Dubai’s real estate market ended 2024 with a record 180,900 transactions worth Dh522.1 billion.
According to a market research published today by fäm Properties 2024 will go down in history for 36% and 27% increases over the previous peak of 133,100 transactions in 2023 which were worth Dh411.1 billion.
The primary market saw 30% year on year growth in developers’ off plan sales to Dh334.1 billion indicating high demand for new homes and off plan properties.
Transactions increased by 51% to 119,800 in 2024 showing high buyer confidence and developer activity. Average price per square foot also increased gradually to Dh1,600 a 10% increase.
The market attracted foreign investors with visa liberalization and residency incentives and new projects and payment plans were introduced to stimulate demand.
Re-sales grew 21% to Dh188.1 billion, strong demand in the secondary market. And steady activity with 14% increase in transaction volume to 61,100. Average price per sqft up 12% to Dh1,300.
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2024 re-sales showed that good yields were attracting investors, buyers were moving to ready to move in homes and infrastructure was making real estate more attractive.
“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,” said Firas Al Msaddi, CEO of fäm Properties. “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.”
In a year that had already shattered numerous monthly and quarterly records, each of the real estate industries experienced annual growth. The volume of apartment sales had the biggest growth, up 42% year over year to 141,168 transactions worth Dh260.6 billion.
Villa sales rose 21.1% from 2023 to 30,938 units valued at Dh164.1 billion, while commercial property acquisitions gained 10.1% in volume to 4,304 units at Dh9.7 billion. 4.352 plots sold for Dh86.5 billion, a 2.6% rise as well.
Al Barsha South 4 was the primary market’s top performing area in terms of volume, with 12,878 first developer sales, it’s a hit with investors and end users.
Business Bay ranked first in terms of total sales value with 6,888 transactions worth Dh21.1 billion. Meanwhile, two new neighborhoods, Wadi Al Safa 5 and Madinat Al Mataar, gained popularity, indicating a growing demand for suburban life and interconnected communities.
Business Bay maintained its dominance in resale transactions, with 5,142 agreements throughout the year, while Dubai Marina topped in overall value, with 4,924 transactions totaling Dh15.2 billion, underscoring its status as a posh waterfront destination.
Top 10 performing areas – primary market
Al Barsha South 412,878transactions worth Dh13.5 billion
Business Bay6,888Dh21.1 billion
Wadi Al Safa 56,602Dh13.6 billon
Madinat Al Mataar6,254Dh17.0 billion
Hadaeq Sheikh Mohammed Bin Rashid5,246Dh13.4 billion
Madinat Hind 45,152Dh8.4 billion
Madinat Dubai Almelaheyah4,818Dh12.7 billion
Al Merkadh4,474Dh6.2 billion
Jabal Ali 14,335Dh6.7 billion
Bukadra4,215Dh9.9 billion
Top 10 performing areas – secondary market
Business Bay5,142 transactions worth Dh9.8 billion
Dubai Marina4,924Dh15.2 billion
Al Barsha South Fourth4,635Dh7.0 billion
Al Thanyah Fifth3,305Dh8.1 billion
Al Merkadh3,155Dh8.3 billion
Downtown Dubai3,122Dh12.7 billion
Jebel Ali First2,364Dh5.0 billion
Al Warsan First2,126Dh1.2 billion
Wadi Al Safa 52,125Dh5.9 billion
Hadaeq Sheikh Mohammed Bin Rashid2,106Dh9.8 billion
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