Dubai’s real estate market had a historic year in 2024, shattering previous records with 180,900 transactions valued at Dh522.1 billion. This marked a significant leap of 36% in transaction volume and 27% in total value compared to the 2023 figures of 133,100 transactions worth Dh411.1 billion.
The primary market saw exceptional growth, with first sales from developers reaching Dh334.1 billion, a 30% year-on-year increase. This surge was driven by strong demand for new developments and off-plan properties, supported by attractive payment plans and incentives such as residency and visa reforms.
Transaction volume: Up 51% to 119,800 deals.
Average price per square foot: Increased by 10% to Dh1,600.
The secondary market also experienced steady growth:
Re-sale transactions: Up 14% in volume to 61,100.
Sales value: Increased by 21% to Dh188.1 billion.
Average price per square foot: Rose by 12% year-on-year to Dh1,300.
Buyers showed a strong preference for ready properties, driven by immediate occupancy needs, high rental yields, and improved infrastructure.
The growth extended across all property segments:
Apartments: 141,168 transactions (+42%), worth Dh260.6 billion.
Villas: 30,938 transactions (+21.1%), worth Dh164.1 billion.
Commercial properties: 4,304 transactions (+10.1%), worth Dh9.7 billion.
Plots: 4,352 transactions (+2.6%), worth Dh86.5 billion.
Some key areas dominated the primary market:
Al Barsha South 4: 12,878 transactions worth Dh13.5 billion.
Business Bay: 6,888 transactions worth Dh21.1 billion.
Wadi Al Safa 5: 6,602 transactions worth Dh13.6 billion.
Madinat Al Mataar: 6,254 transactions worth Dh17.0 billion.
Hadaeq Sheikh Mohammed Bin Rashid: 5,246 transactions worth Dh13.4 billion.
Established areas continued to attract strong interest in the re-sale market:
Business Bay: 5,142 transactions worth Dh9.8 billion.
Dubai Marina: 4,924 transactions worth Dh15.2 billion.
Al Barsha South Fourth: 4,635 transactions worth Dh7.0 billion.
Downtown Dubai: 3,122 transactions worth Dh12.7 billion.
Hadaeq Sheikh Mohammed Bin Rashid: 2,106 transactions worth Dh9.8 billion.
Dubai’s real estate market remained robust despite global economic challenges.
Rental demand and yields: Continued to attract global investors.
Luxury resilience: High-end properties maintained strong performance.
Emerging trends: Demand for suburban living and integrated communities increased in areas like Madinat Al Mataar and Wadi Al Safa 5.
Firas Al Msaddi, CEO of fäm Properties, highlighted the year’s achievements:
“This was a remarkable year for Dubai real estate. Transaction volumes grew despite global economic uncertainties, reinforcing Dubai’s position as a leading global real estate destination.”