2024 was a defining year for the UAE’s real estate sector, with record-breaking volumes and values.
UAE Real Estate Market Surges to Unprecedented Heights in 2024
The UAE’s property sector experienced a historic surge in 2024, driven by insights from Property Finder. With record-setting transaction volumes and values, the market showed extraordinary growth, powered by Dubai’s booming off-plan segment and Abu Dhabi’s consistent rise in residential property sales.
Dubai’s Record-Breaking Performance
Dubai dominated the real estate market in 2024, recording an astounding 180,987 transactions valued at $142.3 billion (AED522.5 billion). This represented an impressive 36.5% rise in volume and a 27.2% increase in value compared to 2023’s record figures. The off-plan segment was a key driver, making up 60.5% of all transactions—a significant jump from 43.6% in the prior year.
The off-plan sales surged to an estimated 109,527 transactions, reflecting a 60.5% year-on-year (YoY) increase. These deals collectively amounted to $62 billion (AED228.03 billion), a 43.5% YoY growth. This represented the largest proportion of off-plan sales seen in a decade, underscoring strong confidence among investors in Dubai’s upcoming developments.
Existing property transactions also experienced growth, showing a 10.9% YoY rise with 71,460 transactions contributing $80.2 billion (AED294.5 billion)—a 16.9% increase from 2023.
Cherif Sleiman, Chief Revenue Officer at Property Finder, noted, “2024 was a transformative year for the UAE’s property sector, setting new benchmarks in volume and value. The sector thrives on economic diversification, foreign investments, and a steady flow of skilled professionals. Initiatives like the Dubai Land Department’s Smart Rental Index are fostering greater trust and ensuring sustained market growth.”
Mark Richards, CEO of The Network, commented, “Dubai attracts 50,000–60,000 new residents each year, ensuring long-term market stability. However, only 5,000 of the 41,000 residential units expected in 2025 will be villas or townhouses, highlighting a significant supply gap in this high-demand segment.”
Steady Progress in Abu Dhabi
Abu Dhabi’s real estate market showed stable growth in 2024, with 14,662 transactions worth $13 billion (AED47.92 billion), reflecting a 4% rise in volume. Residential properties accounted for 66% of all transactions and 53% of the total value, with 9,707 transactions contributing $6.97 billion (AED25.6 billion).
Off-plan sales represented 55.5% of total transactions, reaching $4.45 billion (AED16.34 billion) in value and contributing 63.8% of residential sales. Existing property transactions also saw significant growth, with a 53.4% YoY increase in volume, totaling 4,320 transactions. These deals were valued at $2.52 billion (AED9.27 billion), marking a 34.7% YoY growth.
Sam McCone, Managing Partner at McCone Properties, highlighted evolving buyer preferences, stating, “Private developers are redefining quality and craftsmanship standards. Today’s buyers prioritize both prime locations and properties with superior design and construction quality, reshaping market competition.”
Abdullah Alajaji, Managing Director of Driven Properties, remarked, “2024 brought growing interest in affordable housing as rental prices rose. Smaller units gained popularity, while the off-plan and luxury segments continued to draw strong investor interest—a trend likely to persist into 2025.”
