Dubai property prices trend in 2024
The UAE real estate market, as well as the country's economy as a whole, has been steadily overcoming its dependence on oil prices’ dynamics in recent years. This is due to the development of other industries such as tourism, transport, finance and the service sector. Between 2002 and 2008, residential real estate prices in Dubai almost quadrupled, then plummeted due to the impact of the global financial crisis. In 2012–2015, the UAE market was actively recovering — property prices were growing by an average of 20% per year. Later, the real estate market entered the growth phase again.
With the onset of the global COVID–19 pandemic in 2020, property prices in Dubai have declined as a result of a significant decrease in the tourists’ flow, as well as the departure of skilled expats working in the hospitality, air travel and maritime transport sectors. Since the reopening of borders, the UAE real estate market has been recovering rapidly.
In February 2022, the increase in prices of apartments in Dubai amounted to 25.5%, the cost of townhouses increased by 10.5%, and the prices of villas in Dubai rose by 15.5% compared to February 2021, report Property Monitor’s analysts. At the same time, the average price per square metre in Dubai reached 10,775 dirhams (2,933 US dollars at the rate of 1 US dollar = 3.67 dirhams).
By the end of Q1 2022, the median price of apartments in Dubai has exceeded 1 million dirhams (approx. 280,000 US dollars); while the median price of villas is approaching 4 million dirhams (over 1 million US dollars).
From $764,000
Completion in: 2027.II Total of 649 apartments
From $8,747,000
Completion in: 2026.IV Total of 53 apartments
From $2,734,000
Completion in: 2026.II Total of 48 apartments
From $266,000
Completion in: 2027.I Total of 387 apartments
From $657,000
Completion in: 2027.I Total of 338 apartments
From $543,000
Built in 2023 Total of 470 apartments
From $301,000
Completion in: 2024.III Total of 400 apartments
Dubai Real Estate Market Forecast in 2023
Dubai is a major financial, transport and tourist centre of the UAE and the entire Middle East. There are two international airports here, one of which is the largest transport hub in the Persian Gulf, and two seaports. The deep-water seaport of Dubai has established low duties, which, coupled with a friendly tax policy, ranks Dubai as the third largest re-export hub in the world.
Tourism is an integral part of Dubai's economy and a cornerstone of its stability during a period of declining energy prices. Dubai welcomed 979,000 tourists in January 2022, doubling the figures for the same month in 2021, according to Dubai’s Department of Economy and Tourism report. This restoration of the tourism sector leads the emirate to prosperity, increasing business development opportunities and Dubai’s attractiveness to investors.
From $764,000
Completion in: 2027.II Total of 649 apartments
From $8,747,000
Completion in: 2026.IV Total of 53 apartments
From $2,734,000
Completion in: 2026.II Total of 48 apartments
From $266,000
Completion in: 2027.I Total of 387 apartments
From $657,000
Completion in: 2027.I Total of 338 apartments
From $543,000
Built in 2023 Total of 470 apartments
From $301,000
Completion in: 2024.III Total of 400 apartments
According to the Dubai Land Department’s annual report, real estate deals in the emirate reached record levels in the first half of 2021 in comparison with earlier periods. There were 21,300 real estate transactions in Q2 2021, while only 7,741 transactions were registered for the same period in 2020, which demonstrates an increase rate of 175%. By 2022, sales growth dynamic continues to increase. In February 2022, 6,346 real estate deals were conducted in Dubai, compared to 3,828 deals for the same month in 2021.
In the first quarter of 2022, we have received almost 3 times more requests for apartments in Dubai compared to the same period in the last year. The surge in demand is associated not only with the recovery of investment activity after the pandemic, but also with geopolitical factors.
Today, foreign buyers see Dubai as a safe harbour for preserving capital and generating a stable income from real estate investments.
Popular Areas for Buying an Apartment in Dubai
Property prices in different Dubai districts were influenced by the investment policy of the emirate's authorities. According to local laws, foreigners can register freehold only in certain zones; those zones become centres of attraction for international capital. Prices in districts with the earliest permitted sales to foreign investors, such as Jumeirah, are among the highest in Dubai today.
However, foreign investors also pay attention to new promising areas with freehold contracts. After the construction, one can expect a higher return on invested capital here than in already developed areas. The demand for currently developing neighborhoods with interesting architectural and urban planning solutions is steadily growing. Thus, Mohammed Bin Rashid City (also known as MBR City), founded in 2012, now has the highest number of transactions in the primary real estate market of Dubai.
Jumeirah
This district is home to luxury residential complexes and high-end villas, numerous tourist attractions and landscaped beaches, as well as magnificent skyscraper hotels. Over the years, the area has been gradually expanded due to the creation of new artificial islands. The first of them, Palm Jumeirah, is still in high demand among property buyers in Dubai. Taking into account the prices of villas on the coastline, it has the highest average price per square metre: 32,734 dirhams (8,912 US dollars). Apartments here are less expensive, as they are located on the second and third lines from the sea.
Apartment prices in Jumeirah in February 2022
Property type | Median apartment price in UAE dirhams | Median apartment price in US dollars | Average price per 1 sq. m in US dollars |
|---|---|---|---|
Studio apartment | 392 500 | 106 860 | 3 500 |
One-bedroom apartment | 704 000 | 191 668 | 3 700 |
Two-bedroom apartment | 1 055 929 | 287 484 | 3 500 |
From $8,747,000
Completion in: 2026.IV Total of 53 apartments
From $1,137,000
Completion in: 2026.I Total of 1265 apartments
From $715,000
Completion in: 2025.I Total of 370 apartments
From $2,364,000
Built in 2023 Total of 123 apartments
From $5,133,000
Built in 2024 Total of 19 apartments
Business Bay
The name of this district speaks for itself — this is the business centre of Dubai and one of the main financial centres in the Middle East. According to the urban development plan, a significant part of the territory here is reserved for offices, shopping centres and other types of commercial real estate. However, there are also residential complexes located here, which are in high demand among foreign buyers and leaseholders, who work in this area. The average price per square metre in Business Bay is 14,574 dirhams (3,967 US dollars).
Apartment prices in Business Bay in February 2022:
Property type | Median apartment price in UAE dirhams | Median apartment price in US dollars | Average price per 1 sq. m in US dollars |
|---|---|---|---|
Studio apartment | 763 670 | 207 914 | 5 200 |
One-bedroom apartment | 1 025 000 | 279 063 | 5 100 |
Two-bedroom apartment | 1 739 925 | 473 706 | 5 500 |
From $2,734,000
Completion in: 2026.II Total of 48 apartments
From $496,000
Built in 2019 Total of 110 apartments
From $827,000
Built in 2023 Total of 346 apartments
From $1,954,000
Completion in: 2026.II Total of 500 apartments
From $591,000
Completion in: 2027.II Total of 311 apartments
From $1,111,000
Completion in: 2025.I Total of 324 apartments
From $1,168,000
Completion in: 2025.I Total of 101 apartments
Dubai Marina
This area of Dubai is famous for its artificial harbour, which is expected to become the world's largest upon completion. Mostly high-rise buildings with offices and residential apartments are located here. An extensive promenade with recreational areas, restaurants and shopping centres has been landscaped along the coastline. Due to the futuristic scenery and comfortable infrastructure, apartments in Dubai Marina are in high demand among foreigners, especially expats from Europe. The average price per square metre in Dubai Marina is 13,767 dirhams (3,748 US dollars).
Apartment prices in Dubai Marina in February 2022
Property type | Median apartment price in UAE dirhams | Median apartment price in US dollars | Average price per 1 sq. m in US dollars |
|---|---|---|---|
Studio apartment | 590 250 | 160 699 | 5 300 |
One-bedroom apartment | 1 250 000 | 340 321 | 5 700 |
Two-bedroom apartment | 1 775 000 | 483 256 | 5 600 |
From $764,000
Completion in: 2027.II Total of 649 apartments
From $1,132,000
Completion in: 2025.III Total of 155 apartments
$547,000
Total area 121 m² 2 bedrooms
From $514,000
Completion in: 2026.IV Total of 219 apartments
From $886,000
Built in 2021 Total of 179 apartments
From $2,961,000
Completion in: 2026.IV 235 units in total
From $569,000
Completion in: 2027.I Total of 100 apartments
Dubai Creek Harbour
This coastal area of Dubai is gaining popularity thanks to the famous Dubai Creek Tower and the tourist centre on the opposite bank, the buildings in which are styled after the Arabic architecture of the Middle Ages. The foundation of the Tower skyscraper has been laid already, and the final height of this project is rumoured to be 928 metres, which is 100 metres higher than the Burj Khalifa (currently the tallest building in the world), also erected in Dubai. Investors expect that upon completion, the Tower will become the next “Arab wonder of the world” and will attract a huge number of tourists and businesses. The average price per square metre in the area is 19,838 dirhams (5,401 US dollars).
Apartment prices in Dubai Creek Harbour in February 2022
Property type | Median apartment price in UAE dirhams | Median apartment price in US dollars | Average price per 1 sq. m in US dollars |
|---|---|---|---|
Studio apartment | 1 279 888 | 348 458 | 7 800 |
One-bedroom apartment | 2 018 888 | 549 656 | 8 500 |
Two-bedroom apartment | 3 191 888 | 869 013 | 9 600 |
From $551,000
Built in 2022 Total of 240 apartments
From $964,000
Built in 2022 Total of 450 apartments
From $780,000
Completion in: 2028.II Total of 262 apartments
From $566,000
Completion in: 2027.III Total of 450 apartments
From $985,000
Completion in: 2026.III Total of 187 apartments
From $769,000
Completion in: 2028.III Total of 163 apartments
$354,000
Total area 153 m² 3 bedrooms
Coastal Villas: Luxury Property Prices in Dubai
As a result of the widespread work-from-home culture during the COVID–19 pandemic, since the end of 2021 there has been a noticeable increase in demand (and, consequently, prices) for villas and townhouses in Dubai. The increase in prices in February 2022 compared to the same month last year was 15.5%; while the median price of villas in Dubai almost reached 4 million dirhams (over 1 million US dollars).
The most expensive deal on Dubai’s real estate market in February 2022 was the sale of a villa on Jumeirah Bay Island, which sold for 88.2 million dirhams (24 million US dollars). For comparison, the most expensive deal on the market in February 2021 was the sale of a villa in MBR City, which sold for 35 million dirhams (approx. 9.5 million US dollars).
The average price of villas and townhouses in Dubai ranges from 5.5 million to 17.5 million dirhams (1.5–4.5 million US dollars) depending on the location. The most expensive properties are located on the Jumeirah Islands, while the cheapest villas in Dubai can be bought in MBR City, which is still under construction.
$550,000
2 bedrooms 2 bathrooms
$35,000,000
Total area 2,136 m² Land area: 1,393 m²
From $2,961,000
Completion in: 2026.IV 235 units in total
$89,175,000
Total area 33,044 m² Land area: 21,934 m²
$22,150,000
Total area 1,245 m² 5 bedrooms
$2,814,000
Total area 314 m² 5 bedrooms
$2,736,000
Total area 465 m² 4 bedrooms
Off-Plan Dubai Real Estate Market
The number of residential apartments purchased during the construction phase continues to grow in Dubai. In February 2022, over 3,000 off-plan properties came on the market with a total value of approximately 7.5 billion dirhams (2 billion US dollars). More than a half of these properties (58.5%) were townhouses, the rest were apartments (36.8%) and villas (4.7%). In total, 2,576 off-plan properties have been sold in February 2022, which demonstrates an increase of 112.9% compared to February 2021.
The most popular areas in Dubai for buying off-plan apartments (by the number of sales in February 2022):
- MBR City – 568;
- Business Bay – 266;
- Dubai Creek Harbour – 169;
- Jumeirah – 161.
$5,538,000
Total area 372 m² 2 bedrooms
$8,174,000
Total area 836 m² 6 bedrooms
Due to the fact that developers have not yet completed the construction, off-plan property prices are on average lower than in other popular districts of Dubai. For example, the average price per square metre in MBR City is 12,443 dirhams (3,387 US dollars). Thus, by investing in off-plan real estate, one can buy a reasonably priced apartment in Dubai, which will increase in price by the time construction is completed. Another incentive for buying primary property in Dubai is the opportunity to obtain a residence permit for a period of 3 to 10 years with the right of unlimited extension.
Apartment prices in MBR City in February 2022
Property type | Median apartment price in UAE dirhams | Median apartment price in US dollars | Average price per 1 sq. m in US dollars |
|---|---|---|---|
Studio apartment | 500 650 | 136 305 | 3 400 |
One-bedroom apartment | 927 200 | 252 436 | 3 800 |
Two-bedroom apartment | 1 650 000 | 449 224 | 5 200 |
From $675,000
Completion in: 2025.III Total of 343 apartments
From $398,000
Built in 2021 Total of 283 apartments
From $446,000
Completion in: 2024.IV Total of 127 apartments
From $416,000
Completion in: 2024.II Total of 277 apartments
From $663,000
Completion in: 2025 Total of 179 apartments
From $940,000
Completion in: 2025 Total of 71 apartments
From $617,000
Completion in: 2024.III Total of 16000 apartments
Rental Property Market in Dubai
Rental property performance has also improved significantly in 2021 and continues to rise in 2022. In Q1 2021, 166,782 lease agreements were registered in Dubai Land Department, up 16% from registered agreements in Q1 2020. Rental rates are gradually catching up with rising property prices in Dubai, instilling confidence in investors. Rental yields have increased by 6% in February 2022. Gross yields for apartments are now just over 7%, and for villas they are around 5%, according to Property Monitor. At the same time, it is expected that new and most attractive properties will be in high demand, taking the lead in terms of rental yield.
Price on request
Total area 550 m² 4 bedrooms
$10,500 per week
4 bedrooms 8 guests
$9,800 per week
Total area 560 m² 4 bedrooms
Rental costs for an apartment in Dubai in February 2022 ranged from 23,251 dirhams (6,330 US dollars) for a low-cost apartment in International City to 236,664 dirhams (64,433 US dollars) for a luxury apartment in Al Barari.
While it is true that rental costs in Dubai depend on the quality of rented property (e.g., total area of property, its comfort level, etc.), another major factor affecting rental costs is the location of the property; and the highest price exceeds the lowest by 10 times.
Dubai Property Prices Forecast for 2023
The United Arab Emirates is an attractive and accessible market for foreign investors in terms of convenience and reliability when moving capital. European markets often create barriers to foreign investment; besides, high taxes and inflationary expectations are slowing down the pace of recovery from the COVID–19 pandemic. In these circumstances, investors more often turn to the Middle East property market.
Foreign investors are also attracted to the Emirates by the authorities’ aspiration to maintain neutrality, to ensure the free movement of capital and to protect personal data of property owners and account holders. Coupled with the opportunity to obtain UAE residence visa by buying property worth over 750,000 dirhams (approx. 205,000 US dollars), Dubai’s real estate market appeals to more and more foreign buyers each year.
According to Dubai Land Department, the number of real estate deals in the emirate has been steadily growing over the past three years. Developers have resumed their work on projects that were suspended during the pandemic. At the same time, new projects are being launched that arouse interest among buyers who are waiting for the start of sales. The construction of the “Arab wonders of the world” continues: MBR City, Dubai Creek Tower, the artificial Octagon Archipelago, etc. Property prices in areas with innovative infrastructure solutions are growing faster than the market average.
Based on the confident pace of recovery of the real estate market after the pandemic, reflected in the Deloitte’s Middle East real estate predictions, a further increase in prices is anticipated in 2022 for residential apartments in Dubai and other Emirates, where real estate purchases are available for foreigners.
FAQ
Currently, the median apartment price in Dubai exceeds 1 million dirhams (approx. 280,000 US dollars), while the average price per square metre has reached 10,775 dirhams (2,933 US dollars).
Median prices in Dubai range from 390,000 to 760,000 dirhams (106,000–207,000 US dollars) for studios, from 700,000 to 1.2 million dirhams (190,000–348,000 US dollars) for one-bedroom apartments, and from 1 to 2 million dirhams (280,000–550,000 US dollars) for two-bedroom apartments.
The median price of townhouses is 1.7 million dirhams (462,000 US dollars), while the median price of villas in Dubai is close to 4 million dirhams (over 1 million US dollars).
In general, the prices of villas and townhouses in Dubai vary from 5.5 million to 17.5 million dirhams (1.5–4.5 million US dollars). The most expensive properties are located on the Jumeirah Islands, while the cheapest villas in Dubai can be bought in MBR City, which is still under construction.
The demand for off-plan property in new areas with interesting architectural and urban planning solutions is steadily growing. Thus, MBR City, founded in 2012, now has the highest number of transactions in the primary real estate market of Dubai. Property prices in currently constructing neighbourhoods are on average lower than in other developed areas of Dubai, so one can expect a price growth by the time construction is completed when investing in off-plan property.
Popular areas among foreign investors include Jumeirah, Business Bay, Dubai Marina and Dubai Creek Harbour. For these areas, Property Monitor analysts record price increases at a faster rate than in other areas of Dubai in 2021 and 2022.
The cost of an apartment in Dubai is determined by the location of the residential complex and its proximity to the coastline, business and tourist centres. Additionally, the price is determined by the architecture and tier of the object, by the state of amenities and service infrastructure for residents (the availability of a swimming pool, SPA, gym, children's playroom, etc.). Of course, prices can also be influenced by the parameters of the apartment itself: the view from the windows, planning solution, grade of finishing materials and quality of the design project. In the case of rental real estate, the services of a management company also affect prices: the cost of apartments may be lower than the market’s average, but at the same time higher commissions and strict conditions are introduced for owners of rental housing.
Apartments prices in Dubai also depend on the availability of promising infrastructural projects in the area. For example, the highest average price in the city per square metre — 32,734 dirhams (8,912 US dollars) — is registered on the man-made Palm Jumeirah Island, which is almost entirely devoted to luxury villas and townhouses. In second place — with an average price of 19,838 dirhams (5,401 US dollars) per square metre — is the waterfront of Dubai Creek Harbour, which is gaining popularity thanks to the ambitious and massive Dubai Creek Tower project.
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