City Walk Apartments 2024 Resale Report
(1st January - 31st December 2024)
AED 2,389
Average price per sq. ft
Compared to 2023
458 transactions
AED 1.744B total resale value
Apartments in City Walk 2024 Resale Report
Executive Summary
Two-bedroom apartments led resale activity with 200 transactions in 2024 at an average price of AED 3,800,916, reflecting a 25.0% increase in transaction count year-over-year. One-bedroom units recorded 159 transactions at an average price of AED 2,184,646, down 4.0% in transaction count year-over-year, while three-bedroom apartments saw 84 transactions at an average price of AED 5,487,452, down 5.0% in transaction count year-over-year. The off-plan primary market in City Walk recorded 923 transactions valued at AED 3,697,751,000 in 2024, exceeding the 458-transaction resale market by a factor of two.
Key Facts
- In 2024, the average resale price per square foot in City Walk Apartments reached AED 2,389, representing a year-over-year increase of 17.2%.
- City Walk Apartments recorded 458 resale transactions in 2024, up 6.3% compared to the previous year.
- The total value of resale transactions in City Walk Apartments during 2024 was AED 1,744,469,621, marking a 22.9% year-over-year increase.
- Ready properties accounted for 56.6% of City Walk Apartments resale transactions in 2024, while off-plan units comprised 43.4%.
- Two-bedroom units led City Walk Apartments resale activity in 2024 with 200 transactions at an average price of AED 3,800,916, reflecting a 25.0% year-over-year increase in transaction count.
- One-bedroom apartments in City Walk recorded 159 resale transactions in 2024 at an average price of AED 2,184,646, with transaction volume declining 4.0% year-over-year.
- Three-bedroom units in City Walk Apartments saw 84 resale transactions in 2024 at an average price of AED 5,487,452, with transaction count decreasing 5.0% year-over-year.
Key Performance Indicators
Key Performance Indicators
Resale - 2024
Rental - 2024
Source: Property Monitor, Metropolitan Premium Properties Analysis
How did City Walk Apartments transactions split between off-plan and ready in 2024?
In 2024, ready property transactions dominated City Walk Apartments, accounting for 56.6% of all deals and 65.3% of total transaction value, while off-plan sales comprised 43.4% of transactions and 34.7% of value. The 21.9 percentage-point gap between transaction share and value share for off-plan properties indicates that ready units commanded higher average deal sizes during the period. This completion-status distribution reflects buyer preference for immediate occupancy options in City Walk Apartments, with ready properties securing nearly two-thirds of the market's total dirham volume in 2024.
Which Apartments bedroom configurations recorded the highest resale activity in City Walk during 2024?
In City Walk Apartments during 2024, two-bedroom units dominated transaction activity with 200 sales at an average price of AED 3,800,916, reflecting a 25.0% year-on-year increase in transaction count. One-bedroom apartments recorded 159 sales averaging AED 2,184,646, while three-bedroom units captured 84 transactions at AED 5,487,452 and four-bedroom properties saw 14 sales at AED 11,599,724. Average prices across the reportable bedroom configurations ranged from AED 2,184,646 for one-bedroom units to AED 11,599,724 for four-bedroom apartments, spanning a ratio of approximately 5.3:1 between the lowest and highest segments.
Performance by Bedroom Type
Price Insights by Bedroom
| Bedrooms | Avg Price | Price YoY | Transactions | Trans. YoY |
|---|---|---|---|---|
| 1 B/R | AED 2,184,646 | +14.1% | 159 | -4% |
| 2 B/R | AED 3,800,916 | +17.1% | 200 | +25% |
| 3 B/R | AED 5,487,452 | +17.4% | 84 | -5% |
| 4 B/R | AED 11,599,724 | +33.4% | 14 | -18% |
| 5 B/R | AED 13,585,500 | -45.7% | 1 | 0% |
Transaction Distribution by Bedroom
Transaction Volume by Bedroom Type - 2024
| Bedroom Type | Transactions |
|---|---|
| 1 B/R Bed | 159 |
| 2 B/R Bed | 200 |
| 3 B/R Bed | 84 |
| 4 B/R Bed | 14 |
| 5 B/R Bed | 1 |
Source: Property Monitor, Metropolitan Premium Properties Analysis
How did off-plan primary-market sales of Apartments in City Walk perform in 2024?
Off-plan transactions at City Walk Apartments totaled 923 units valued at AED 3,697,751,000 in 2024, representing year-on-year increases of 76.1% in volume and 107.7% in value. Primary market activity dominated the community during the period, with off-plan transaction count exceeding resale by approximately 2:1 and off-plan value more than doubling the AED 1,744,469,621 recorded in secondary market sales. Developer-direct sales accounted for the majority of residential real estate activity in this Dubai community throughout the twelve-month period.
Rental Summary
Rental Contract Distribution - 2024
Contract Types
Rental Insights by Bedroom
| Bedrooms | Avg Rent | Price YoY | Transactions | Trans. YoY |
|---|---|---|---|---|
| 1 B/R | AED 153,403 | +12.1% | 189 | -19% |
| 2 B/R | AED 220,627 | +17.4% | 299 | -29% |
| 3 B/R | AED 295,522 | +17.9% | 171 | -23% |
| 4 B/R | AED 522,111 | +12.3% | 16 | -50% |
Source: Property Monitor, Metropolitan Premium Properties Analysis
Dubai Apartments Market Context -- 2024
Dubai's residential market recorded 168,955 sale transactions and 467,487 rental transactions in 2024, with rental activity representing the larger volume of recorded deals. Within the sales segment, initial sales accounted for 65.9% of transactions (versus 34.1% resales), indicating that newly launched projects dominated transaction activity in Dubai during the period. In the rental market, contract renewals comprised 61.9% of all lease agreements, while new rental contracts represented 38.1%, reflecting a market where existing tenancies formed the majority of recorded rental activity across the emirate.
Dubai Overall Market Context
Dubai Apartments Market Totals - 2024
| Category | Percentage |
|---|---|
| Initial Sale | 65.9% |
| Resale | 34.1% |
| Category | Percentage |
|---|---|
| New | 38.1% |
| Renewal | 61.9% |
Source: Property Monitor, Metropolitan Premium Properties Analysis
Frequently Asked Questions
What was the average price per square foot for resale apartments in City Walk during 2024?
How many resale apartment transactions occurred in City Walk in 2024?
What was the total resale transaction value for City Walk apartments in 2024?
What was the average resale price for two-bedroom apartments in City Walk in 2024?
What was the average resale price for three-bedroom apartments in City Walk in 2024?
What percentage of City Walk apartment transactions in 2024 were ready properties versus off-plan?
How many off-plan primary market apartment transactions occurred in City Walk in 2024?
Methodology
This report's resale figures for City Walk apartments in 2024 are derived from Property Monitor's transaction register, which aggregates Dubai Land Department resale registrations recorded between January 1 and December 31, 2024. Year-over-year comparisons reference the equivalent twelve-month period in 2023, with percentage changes calculated from those baseline values. Readers should note that the 458 resale transactions reported here exclude off-plan sales, which are tracked separately and totaled 923 transactions during the same period; because off-plan and resale properties differ in handover timelines and buyer profiles, direct aggregation of these categories may not yield a complete picture of total market activity or representative pricing for immediate occupancy units.
Glossary
- PSF
- Price per square foot, a standard metric in Dubai real estate calculated by dividing a property's sale price by its total area in square feet.
- Off-plan
- Properties purchased directly from developers before construction is complete, typically sold with payment plans tied to construction milestones.
- Secondary market
- The resale market where properties are bought and sold between private parties after the original developer sale, also known as the resale market.
- Ready property
- Completed properties that are immediately available for occupancy or handover, as opposed to off-plan units still under construction.
- AED/sqft
- The price in United Arab Emirates Dirhams per square foot of property area, the standard unit of measurement for Dubai real estate pricing.
- Resale Off-Plan Origin
- A transaction classification for properties originally purchased off-plan from a developer but resold before completion by the initial buyer to another party.
- Resale
- A sale classification indicating a transaction between private parties for a completed property that was previously owned, distinct from developer sales.
- Transaction type
- A classification distinguishing whether a sale involves an off-plan property under construction or an existing completed property.
- Apartment
- A self-contained residential unit within a multi-unit building, the most common property type in Dubai's vertical communities like City Walk.
- City Walk
- A mixed-use pedestrian district in Dubai developed by Meraas, featuring low and mid-rise residential apartments integrated with retail, dining, and recreational facilities.
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