Dubai real estate Market soars to new peak, with 180,900 transactions worth Dh522.1 billion.
Dubai Real Estate Market Achieves Record-Breaking Milestones in 2024
The Dubai real estate market experienced a groundbreaking year in 2024, setting unparalleled records with 180,900 transactions totaling an astounding Dh522.1 billion. This remarkable achievement marks an all-time high for the sector, showcasing its resilience and growing global appeal.
A recent market report by fäm Properties highlights the unprecedented growth, with transaction volumes rising by 36% and sales values increasing by 27% compared to the previous record of 133,100 transactions worth Dh411.1 billion in 2023.
Primary Market Sees Exceptional Growth
The primary market saw a surge in first sales from developers, growing by 30% year-on-year to reach Dh334.1 billion. This indicates robust demand for new developments and off-plan properties. Transaction volume in the segment soared by 51% to 119,800 in 2024, driven by increased buyer confidence, innovative payment plans, and attractive project launches.
Additionally, the average price per square foot rose by 10% to Dh1,600, reflecting steady appreciation. Foreign investors played a significant role, encouraged by favorable residency incentives and visa reforms, further boosting market dynamics.
Secondary Market: Sustained Demand and Growth
The secondary market also demonstrated healthy performance, with re-sales growing by 21% to Dh188.1 billion. Transaction volumes climbed by 14% to 61,100, supported by buyers seeking ready properties for immediate occupancy and investors drawn to high rental yields. The average price per square foot in this segment increased by 12% year-on-year to Dh1,300.
Infrastructure enhancements and strong rental demand contributed to the appeal of ready properties, positioning Dubai as a lucrative destination for investors and end-users alike.
Remarkable Year for the Real Estate Sector
“This was a remarkable year for Dubai real estate, with transaction volumes growing despite global economic uncertainties,” 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.”
The year was marked by consistent growth across all property segments. Apartment sales led the way with a 42% year-on-year increase, recording 141,168 transactions worth Dh260.6 billion. Villa sales rose by 21.1% to 30,938 units worth Dh164.1 billion. Commercial property transactions also grew, with a 10.1% increase in volume to 4,304 units worth Dh9.7 billion. Plot sales saw a 2.6% rise, with 4,352 plots sold for Dh86.5 billion.
Key Areas Driving Market Growth
In the primary market, Al Barsha South 4 emerged as the top-performing area, recording 12,878 transactions worth Dh13.5 billion. Business Bay led in terms of sales value, with 6,888 transactions worth Dh21.1 billion. Emerging areas like Madinat Al Mataar and Wadi Al Safa 5 gained popularity, reflecting the growing demand for suburban living and integrated communities.
Secondary Market Leaders
In the secondary market, Business Bay continued its dominance with 5,142 transactions worth Dh9.8 billion, while Dubai Marina excelled in value, with 4,924 transactions worth Dh15.2 billion. Other high-performing areas included Al Barsha South Fourth, Downtown Dubai, and Al Merkadh, emphasizing a strong demand for premium locations.
Top Performing Areas in 2024
Primary Market:
- Al Barsha South 4: 12,878 transactions (Dh13.5 billion)
- Business Bay: 6,888 transactions (Dh21.1 billion)
- Wadi Al Safa 5: 6,602 transactions (Dh13.6 billion)
- Madinat Al Mataar: 6,254 transactions (Dh17.0 billion)
- Hadaeq Sheikh Mohammed Bin Rashid: 5,246 transactions (Dh13.4 billion)
- Madinat Hind 4: 5,152 transactions (Dh8.4 billion)
- Madinat Dubai Almelaheyah: 4,818 transactions (Dh12.7 billion)
- Al Merkadh: 4,474 transactions (Dh6.2 billion)
- Jabal Ali 1: 4,335 transactions (Dh6.7 billion)
- Bukadra: 4,215 transactions (Dh9.9 billion)
Secondary Market:
- Business Bay: 5,142 transactions (Dh9.8 billion)
- Dubai Marina: 4,924 transactions (Dh15.2 billion)
- Al Barsha South Fourth: 4,635 transactions (Dh7.0 billion)
- Al Thanyah Fifth: 3,305 transactions (Dh8.1 billion)
- Al Merkadh: 3,155 transactions (Dh8.3 billion)
- Downtown Dubai: 3,122 transactions (Dh12.7 billion)
- Jebel Ali First: 2,364 transactions (Dh5.0 billion)
- Al Warsan First: 2,126 transactions (Dh1.2 billion)
- Wadi Al Safa 5: 2,125 transactions (Dh5.9 billion)
- Hadaeq Sheikh Mohammed Bin Rashid: 2,106 transactions (Dh9.8 billion)
Conclusion
The unprecedented success of Dubai’s real estate market in 2024 highlights its global appeal and resilience. With record-breaking sales, strong rental demand, and innovative project launches, Dubai continues to establish itself as a leading real estate destination.
