Dubai Real Estate sets massive $142bn transaction record in 2024

Dubai Real Estate Market Performance in 2024: A Record-Breaking Year

The Dubai real estate market has achieved historic milestones in 2024, setting new records with a staggering 180,900 transactions valued at AED 522.1 billion (approximately $142.2 billion). This remarkable performance highlights the resilience and growth potential of Dubai’s property sector, attracting both local and international investors.

Table of contents

Key Highlights of the 2024 Market Performance

1. Significant Growth in Transactions

In 2024, the total number of property transactions surged by 36% compared to the previous record of 133,100 sales worth AED 411.1 billion in 2023. This surge reflects a strong recovery and growing confidence among buyers.

2. Dominance of the Primary Market

The primary market saw first sales from developers increase by 30% year-on-year, totaling AED 334.1 billion (about $91 billion). This growth indicates a robust demand for new developments and off-plan properties.

3. Increased Transaction Volume

The total transaction volume rose by 51%, reaching 119,800 transactions, showcasing heightened buyer confidence and active developer participation in the market.

4. Rising Property Prices

The average price per square foot appreciated by 10%, climbing to AED 1,600 (approximately $436). The increase in property prices reflects strong demand and a competitive market environment.

5. Healthy Secondary Market Activity

The secondary market also demonstrated healthy demand, with resale transactions increasing by 21% to reach AED 188.1 billion (around $51.2 billion). The volume of resale transactions rose by 14%, indicating sustained activity.

Top Performing Areas in Dubai Real Estate

Primary Market Leaders

• Al Barsha South 4: Recorded 12,878 transactions worth AED 13.5 billion (approximately $3.7 billion).
• Business Bay: Achieved 6,888 transactions valued at AED 21.1 billion (about $5.6 billion).
• Emerging areas like Wadi Al Safa 5 and Madinat Al Mataar are gaining traction, reflecting a shift towards suburban living.

Secondary Market Leaders

• Business Bay maintained its dominance with 5,142 transactions, worth approximately AED 9.8 billion (around $2.7 billion).
• The prestigious Dubai Marina led in overall value with 4,924 transactions, totaling about AED 15.2 billion (approximately $4.1 billion).

Factors Driving Demand

New Project Launches

The influx of new projects and favorable payment plans have attracted foreign investors, supported by residency incentives and visa reforms that enhance Dubai’s appeal as a real estate destination.

Also Read : Best ROI Areas and New Projects in Dubai Real Estate for 2025

Infrastructure Improvements

Ongoing infrastructure developments have increased property desirability, making areas more accessible and attractive to potential buyers.

Expert Insights

“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.” His insights emphasize the continued attraction of Dubai as a top real estate destination globally.

Firas Al Msaddi, CEO of fäm Properties, commented on the market’s performance:

Conclusion

In summary, the Dubai real estate market in 2024 has set unprecedented records for transaction volumes and values, driven by strong demand across both primary and secondary markets. With rising property prices and increased investor confidence, Dubai continues to solidify its position as a leading global real estate hub. Investors looking to capitalize on these trends should consider the dynamic opportunities available in this thriving market.

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