Dubai’s real estate market soared to unprecedented heights in 2024, setting new records in both transaction volume and value. The year saw an astounding 180,900 property deals worth AED522.1 billion ($142.1 billion), a significant leap from 2023’s 133,100 transactions valued at AED411.1 billion ($111.9 billion). This marks an impressive 36% increase in transactions and a 27% growth in total value.
A Booming Primary Market
The primary market, driven by sales directly from developers, witnessed remarkable growth. Total sales in this segment reached AED334.1 billion ($91 billion), up 30% from the previous year. Transaction volumes skyrocketed by 51%, with 119,800 deals recorded in 2024. This surge reflects growing confidence among buyers and developers alike, fueled by a steady 10% rise in average price per square foot, which now stands at AED1,600.
What’s Driving Demand?
Several factors contributed to this historic growth. The launch of new projects, attractive payment plans, and investor-friendly residency incentives played a pivotal role in drawing international buyers. In addition, visa reforms further solidified Dubai’s position as a top global investment destination.
The secondary market also thrived, with re-sales climbing 21% year-on-year to AED188.1 billion, and transaction volumes increasing by 14% to 61,100. Average prices per square foot in this segment rose 12% to AED1,300, highlighting a consistent demand for pre-owned properties.
Shifting Buyer Preferences
The data revealed a growing preference for ready-to-move-in properties, especially among investors seeking high rental yields. Infrastructure upgrades across the city also boosted the appeal of various locations.
“It’s been an extraordinary year for Dubai’s real estate sector. Transaction volumes grew significantly despite global economic challenges, showing robust demand and a broadening buyer base,” said Firas Al Msaddi, CEO of fäm Properties.
He added, “The record-breaking sales and strong rental market reaffirm Dubai’s status as a premier real estate destination for global investors.”
Record Growth Across Property Segments
Dubai’s real estate success in 2024 extended across all property sectors. Apartment sales led the way with a staggering 42% increase, totaling 141,168 transactions worth AED260.6 billion. Villa sales also rose significantly, up 21.1% from the previous year, with 30,938 transactions valued at AED164.1 billion. Even the commercial property market saw growth, with a 10.1% increase in sales volume to 4,304 units worth AED9.7 billion. Land plots recorded steady activity, with 4,352 transactions valued at AED86.5 billion—a 2.6% rise year-on-year.
Standout Locations in the Primary Market
Several areas emerged as top performers in 2024. Al Barsha South 4 led the primary market in volume with 12,878 sales worth AED13.5 billion, while Business Bay topped the charts in sales value, recording 6,888 transactions worth AED21.1 billion. Other high-demand areas included Madinat Al Mataar, Wadi Al Safa 5, and Hadaeq Sheikh Mohammed Bin Rashid, each reflecting a growing preference for suburban living and integrated communities.
Strong Performance in the Secondary Market
The secondary market also showcased impressive activity. Business Bay recorded the highest number of re-sale transactions at 5,142, valued at AED9.8 billion. Meanwhile, Dubai Marina stood out with 4,924 deals worth AED15.2 billion, solidifying its reputation as a premium waterfront destination. Other popular areas included Al Barsha South 4, Downtown Dubai, and Al Merkadh, each attracting significant investor interest.
Dubai’s Resilient Real Estate Market
Despite global economic uncertainties, Dubai’s real estate market continues to demonstrate remarkable resilience. The combination of strong demand, luxury property appeal, and innovative infrastructure development has made the city a magnet for international investors. As Dubai looks to 2025, the foundation laid in 2024 ensures its place as a global leader in real estate.
