Dubai real estate sector sets records for volume and value in 2024 with more properties sold for more money and at higher prices
Dubai Real Estate Market Reaches Record Heights in 2024
The Dubai real estate market witnessed a historic surge in 2024, achieving a remarkable milestone with 180,900 transactions valued at AED522.1 billion ($142.2 billion). This marks a new peak, setting the stage for unprecedented growth in the sector.
Historic Growth
According to a market report by fäm Properties, 2024 surpassed the previous record set in 2023, which saw 133,100 transactions worth AED411.1 billion ($112 billion). This reflects a significant increase of 36% in transaction volume and 27% in value, cementing 2024 as a landmark year for Dubai real estate.
Primary Market Performance
The primary market demonstrated robust growth, with first sales from developers reaching AED334.1 billion ($91 billion), up by 30% year-on-year. This surge underscores strong demand for new developments and off-plan properties, driven by favorable conditions and investor confidence.
Transaction Volume and Price Trends
The total transaction volume soared by 51%, reaching 119,800 transactions in 2024, showcasing a significant uptick in buyer activity. Additionally, the average price per square foot climbed by 10%, now at AED1,600 ($436).
This growth was fueled by new project launches, attractive payment plans, and investor-friendly policies, including residency incentives and visa reforms.
Secondary Market Insights
The secondary market also experienced healthy demand, with re-sales increasing by 21% to AED188.1 billion ($51.2 billion). Transaction volume grew by 14%, totaling 61,100 transactions, while the average price per square foot rose by 12% year-on-year to AED1,300 ($354).
Re-sale activity reflected a shift toward ready-to-move-in properties, driven by high rental yields and improved infrastructure.
Expert Insights
Firas Al Msaddi, CEO of fäm Properties, commented:
“2024 has been a phenomenal year for Dubai real estate. Despite global economic uncertainties, the sector showed resilience, breaking historical records in sales values and transaction volumes. With strong rental demand and growing investor interest, Dubai solidifies its status as a global real estate hub.”
Sectoral Growth
2024 saw widespread growth across all property types:
- Apartments: Volume up by 42% year-on-year, with 141,168 transactions worth AED260.6 billion ($71 billion).
- Villas: A 21.1% increase, reaching 30,938 units worth AED164.1 billion ($44.7 billion).
- Commercial Properties: Transactions rose by 10.1%, with 4,304 units worth AED9.7 billion ($2.6 billion).
- Plots: Sales increased by 2.6%, with 4,352 plots sold for AED86.5 billion ($23.6 billion).
Top-Performing Areas – Primary Market
Al Barsha South 4 emerged as the leading area for first sales, with 12,878 transactions worth AED13.5 billion ($3.7 billion), highlighting its popularity among buyers. Business Bay dominated in overall sales value, with 6,888 transactions worth AED21.1 billion ($5.6 billion). Other emerging areas like Madinat Al Mataar and Wadi Al Safa 5 also saw growing demand, reflecting a shift toward suburban living and integrated communities.
Top 10 Primary Market Areas:
- Al Barsha South 4: 12,878 transactions worth AED13.5bn ($3.7bn)
- Business Bay: 6,888 transactions worth AED21.1bn ($5.7bn)
- Wadi Al Safa 5: 6,602 transactions worth AED13.6bn ($3.7bn)
- Madinat Al Mataar: 6,254 transactions worth AED17bn ($4.6bn)
- Hadaeq Sheikh Mohammed Bin Rashid: 5,246 transactions worth AED13.4bn ($3.6bn)
Top-Performing Areas – Secondary Market
In the secondary market, Business Bay led with 5,142 transactions, while Dubai Marina achieved the highest value at AED15.2 billion ($4.1 billion), solidifying its reputation as a premium waterfront destination.
Top 10 Secondary Market Areas:
- Business Bay: 5,142 transactions worth AED9.8bn ($2.7bn)
- Dubai Marina: 4,924 transactions worth AED15.2bn ($4.1bn)
- Al Barsha South Fourth: 4,635 transactions worth AED7bn ($1.9bn)
- Downtown Dubai: 3,122 transactions worth AED12.7bn ($3.5bn)
- Wadi Al Safa 5: 2,125 transactions worth AED5.9bn ($1.6bn)
Dubai’s 2024 real estate market reinforced the city’s global appeal, blending growth, resilience, and unmatched opportunities for investors and residents alike.
