Dubai’s Prime Real Estate Listings Drop by 50% as Tenants Shift to Buying
Dubai’s real estate market is undergoing a major transformation as more tenants turn to homeownership, driving a sharp decline in available listings. According to Knight Frank, home listings dropped by 30% in 2024, with the prime market seeing a steeper 52% reduction.
- Soaring Rental Costs: Rising rents and population growth are pushing tenants to buy homes.
- Luxury Listings Plunge: $10M+ homes dropped by 40%, while $25M+ listings saw an 85% decline.
- Record Sales: 435 ultra-luxury property deals closed in 2024, with Q4 alone recording 153 transactions.
- Prices Rising: Prime market prices hit AED 6,627 per sq. ft.
Key Trends:
Supply & Future Outlook
🏗 302,880 New Homes Under Construction: 80% are apartments; expected annual delivery of 60,576 units.
🏡 243,000 Units by 2027: Jumeirah Village Circle leads the pipeline, expected to stabilize prices.
📈 Population Growth: Dubai added 27,000 new residents in early 2025, hitting 3.852M.
Dubai’s Real Estate Resilience
Dubai remains a global hotspot for investors, driven by regulatory initiatives and an influx of high-net-worth individuals.
With shifting market dynamics, Dubai solidifies its status as a top real estate destination for buyers and investors alike.
Source: Khaleej Times
