A market report by fäm Properties revealed that Dubai’s real estate market has set a new benchmark with 36% transaction growth, featuring strong performance in both off-plan and ready properties across prime locations.
Dubai’s Real Estate Market Hits Record Highs in 2024
Dubai’s real estate sector has achieved historic milestones in 2024, reaching unparalleled heights in transaction volumes and sales value. A report by fäm Properties reveals that 180,900 transactions worth $142.4 billion were recorded, marking a 36% increase in volume and a 27% rise in value compared to 2023. This surpasses the previous record of 133,100 transactions valued at $112.2 billion.
Surging Demand in the Primary Market
The primary market played a crucial role in this remarkable growth, driven by the popularity of off-plan properties and new developments. Developer sales soared by 30%, amounting to $91.1 billion, as buyer interest in new homes intensified. Transaction volume in this segment surged by 51%, with 119,800 units sold, signaling increased buyer confidence and heightened developer activity.
Adding to the upward trend, the average price per square foot rose by 10%, reaching $435. The report attributes this surge to the launch of innovative projects, attractive payment plans, and residency incentives that continue to draw foreign investors.
Strength in the Secondary Market
The secondary market mirrored this growth, with resales totaling $51.2 billion, a 21% increase compared to 2023. Transaction volumes also grew by 14%, reaching 61,100 units. The preference for ready-to-move-in properties, bolstered by high rental yields, has appealed to investors. Infrastructure enhancements have further elevated the desirability of key locations.
Expert Insights
Firas Al Msaddi, CEO of fäm Properties, highlighted the sector’s resilience:
“This has been a truly remarkable year for Dubai’s real estate market. Despite global economic uncertainties, transaction volumes have surged, reflecting the market’s strength. With growing rental demand and sustained interest in luxury properties, Dubai continues to attract global investors, solidifying its position as a premier destination for real estate investment.”
Property Sector Performance
Apartment sales dominated the market, with 141,168 units sold for $70.9 billion—a 42% increase from 2023. Villa sales rose by 21.1%, achieving 30,938 units worth $44.7 billion. The commercial property segment saw a 10.1% rise, with 4,304 units sold for $2.6 billion. Additionally, 4,352 plots changed hands, generating $23.5 billion—a 2.6% uptick.
Emerging Areas Gain Momentum
The primary market spotlighted Al Barsha South 4 as a leader, with 12,878 sales worth $3.7 billion. Business Bay led in value with $5.7 billion across 6,888 transactions. Areas such as Madinat Al Mataar and Wadi Al Safa 5 also gained prominence, reflecting a growing shift toward suburban living and integrated communities.
Top 10 Primary Market Areas
- Al Barsha South 4: 12,878 transactions worth $3.7 billion
- Business Bay: 6,888 transactions worth $5.7 billion
- Wadi Al Safa 5: 6,602 transactions worth $3.7 billion
- Madinat Al Mataar: 6,254 transactions worth $4.6 billion
- Hadaeq Sheikh Mohammed Bin Rashid: 5,246 transactions worth $3.6 billion
- Madinat Hind 4: 5,152 transactions worth $2.3 billion
- Madinat Dubai Almelaheyah: 4,818 transactions worth $3.5 billion
- Al Merkadh: 4,474 transactions worth $1.7 billion
- Jabal Ali 1: 4,335 transactions worth $1.8 billion
- Bukadra: 4,215 transactions worth $2.7 billion
Resale Market Leaders
Business Bay retained its position as the secondary market leader with 5,142 transactions worth $2.7 billion. Dubai Marina, known for its premium waterfront lifestyle, led in resale value, recording $4.1 billion across 4,924 transactions.
Top 10 Secondary Market Areas
- Business Bay: 5,142 transactions worth $2.7 billion
- Dubai Marina: 4,924 transactions worth $4.1 billion
- Al Barsha South 4: 4,635 transactions worth $1.9 billion
- Al Thanyah Fifth: 3,305 transactions worth $2.2 billion
- Al Merkadh: 3,155 transactions worth $2.3 billion
- Downtown Dubai: 3,122 transactions worth $3.5 billion
- Jabal Ali 1: 2,364 transactions worth $1.4 billion
- Al Warsan First: 2,126 transactions worth $327 million
- Wadi Al Safa 5: 2,125 transactions worth $1.6 billion
- Hadaeq Sheikh Mohammed Bin Rashid: 2,106 transactions worth $2.7 billion
A Bright Future
Dubai’s real estate market continues to showcase exceptional growth, driven by high demand for luxury properties and investment-friendly opportunities. The sector’s resilience, innovation, and strong investor confidence promise a thriving future ahead.
