Dubai real estate sets all-time record in 2024

Market soars to new peak, with 180,900 transactions worth Dh522.1 billion

Somshankar Bandyopadhyay

Published: Thu 2 Jan 2025, 5:53 PM

A record-breaking year for Dubai’s real estate market, with new milestones being set throughout 2024, culminated in an all-time peak of 180,900 transactions worth Dh522.1 billion.

A market report issued today by fäm Properties underlines how 2024 became an historic year, with big leaps of 36 per cent and 27 per cent respectively on the previous high of 133,100 sales worth Dh411.1 billion in 2023.

In the primary market, first sales from developers climbed by 30 per cent year on year to Dh334.1 billion, highlighting strong demand for new developments and off-plan properties.

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The transaction volume surged by 51 per cent to 119,800 in 2024, reflecting a substantial increase in buyer confidence and developer activity. There was also a steady appreciation in the average price per sq ft, which was up 10 per cent to Dh1,600.

Demand was fuelled by new project launches and favourable payment plans, as the segment attracted foreign investors, supported by residency incentives and visa reforms.

Healthy demand in the secondary market was highlighted by a 21 per cent increase in re-sales to Dh188.1 billion. Transaction volume was also up by 14 per cent to 61,100, demonstrating sustained activity. The average price per sq ft increased by 12 per cent year-on-year to Dh1,300.

The 2024 re-sale figures reflected buyers shifting to ready properties for immediate occupancy, and high rental yields attracting investors, while infrastructure improvements enhanced property desirability.

“This was a remarkable year for Dubai real estate, with transaction volumes growing despite global economic uncertainties, indicating resilient demand and an expanding buyer base,” 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.”

A year which had earlier set numerous monthly and quarterly records brought annual growth across each of property sectors, headed by a 42 per cent year-on-year increase in the volume of apartment sales, with 141,168 transactions totalling Dh260.6 billion.

Villa sales were up by 21.1 per cent from 2023 to 30,938 units worth Dh164.1 billion, commercial property transactions increased by 10.1 per cent in volume to 4,304 units at Dh9.7 billion, while 4,352 plots sold for Dh86.5 billion, a rise of 2.6 per cent.

In the primary market, Al Barsha South 4 was the top performing area in terms of overall volume, with 12,878 first sales from developer, reflecting its popularity among investors and end-users.

Business Bay led the way in overall sales value, with 6,888 transactions worth Dh21.1 billion. Meanwhile, emerging areas like Madinat Al Mataar and Wadi Al Safa 5 gained traction, indicating growing demand for suburban living and integrated communities.

Business Bay maintained its dominance in re-sale transactions, recording 5,142 deals during the year, while Dubai Marina led in overall value, with 4,924 transactions worth Dh15.2 billion, emphasising its status as a premium, waterfront destination.

Top 10 performing areas – primary market

Al Barsha South 412,878transactions worth Dh13.5 billion

Business Bay6,888Dh21.1 billion

Wadi Al Safa 56,602Dh13.6 billon

Madinat Al Mataar6,254Dh17.0 billion

Hadaeq Sheikh Mohammed Bin Rashid5,246Dh13.4 billion

Madinat Hind 45,152Dh8.4 billion

Madinat Dubai Almelaheyah4,818Dh12.7 billion

Al Merkadh4,474Dh6.2 billion

Jabal Ali 14,335Dh6.7 billion

Bukadra4,215Dh9.9 billion

Top 10 performing areas – secondary market