Dubai’s real estate market has reached unparalleled heights in 2024, setting new records with 180,900 transactions worth AED 522.1 billion. This represents a remarkable increase compared to 2023, which saw 133,100 sales transactions valued at AED 411.1 billion.

Growth in the Primary Market

The primary market experienced substantial growth, showcasing Dubai’s appeal to both local and international investors

• Sales Surge: Developer sales soared by 30% year-on-year, totaling AED 334.1 billion.
• Transaction Volume: The number of transactions rose by 51%, reaching 119,800 deals.
• Price Appreciation: The average price per square foot increased by 10%, reaching AED 1,600.

This success can be attributed to the introduction of new projects, flexible payment plans, and residency initiatives that continue to attract global investors.

Secondary Market Momentum

The secondary market also demonstrated robust performance:

• Re-sales Growth: Re-sale transactions grew by 21%, reaching AED 188.1 billion.
• Transaction Volume: Total transactions increased by 14% to 61,100.
• Price Increase: The average price per square foot climbed 12% to AED 1,300.

These trends highlight the growing preference for ready properties, driven by high rental yields and immediate occupancy options.

Highlights Across Property Sectors

Dubai’s real estate success is evident across all property types:

• Apartments: Sales volume increased by 42%, with 141,168 transactions worth AED 260.6 billion.
• Villas: Transactions grew by 21.1%, with 30,938 sales totaling AED 164.1 billion.
• Commercial Properties: Sales increased by 10.1%, with 4,304 deals valued at AED 9.7 billion.
• Plots: A 2.6% rise in sales resulted in 4,352 transactions totaling AED 86.5 billion.

This growth reflects the comprehensive strength of Dubai’s real estate market, catering to a diverse range of buyers.

Top Performing Areas

Certain neighborhoods stood out as major hubs for investment and lifestyle:

Primary Market:

• Al Barsha South 4: 12,878 transactions worth AED 13.5 billion.
• Business Bay: 6,888 transactions totaling AED 21.1 billion.
• Wadi Al Safa 5: 6,602 transactions valued at AED 13.6 billion.

Secondary Market:

• Business Bay: 5,142 transactions worth AED 9.8 billion.
• Dubai Marina: 4,924 transactions totaling AED 15.2 billion.
• Al Barsha South 4: 4,635 transactions valued at AED 7 billion.

These areas have become preferred destinations for residents, investors, and businesses alike.

Looking Ahead

The impressive performance in 2024 sets a strong foundation for the future of Dubai’s real estate market. Moving forward, we anticipate continued growth driven by the following factors:

• Technological Advancements: Smart home solutions and sustainable infrastructure will attract tech-savvy buyers.
• Upcoming Mega Projects: Landmark developments are poised to reshape the city’s skyline and provide unmatched lifestyle experiences.
• Investor-Friendly Policies: Continued residency and visa reforms will enhance Dubai’s global appeal.
• Sustainability Focus: With an increasing emphasis on green buildings and eco-friendly projects, Dubai is set to become a leader in sustainable urban living.

Dubai’s real estate market remains a beacon of opportunity, blending innovation, luxury, and global connectivity. As the city evolves, it will continue to offer investors and residents a unique combination of stability and growth potential.