In 2024, Dubai’s property market reached a significant milestone with a surge in the sale of housing units priced below AED 1 million, driven by a rising demand for affordable housing. This trend reflects the growing number of people choosing to make the emirate their home.

According to a report by Engel & Völkers Middle East, November 2024 saw residential unit sales increase by 15.4%, while office space transactions rose by 24.2% compared to the previous year. The top three communities by sales transactions were Jumeirah Village Circle with 1,035 units sold, Jumeirah Village Triangle with 670 units, and Business Bay with 423 units.

The increased demand for affordable housing can also be linked to more competitive rental rates, providing both residents and landlords with attractive opportunities.

This shift towards more affordable homes indicates Dubai’s strategic focus on expanding its real estate market to cater to a wider audience and attract a diverse range of investors.