Knight Frank – Dubai Residential Market Review Spring, Summer 2024

In the first quarter of 2024, residential values in Dubai experienced a 7% increase, with villas outperforming apartments. Villas are now 19.3% above their 2014 peak, while apartment prices remain 1.8% below. Currently, there are 261,243 units under construction, with the majority (80%) being apartments. Exclusive neighborhoods saw a significant surge of 18.2% in prime residential values over the past year. Despite the overall rise in prices, average values are only 2.3% higher than the 2014 peak. Dubai's real estate market continues to show growth and investment potential, particularly in the luxury residential sector.