Dubai oversees 2.78m real estate related transactions, rental agreements
Dubai’s Real Estate Market Records Unprecedented Growth in 2024
In 2024, Dubai’s real estate market witnessed an extraordinary surge, registering 2.78 million transactions, marking the sector’s highest performance to date. These transactions included property and plot sales alongside rental agreements, reflecting a significant 17% growth compared to 2023.
Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, Deputy Prime Minister, Minister of Defence of the UAE, and Chairman of The Executive Council of Dubai, commended the sector’s outstanding performance. He stated, “The exceptional achievements in 2024 demonstrate the strength and adaptability of our economy, which continues to thrive amidst a rapidly evolving global environment.
“Dubai’s real estate market is among the best in the world,” he emphasized. “We remain committed to launching innovative initiatives to realize our vision of positioning Dubai as the premier destination for living and working.”
He further attributed the growth to the leadership’s visionary Dubai Economic Agenda D33, which has elevated the emirate’s global standing as a hub for investment, trade, and innovation. This strategic focus has significantly bolstered Dubai’s reputation as a desirable destination for lifestyle and investment, driving the robust growth of the real estate market.
Transactions and Market Growth
The year saw 226,000 real estate-specific transactions, amounting to a combined value of Dh761 billion. This represents a remarkable 36% growth in transaction volume and a 20% increase in value compared to the previous year.
Rising Investor Confidence
The sector attracted an impressive 110,000 new investors in 2024, fueled by the thriving off-plan property launches and booming sales. Dubai’s Golden Visa investment program also played a pivotal role in drawing investors, cementing Dubai’s status as a premier investment hub.
A total of 217,000 investment transactions were recorded in 2024, valued collectively at Dh526 billion, reflecting the sector’s strong appeal and sustained momentum.
Strategic Vision Driving Growth
Marwan Ahmed Bin Ghalita, Director-General of the Dubai Land Department, highlighted the role of the Dubai Real Estate Strategy 2033 in driving the sector’s progress. He explained, “The strategy aims to double the sector’s contribution to the GDP by fostering a cohesive ecosystem that balances supply and demand. This approach also prioritizes transparency and encourages investments from emerging markets, reinforcing Dubai’s position as a global real estate investment leader.”
