The ALand Times Special Edition – 23rd September 2024: Dubai Real Estate Market Report (2018-2024)
Published Date: 23 Sep, 2024
Dubai Real Estate Market Report (2018-2024): A Comprehensive Comparison of Apartments, Villas, and Land Prices Across Districts
This special edition compares the evolution of real estate prices across key districts in Dubai from 2018 to 2024, providing insights on apartments, villas, and land values. Here’s a detailed look at each district:
Luxury Districts: Palm Jumeirah, Downtown Dubai, Dubai Marina
Palm Jumeirah
2018:
Apartments: AED 2,750 per sq. ft. (~USD 748)
Villas: AED 2,400 per sq. ft. (~USD 653)
Land: AED 1,500 per sq. ft. (~USD 408) 2020:
Villas dropped to AED 2,250 per sq. ft. (~USD 613), apartments held steady at AED 2,400 per sq. ft.
Land decreased to AED 1,350 per sq. ft. (~USD 367) 2023:
Villas surged to AED 3,600 per sq. ft. (~USD 980), apartments rose to AED 3,000 per sq. ft. (~USD 816)
Land prices rebounded to AED 1,700 per sq. ft. (~USD 462) 2024 Forecast:
Villas are expected to hit AED 3,800 per sq. ft. (~USD 1,034), apartments to AED 3,200 per sq. ft. (~USD 871).
Land prices could rise to AED 1,850 per sq. ft. (~USD 503).
Downtown Dubai (Burj Khalifa, The Address Downtown)
2018:
Apartments: AED 2,350 per sq. ft. (~USD 640)
Villas: AED 2,100 per sq. ft. (~USD 572) - Land: AED 1,800 per sq. ft. (~USD 490) 2020:Prices dropped:
Apartments: AED 2,050 per sq. ft. (~USD 558)
Villas: AED 1,850 per sq. ft. (~USD 503)
Land: AED 1,600 per sq. ft. (~USD 436) 2023:
Apartments increased to AED 2,550 per sq. ft. (~USD 694), villas to AED 2,300 per sq. ft. (~USD 625).
Land prices recovered to AED 1,950 per sq. ft. (~USD 532) 2024 Forecast*l:
Apartments: AED 2,750 per sq. ft. (~USD 748), villas to AED 2,500 per sq. ft. (~USD 680).
Land: AED 2,100 per sq. ft. (~USD 571).
Dubai Marina (Marina Gate, Cayan Tower)
2018:
Apartments: AED 1,500 per sq. ft. (~USD 408)
Villas: AED 1,800 per sq. ft. (~USD 490)
Land: AED 1,200 per sq. ft. (~USD 327) 2020:
Apartments dropped to AED 1,400 per sq. ft. (~USD 381), villas declined to AED 1,600 per sq. ft. (~USD 436).
Land prices fell to AED 1,050 per sq. ft. (~USD 286) 2023:
Apartments rebounded to AED 1,850 per sq. ft. (~USD 504), villas to AED 2,000 per sq. ft. (~USD 544).
Land climbed to AED 1,300 per sq. ft. (~USD 354) 2024 Forecast:
Apartments expected to rise to AED 1,950 per sq. ft. (~USD 532), villas to AED 2,150 per sq. ft. (~USD 587).
Land forecast to reach AED 1,450 per sq. ft. (~USD 395).
Affordable & Mid-Market Districts: JVC, Dubai Hills Estate, Arabian Ranches
Jumeirah Village Circle (JVC)
2018-2023:
Apartments ranged from AED 900-1,200 per sq. ft. (~USD 245-327).
Villas: AED 1,100-1,400 per sq. ft. (~USD 299-381).
Land: AED 700 per sq. ft. (~USD 191)
2023:Villas increased to AED 1,450 per sq. ft. (~USD 395).
2024 Forecast:
Apartments expected to reach AED 1,300 per sq. ft. (~USD 354), villas AED 1,600 per sq. ft. (~USD 436).
Land may rise to AED 800 per sq. ft. (~USD 218).
Dubai Hills Estate
2020:
Apartments: AED 1,300 per sq. ft. (~USD 353)
Villas: AED 1,300 per sq. ft. (~USD 353)
Land: AED 950 per sq. ft. (~USD 258) 2023:
Apartments surged to AED 1,800 per sq. ft. (~USD 490), villas to AED 1,800 per sq. ft. (~USD 490).
Land increased to AED 1,100 per sq. ft. (~USD 299) 2024 Forecast:
Apartments and villas projected to reach AED 2,000 per sq. ft. (~USD 544), land at AED 1,250 per sq. ft. (~USD 340).
Arabian Ranches
2018:
Villas: AED 1,300 per sq. ft. (~USD 353)
Land: AED 850 per sq. ft. (~USD 231) 2020:
Villas dropped to AED 1,150 per sq. ft. (~USD 313), land to AED 750 per sq. ft. (~USD 204) 2023:
Villas rebounded to AED 1,500 per sq. ft. (~USD 408), land increased to AED 950 per sq. ft. (~USD 258) 2024 Forecast:
Villas expected to hit AED 1,600 per sq. ft. (~USD 436), land projected to reach AED 1,050 per sq. ft. (~USD 286).
Understanding the Current Market
From 2018 to 2024, Dubai’s property market has witnessed significant shifts in pricing across districts. Luxury markets ,including Palm Jumeirah and Downtown Dubai ,have rebounded strongly after the pandemic-induced slowdown, while mid-market areas such as JVC and Dubai Hills Estate continue to attract investors looking for affordability and high rental yields. Land prices have generally followed a similar trend, with a strong recovery anticipated in 2024 across both luxury and affordable districts.
ALand(https://a.land) provides real-time insights into these trends and offers the best tools to navigate Dubai’s property market. Stay informed and explore your next investment opportunity through our exclusive listings, market data, and expert guidance.
Date: 23 Sep, 2024
