Dubai’s real estate is set to drive growth and revenue to new heights by 2027. With 243,000 units planned for delivery by the end of 2027 and apartments representing 80% of future inventory, according to Cavendish Maxwell, a leading real estate consultancy.

The property market experienced significant growth in 2024, with a record-breaking 169,000 sales—up 42% from 2023. Prices continued to rise throughout the year, ending 0.9% higher month-on-month in December and 3.1% up from the previous quarter. Year-on-year, prices increased by 16.5%, with the cost per square foot reaching $403.11 in December, a 90% rise from the April 2009 low.

In 2024, the market closed with 47 months of consecutive price growth, but as predicted, the rate of appreciation has started to slow, with monthly growth now around 1%, compared to 2.5% previously. Mortgage activity reached an all-time high of 36,600 loans, up nearly 30% from 2023.

The off-plan sector continued to lead the market, with nearly 145,000 new off-plan units launched in 2024, averaging 400 per day. Emaar, Binghatti, and DAMAC were the key players in this space. By the end of 2024, under-construction projects made up 68% of the total residential market.

Ronan Arthur, Partner and Head of Residential Valuation at Cavendish Maxwell, said, “These impressive figures reflect a strong, stable property market that has seen consistent growth since 2022, driven by international demand from countries like India and China.”

Apartments accounted for 81% of property purchases in 2024. The top locations for unit deliveries included Mohammed Bin Rashid City and Jumeirah Village Circle. Looking ahead, Jumeirah Village Circle is set to deliver nearly 25,000 units by 2027.