Dubai Real Estate Sets All-Time Record in 2024
The year 2024 marked a historic milestone for Dubai's real estate sector, setting unprecedented records with 180,900 transactions valued at AED 522.1 billion. This achievement represents a remarkable 36% increase in transaction volume and a 27% rise in value compared to 2023, which saw 133,100 transactions worth AED 411.1 billion.
Primary Market Performance
The primary market saw exceptional growth in 2024, with sales from developers climbing 30% year-on-year to AED 334.1 billion. Transaction volumes surged 51% to 119,800, reflecting a robust demand for new developments and off-plan properties.
- Price Trends: The average price per square foot increased by 10%, reaching AED 1,600.
- Key Drivers: Favourable payment plans, new project launches, and investor-friendly visa reforms attracted significant foreign investment.
Secondary Market Highlights
The secondary market also experienced robust growth, with re-sales rising by 21% to AED 188.1 billion. Transaction volumes grew by 14%, totaling 61,100 deals.
- Price Trends: Average price per square foot climbed 12%, reaching AED 1,300.
- Buyer Preferences: A shift toward ready-to-occupy properties and high rental yields drove demand. Infrastructure enhancements further boosted property desirability.
Sector-Wise Growth
Every sector of the market saw annual growth:
- Apartments: Sales volume rose by 42%, with 141,168 transactions worth AED 260.6 billion.
- Villas: Sales increased by 21.1% to 30,938 units worth AED 164.1 billion.
- Commercial Properties: Transactions grew by 10.1% to 4,304 units worth AED 9.7 billion.
- Plots: 4,352 plots were sold for AED 86.5 billion, a 2.6% rise.
Top Performing Areas
Primary Market
- Al Barsha South 4: 12,878 transactions worth AED 13.5 billion.
- Business Bay: 6,888 transactions worth AED 21.1 billion.
- Wadi Al Safa 5: 6,602 transactions worth AED 13.6 billion.
Secondary Market
- Business Bay: 5,142 transactions worth AED 9.8 billion.
- Dubai Marina: 4,924 transactions worth AED 15.2 billion.
- Al Barsha South 4: 4,635 transactions worth AED 7 billion.
Insights from Industry Experts
“This was a remarkable year for Dubai real estate,” said Firas Al Msaddi, CEO of fäm Properties. “Despite global economic uncertainties, transaction volumes and values broke historical records. The market’s resilience and appeal to global investors reinforce Dubai's status as a top real estate destination.”
Emerging Trends
New suburban developments like Madinat Al Mataar and Wadi Al Safa 5 gained popularity, showcasing increasing demand for integrated communities and suburban living.
Dubai's real estate sector continues to thrive, driven by strong investor confidence, innovative projects, and favourable economic policies.
