Downtown Dubai Apartments 2024 Resale Report
(1st January - 31st December 2024)
AED 2,599
Average price per sq. ft
Compared to 2023
2578 transactions
AED 9.366B total resale value
Apartments in Downtown Dubai 2024 Resale Report
Executive Summary
Two-bedroom units led resale activity with 1,034 transactions in 2024 at an average price of AED 3,657,679, though transaction count fell 16.0% year-over-year. One-bedroom apartments followed with 969 transactions at an average price of AED 2,011,841, down 8.0% in transaction count compared to 2023. Three-bedroom units saw 385 transactions in 2024 with an average price of AED 5,702,903, representing a 2.0% year-over-year decline in transaction volume, while four-bedroom properties recorded 48 transactions at an average price of AED 21,852,690, down 20.0% year-over-year. The off-plan primary market in Downtown Dubai generated 1,219 transactions in 2024 with a total value of AED 5,465,616,023, operating alongside the 2,578-transaction resale market.
Key Facts
- In 2024, the average resale price per square foot for apartments in Downtown Dubai reached AED 2,599, representing a 9.2% year-over-year increase.
- Downtown Dubai recorded 2,578 resale apartment transactions in 2024, a decline of 10.7% compared to 2023.
- The total value of resale apartment transactions in Downtown Dubai was AED 9,366,105,783 in 2024, down 0.2% year-over-year.
- Ready properties accounted for 85.0% of resale transactions in Downtown Dubai in 2024, while off-plan completions represented 15.0%.
- Two-bedroom apartments led resale activity in Downtown Dubai with 1,034 transactions in 2024, averaging AED 3,657,679 per unit, down 16.0% in transaction count year-over-year.
- One-bedroom apartments recorded 969 resale transactions in Downtown Dubai in 2024 at an average price of AED 2,011,841, with transaction volume declining 8.0% year-over-year.
- Three-bedroom apartments in Downtown Dubai saw 385 resale transactions in 2024 at an average price of AED 5,702,903, with transaction count down 2.0% year-over-year.
Key Performance Indicators
Key Performance Indicators
Resale - 2024
Rental - 2024
Source: Property Monitor, Metropolitan Premium Properties Analysis
How did Downtown Dubai Apartments transactions split between off-plan and ready in 2024?
In 2024, ready apartment transactions dominated Downtown Dubai's market, accounting for 85.0% of all deals and 77.8% of total transaction value, while off-plan purchases represented 15.0% of transactions and 22.2% of value. The higher value share relative to transaction count for off-plan properties indicates that the average off-plan deal in Downtown Dubai apartments exceeded the average ready-property deal size during the period. This completion-status distribution reflects buyer preference patterns in one of Dubai's most established urban districts, where the majority of residential stock has reached completion.
Which Apartments bedroom configurations recorded the highest resale activity in Downtown Dubai during 2024?
In Downtown Dubai apartments during 2024, two-bedroom units recorded the highest transaction volume with 1,034 sales at an average price of AED 3,657,679, though this represented a 16.0% year-over-year decline in activity. One-bedroom apartments followed closely with 969 transactions at an average of AED 2,011,841, while three-bedroom units generated 385 sales at AED 5,702,903. Average prices across reportable bedroom segments spanned from AED 1,233,573 for studio apartments (134 transactions) to AED 24,416,067 for five-bedroom units (6 transactions), with four-bedroom properties averaging AED 21,852,690 across 48 sales.
Performance by Bedroom Type
Price Insights by Bedroom
| Bedrooms | Avg Price | Price YoY | Transactions | Trans. YoY |
|---|---|---|---|---|
| Studio | AED 1,233,573 | -2.9% | 134 | +1% |
| 1 B/R | AED 2,011,841 | +11.8% | 969 | -8% |
| 2 B/R | AED 3,657,679 | +17.1% | 1034 | -16% |
| 3 B/R | AED 5,702,903 | +7.7% | 385 | -2% |
| 4 B/R | AED 21,852,690 | +21.7% | 48 | -20% |
| 5 B/R | AED 24,416,067 | -5.8% | 6 | -33% |
| 6 B/R | AED 39,125,000 | -41.2% | 2 | +100% |
Transaction Distribution by Bedroom
Transaction Volume by Bedroom Type - 2024
| Bedroom Type | Transactions |
|---|---|
| Studio Bed | 134 |
| 1 B/R Bed | 969 |
| 2 B/R Bed | 1034 |
| 3 B/R Bed | 385 |
| 4 B/R Bed | 48 |
| 5 B/R Bed | 6 |
| 6 B/R Bed | 2 |
Source: Property Monitor, Metropolitan Premium Properties Analysis
How did off-plan primary-market sales of Apartments in Downtown Dubai perform in 2024?
In 2024, off-plan apartment transactions in Downtown Dubai totaled 1,219 sales, down 18.6% year-over-year, with a combined value of AED 5,465,616,023, representing a 10.2% year-over-year increase. Off-plan activity accounted for approximately one-third of total apartment transactions in the community during the period, while resale transactions numbered 2,578 with a combined value of AED 9,366,105,783. The data reflects developers selling pre-construction inventory at higher average price points despite fewer unit sales compared to the prior year.
Rental Summary
Rental Contract Distribution - 2024
Contract Types
Rental Insights by Bedroom
| Bedrooms | Avg Rent | Price YoY | Transactions | Trans. YoY |
|---|---|---|---|---|
| Studio | AED 80,590 | +17.1% | 507 | -4% |
| 1 B/R | AED 116,005 | +11.1% | 3445 | -10% |
| 2 B/R | AED 185,751 | +12.5% | 2868 | 0% |
| 3 B/R | AED 284,184 | +9.6% | 883 | +25% |
| 4 B/R | AED 646,718 | -10.3% | 40 | -23% |
| 5 B/R | AED 861,562 | +28.6% | 4 | +100% |
Source: Property Monitor, Metropolitan Premium Properties Analysis
Dubai Apartments Market Context -- 2024
Dubai's property market recorded 168,955 sale transactions and 467,487 rental transactions in 2024, with rentals representing the larger share of activity across the emirate. Within the sales segment, initial sales accounted for 65.9% of transactions (compared to 34.1% resales), indicating that nearly two-thirds of Dubai's sale transactions in 2024 involved properties transacted for the first time. Rental contracts showed the opposite pattern, with renewals comprising 61.9% of the 467,487 rental transactions while new contracts represented 38.1%. This citywide distribution provides context for evaluating Downtown Dubai Apartments' position within Dubai's broader residential market during the year.
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 Downtown Dubai in 2024?
How many resale apartment transactions occurred in Downtown Dubai in 2024?
What was the total transaction value for resale apartments in Downtown Dubai in 2024?
What was the average resale price for a one-bedroom apartment in Downtown Dubai in 2024?
What was the average resale price for a two-bedroom apartment in Downtown Dubai in 2024?
What percentage of Downtown Dubai apartment transactions in 2024 were ready properties versus off-plan?
What was the average resale price for a three-bedroom apartment in Downtown Dubai in 2024?
How much value did off-plan primary market apartment sales generate in Downtown Dubai in 2024?
Methodology
The Downtown Dubai apartment resale figures presented in this report derive from Property Monitor's transaction register, which aggregates Dubai Land Department resale registrations recorded between January 1 and December 31, 2024. Year-on-year comparisons reference the equivalent calendar period in 2023, with percentage changes computed from absolute counts and price metrics in both periods. Readers should note that this analysis partitions transactions into resale and off-plan categories based on registration type at the time of sale; because a unit initially sold off-plan may later appear as a resale transaction, cross-period comparisons can reflect shifts in inventory maturity rather than purely demand-side dynamics, particularly in communities with substantial recent completions.
Glossary
- PSF
- Price per square foot. A unit of measurement that divides a property's total sale price by its area in square feet, used to compare values across different-sized units.
- Off-plan
- Properties sold by developers before construction is complete, typically purchased through payment plans during the building phase.
- Secondary market
- The resale market where existing properties change hands between private owners, as opposed to primary sales directly from developers.
- Ready property
- Completed, habitable properties available for immediate occupancy or transfer, distinct from units still under construction.
- Resale
- A transaction where a property is sold by an owner who previously purchased it, rather than by the original developer.
- AED/sqft
- United Arab Emirates Dirhams per square foot. The standard currency denomination used to express property prices per unit area in Dubai.
- Resale Off-Plan Origin
- A sale classification for properties that were originally purchased off-plan but are being resold before completion, distinguishing them from developer sales and completed resales.
- Transaction type
- A classification indicating whether a sale involves an off-plan property or an existing completed property, used to segment market activity.
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