubai as a secure and highly lucrative property investment destination, attracting residents and foreign investors.

Transformative Infrastructure Projects

Dubai’s infrastructural advancements are pivotal in boosting connectivity and enhancing the overall quality of life. Transformative projects like the Al Shindagha Corridor and Hessa Street Expansion are designed to alleviate congestion and significantly improve accessibility across the city.

Additionally, Smart Traffic Systems leverage cutting-edge technology to streamline commutes, reduce travel times, and enhance road safety, reinforcing Dubai's commitment to a seamless and efficient urban experience. These advancements are among the key factors contributing to the stability and growth of the real estate market in 2024.

DLD Smart Rental Index

The DLD Smart Rental Index 2025 is a transformative initiative enhancing transparency and fairness in the real estate market. By utilizing advanced technologies, including artificial intelligence, the index provides accurate, up-to-date rental valuations that reflect current market conditions. 

This system evaluates properties based on comprehensive criteria such as structural characteristics, quality of finishes, location, and available services, ensuring that rental prices are fair and justified. The implementation of the Smart Rental Index has led to increased confidence among investors and tenants, contributing to the growth and stability of Dubai's real estate sector.

Market Insights 

According to Provident’s Dubai Property Market Report 2024, the city's population surged to 3.83 million by the end of 2024, marking an 8% growth from Q4 2023. Rising demand for housing has led to high absorption rates, with 90% of villa and townhouse communities experiencing demand exceeding supply. 

Moreover, mortgage registrations in Dubai in 2024 are as follows:

• 17,441 apartments
• 5,711 townhouses
• 3,533 villas

A record-breaking 168,407 units were sold, representing a 42% increase from 2023. Here are total number of sales transactions in Dubai as per the Provident’s Dubai Property Market Report 2024:

• Off-Plan Sales: 106,695 units, with Jumeirah Village Circle (11.2%), Business Bay (6.4%), and DAMAC Hills 2 (5.8%) leading the market.
• Ready Sales: 61,712 units, dominated by JVC (7.8%) and Business Bay (5.5%).

Looking Ahead

As Dubai progresses toward its Vision 2033 and Vision 2040 goals, the city’s real estate market is set to provide unparalleled opportunities for investors and residents. With a focus on luxury, sustainability, and growth, Dubai remains a beacon for global investment.

For more insights, download the full PDF of Provident’s Dubai Property Market Report 2024 to explore detailed statistics, trends, and opportunities.

Contact Provident today to stay ahead with the latest trends in Dubai’s thriving property market and make informed investment decisions.