Dubai Real Estate on Track to Surpass AED500 Billion Milestone in 2024
Dubai’s real estate market is poised to break new ground, with annual sales expected to exceed AED500 billion for the first time. The market has already hit AED435.6 billion from 150,651 transactions as of October, surpassing last year’s record of AED409.8 billion from 132,628 property sales.
At an average monthly sales volume of AED43.56 billion, Dubai’s real estate could achieve the AED500 billion milestone by year’s end, underscoring its enduring appeal to local and global investors alike.
A recent market update by fäm Properties illustrated a massive five-year growth trend, with October 2024 sales reaching AED61.1 billion across 20,461 transactions—a remarkable 798% increase over October 2020. Villa sales surged, with 3,830 transactions totaling AED20.5 billion, up 102% from October 2023. Apartment sales also rose to AED28.1 billion across 15,662 transactions, marking a 67.2% increase from the same period last year. While commercial property transactions saw a minor 1.9% dip, the average price per square foot increased by 7.1%, reaching AED1,585.
"In a market where supply and transaction volumes are at record levels, we’re observing sustained demand," said Firas Al Msaddi, CEO of fäm Properties.
Top Performing Areas and Project Highlights
Dubai's top-performing areas in October included:
- Jumeirah Village Circle: 1,487 transactions worth AED1.5 billion.
- Business Bay: 1,135 transactions worth AED2.6 billion.
- Dubai Hills Estate: 867 transactions worth AED2.1 billion.
- Dubai South: 847 transactions worth AED877.6 million.
- Motor City: 819 transactions worth AED973.4 million.
The best-selling off-plan projects included Greenridge, with 332 villas sold for AED1.18 billion, and Sobha Orbis, with 761 units generating AED891.6 million. Among ready properties, Canal Front Residences topped apartment sales, with 92 transactions worth AED258.9 million, while Shams Townhouses led ready villa sales, with 16 properties sold for AED42.4 million.
Market Trends and Transaction Insights
In October, initial sales from developers significantly outpaced secondary market transactions, comprising 69% of sales volume and 66% of total sales value. Properties priced above AED5 million accounted for 8% of total sales, while a third of sales fell within the AED1-2 million range. Lower and mid-market segments also showed strong activity, with 27% of sales below AED1 million and 13% between AED3-5 million.
As Dubai real estate approaches the AED500 billion mark, its diverse offerings, ranging from luxury to affordable housing, continue to fuel growth, marking an impressive milestone for the city’s thriving property market.
