{"id":101428,"date":"2025-03-07T00:00:00","date_gmt":"2025-03-07T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/uae\/dubai-home-prices-jumped-19-1-in-2024-as-listings-fell-30\/"},"modified":"2025-03-07T00:00:00","modified_gmt":"2025-03-07T00:00:00","slug":"dubai-home-prices-jumped-19-1-in-2024-as-listings-fell-30","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/uae\/2025\/03\/07\/dubai-home-prices-jumped-19-1-in-2024-as-listings-fell-30\/","title":{"rendered":"Dubai home prices jumped 19.1% in 2024 as listings fell 30%"},"content":{"rendered":"

Dubai\u2019s <\/strong>property market wrapped up 2024 with <\/strong>solid price growth<\/strong> as listings fell amid rising demand, with average residential values climbing 2.7% q-o-q in 4Q 2024, according to Knight Frank\u2019s latest quarterly Dubai Residential Market Review (pdf)<\/a>. This brings the total increase in value for the year to 19.1%, with villas appreciating 20.2% and apartments up 18.9%, and pushes overall prices 13.3% above their 2014 peak. <\/p>\n

Supply tightened further<\/strong>, with the number of residential listings down 30%, while prime segment listings dropped 52%, Faisal Durrani, Knight Frank\u2019s head of research for MENA, told Khaleej Times<\/a>.<\/p>\n

End users are starting to dominate the market:<\/strong> \u201cWe have noted a rise in genuine end users, rather than speculative purchasers that have defined previous cycles,\u201d said Faisal Durrani, partner and head of research for Mena at Knight Frank. <\/p>\n

Ultra-luxury homes priced over USD 25 mn saw an 85% drop in listings<\/strong>, driven by growing demand from m\u2019naires and ultra high net worth individuals relocating to Dubai, Durrani said.<\/p>\n

ICYMI- <\/strong>Dubai maintained its global lead for home sales over USD 10 mn for the second consecutive year, with 435 transactions<\/a> in 2024, including a record 153 sales in 4Q, according to a previous Knight Frank report. Limited supply also continued to support the market, with listings of properties over USD 10 mn declining by 40%. <\/p>\n

This won\u2019t last too long<\/strong>:<\/strong> Some 302k units are under construction for delivery by 2029, with apartments making up 80% of the pipeline, according to Knight Frank. However, historical trends indicate a 30% delay in actual completions, with just over half of the 60k units expected in 2024 making it to market, according to Knight Frank.<\/p>\n

We know the sector is in for a price correction soon:<\/strong> Knight Frank previously forecast prices to grow 8%<\/a> this year, while Moody\u2019s forecasted<\/a> a dip or stabilization in Dubai\u2019s property market over the next 12 to 18 months, as developers face rising construction costs and potential delivery delays, alongside a large pipeline of pre-sales set for completion over the next two to three years. A Deloitte report<\/a> similarly projected that residential price and rent growth may slow by year-end as new supply enters the market.<\/p>\n","protected":false},"excerpt":{"rendered":"

Knight Frank forecasts 5% growth for mainstream residential prices in 2025, down from its earlier 8% forecast<\/p>\n","protected":false},"author":1,"featured_media":101429,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1565],"tags":[87,7,1160,98],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-101428","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-real-estate","tag-dubai","tag-enterpriseam-uae","tag-knight-frank","tag-real-estate","wpautop","entry"],"acf":{"mongo_id":"ed6576fa-99a9-400c-92a0-2f1309bdf243","order":"9","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2025\/3\/461.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Dubai home prices jumped 19.1% in 2024 as listings fell 30%","related_issue":[101412],"teaser":"Knight Frank forecasts 5% growth for mainstream residential prices in 2025, down from its earlier 8% forecast","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2025\/3\/.fe31ece2-47bb-4337-993f-732314a79415.mp3"},"yoast_head":"\nDubai home prices jumped 19.1% in 2024 as listings fell 30% - 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