Dubai’s real estate market has achieved a historic milestone in 2024, recording an all-time high of 180,900 transactions worth AED 522.1 billion. This marks a significant leap of 36% in transaction volume and 27% in value compared to the previous record of 133,100 sales worth AED 411.1 billion in 2023.
Primary Market Soars with Off-Plan Sales
The primary market played a key role in this record-breaking performance, with first sales from developers reaching AED 334.1 billion — a 30% year-on-year increase. Transaction volumes surged by 51% to 119,800, reflecting robust buyer confidence and heightened developer activity. The average price per square foot also climbed by 10%, reaching AED 1,600, driven by attractive payment plans, innovative project launches, and favorable residency visa reforms.
Secondary Market Sustains Strong Growth
Re-sales in the secondary market also showcased impressive growth, with transaction values rising by 21% to AED 188.1 billion and volumes increasing by 14% to 61,100. The average price per square foot rose by 12% to AED 1,300. These trends highlight a shift towards ready properties for immediate occupancy and high rental yields, supported by continuous infrastructure developments.
Firas Al Msaddi, CEO of fäm Properties, commented, “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. Sales values broke historical records, and with strong rental demand and luxury resilience, the market continues to attract global investors, reinforcing its status as a top real estate destination.”
Apartments, Villas, and Commercial Properties on the Rise
Apartment sales led the charge with 141,168 transactions totaling AED 260.6 billion, marking a 42% year-on-year growth. Villa sales increased by 21.1% to 30,938 units worth AED 164.1 billion. Commercial properties also showed a 10.1% growth, recording 4,304 transactions worth AED 9.7 billion, while plot sales rose by 2.6% to AED 86.5 billion.
Top Performing Areas in Dubai Real Estate
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
Madinat Al Mataar: 6,254 transactions worth AED 17.0 billion
Hadaeq Sheikh Mohammed Bin Rashid: 5,246 transactions worth AED 13.4 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 Fourth: 4,635 transactions worth AED 7.0 billion
Al Thanyah Fifth: 3,305 transactions worth AED 8.1 billion
Al Merkadh: 3,155 transactions worth AED 8.3 billion
Future Outlook
Emerging areas like Madinat Al Mataar and Wadi Al Safa 5 are gaining traction, signaling a growing demand for suburban living and integrated communities. Business Bay and Dubai Marina continue to dominate both primary and secondary markets, reflecting their premium appeal and strategic locations.
Dubai’s record-breaking performance in 2024 underscores its status as a resilient, investor-friendly market with a promising outlook for continued growth and innovation in the real estate sector.
Source: Khaleej Times
