Dubai’s real estate market has achieved unprecedented success in 2024, reaching a peak of 180,900 transactions valued at AED 522.1 billion. This marks a significant increase from the previous record of 133,100 sales worth AED 411.1 billion in 2023. The growth highlights the city’s appeal to investors and homebuyers alike.
The primary market saw first sales from developers rise by 30% year-on-year to AED 334.1 billion, driven by strong interest in new developments and off-plan properties. Transaction volumes increased by 51% to 119,800 in 2024, showcasing heightened buyer confidence and developer engagement.
Al Barsha South 4 emerged as the leading area for overall volume in the primary market, with 12,878 first sales from developers. This reflects its popularity among both investors and end-users. Meanwhile, Business Bay topped the charts for overall sales value with 6,888 transactions worth AED 21.1 billion.
The secondary market also experienced healthy demand, with re-sales rising by 21% to AED 188.1 billion. Transaction volumes increased by 14% to reach 61,100, indicating sustained activity in this segment. The average price per square foot rose by 12% year-on-year to AED 1,300.
Buyers increasingly shifted towards ready properties for immediate occupancy in the secondary market. High rental yields attracted investors while infrastructure improvements enhanced property desirability. These factors contributed to the robust performance of this segment.
Firas Al Msaddi, CEO of fäm Properties, stated: “This was a remarkable year for Dubai real estate, with transaction volumes growing despite global economic uncertainties, indicating resilient demand and an expanding buyer base.” He emphasized that sales values broke historical records and highlighted the strong rental demand and luxury resilience attracting global investors.
Sector-Specific Growth
The year saw annual growth across all property sectors. Apartment sales led with a remarkable 42% year-on-year increase in volume, totaling AED 260.6 billion from 141,168 transactions. Villa sales rose by 21.1% from the previous year to reach 30,938 units valued at AED 164.1 billion.
Commercial property transactions grew by 10.1% in volume to reach 4,304 units at AED 9.7 billion. Additionally, plot sales increased by 2.6%, with a total of 4,352 plots sold for AED 86.5 billion.
Emerging Areas and Trends
Emerging areas like Madinat Al Mataar and Wadi Al Safa 5 gained traction during this period. These locations indicate a growing demand for suburban living and integrated communities among buyers seeking new opportunities outside traditional urban centres.
The surge in demand was supported by new project launches and favourable payment plans that attracted foreign investors. Residency incentives and visa reforms further bolstered interest from international buyers looking to invest in Dubai’s thriving real estate market.
This exceptional performance underscores Dubai’s status as a top real estate destination globally. The city’s ability to attract diverse investors reinforces its position as a dynamic hub for property investment amid challenging economic conditions worldwide.
Source: https://www.onearabia.me/local/dubai-real-estate-record-2024-transactions-value-011-91397.html
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