Dubai has emerged as a global real estate hub in recent years, offering high returns on investment and a secure environment. This has become increasingly significant amid escalating geopolitical tensions and global economic uncertainty.
Reports indicate that Dubai’s real estate sector has maintained growth momentum and record sales over the past years, driven by unprecedented demand that continues to exceed expectations. Real estate investments in the emirate have become a preferred choice for wealthy individuals globally, reflected in surging sales of luxury properties.
Investors prefer Dubai due to its security, while many other global capitals face security challenges. This preference is evident in the organization of major events and activities in the emirate. Dubai provides a fertile environment for investment, supported by numerous local and international factors, which has strengthened the real estate market and encouraged many international companies and brands to launch projects there.
The real estate market in Dubai has taken an upward trajectory that exceeded all expectations since recovering from the COVID-19 pandemic. Data from the Dubai Land Department (DLD) showed that sales exceeded AED 1.16 trillion in 55 months (January 2020 to July 2024). Sales rose from AED 69.8 billion in 2020 to AED 149 billion in 2021, then to AED 265.5 billion in 2022, and finally AED 401 billion in 2023, reaching AED 283 billion in the first seven months of 2024.
This record and successive growth reflects the maturity that the Dubai real estate market has achieved, thanks to supporting factors such as rapid recovery from the pandemic, economic and tourism sector recovery, and the security and safety enjoyed by the emirate.
Strong demand from all nationalities worldwide for Dubai real estate has been observed, with significant interest from Indians, Chinese, Lebanese, Canadians, French, Italians, Dutch, Pakistanis, Turks, Egyptians, Americans, Saudis, Russians, and Iranians. The real estate sector boom has benefited from the UAE’s positive economic conditions, particularly in Dubai, bolstered by government initiatives to encourage business activities, such as granting residency visas, an attractive tax system for new businesses, and cultural diversity, with about 200 nationalities residing in the emirate.
Real estate sales in Dubai from January to July grew by 30.3 percent to reach AED 283.11 billion, compared to AED 217.2 billion in the same period in 2023. Total transactions in the Dubai real estate market from the beginning of 2024 until the end of July amounted to AED 415.55 billion, resulting from 123,250 deals.
The sector also recorded its highest monthly performance ever in terms of sales during July, totaling AED 50.78 billion, a growth of 35 percent compared to about AED 37.6 billion recorded in July 2023, surpassing the previous record for a single month in November 2023 at AED 45.8 billion.
