The Dubai real estate market achieved record-breaking results in 2024, reaching an all-time high of 180,900 transactions valued at AED522.1bn ($142.2bn).
A report from fäm Properties highlighted how 2024 became a historic year, with notable increases of 36% and 27% compared to the previous record of 133,100 sales worth AED411.1bn ($112bn) in 2023.
In the primary market, sales of new developments saw a 30% increase year-on-year, totaling AED334.1bn ($91bn), indicating strong demand for off-plan and new properties.
The volume of transactions grew by 51% to 119,800 in 2024, reflecting significant growth in buyer confidence and developer activity.
Average prices per square foot also rose by 10%, reaching AED1,600 ($436).
This surge in demand was driven by new project launches, favorable payment plans, and incentives for foreign investors, supported by residency reforms.
The secondary market saw a 21% increase in re-sales, totaling AED188.1bn ($51.2bn).
Transaction volumes in the secondary market rose by 14%, reaching 61,100, with an average price per square foot increasing by 12% to AED1,300 ($354).
The rise in re-sales reflected a shift towards ready-to-occupy properties, with high rental yields attracting investors, while infrastructure improvements boosted property appeal.
Firas Al Msaddi, CEO of fäm Properties, commented, “This has been an extraordinary year for Dubai’s real estate market. Despite global economic challenges, the growth in transaction volumes reflects strong demand and a growing buyer base.”
2024 also saw significant growth across all property sectors, with apartment sales leading the way with a 42% year-on-year increase. A total of 141,168 apartments were sold, valued at AED260.6bn ($71bn).
Villa sales increased by 21.1% to 30,938 units worth AED164.1bn ($44.7bn), commercial properties saw a 10.1% volume increase to 4,304 units valued at AED9.7bn ($2.6bn), and 4,352 plots were sold for AED86.5bn ($23.6bn), marking a 2.6% rise.
In the primary market, Al Barsha South 4 was the top-performing area in transaction volume, with 12,878 first sales, reflecting its popularity among investors and end-users.
Business Bay led in sales value with 6,888 transactions totaling AED21.1bn ($5.6bn), while areas like Madinat Al Mataar and Wadi Al Safa 5 gained traction, signaling a growing preference for suburban living and integrated communities.
Top 10 performing areas in Dubai’s primary market include:
- Al Barsha South 4: 12,878 transactions worth AED13.5bn ($3.7bn)
- Business Bay: 6,888 transactions worth AED21.1bn ($5.7bn)
- Wadi Al Safa 5: 6,602 transactions worth AED13.6bn ($3.7bn)
- Madinat Al Mataar: 6,254 transactions worth AED17bn ($4.6bn)
- Hadaeq Sheikh Mohammed Bin Rashid: 5,246 transactions worth AED13.4bn ($3.6bn)
- Madinat Hind 4: 5,152 transactions worth AED8.4bn ($2.3bn)
- Madinat Dubai Almelaheyah: 4,818 transactions worth AED12.7bn ($3.5bn)
- Al Merkadh: 4,474 transactions worth AED6.2bn ($1.7bn)
- Jabal Ali 1: 4,335 transactions worth AED6.7bn ($1.8bn)
- Bukadra: 4,215 transactions worth AED9.9bn ($2.7bn)
Business Bay maintained its lead in re-sale transactions, with 5,142 deals, while Dubai Marina continued to dominate in sales value with 4,924 transactions worth AED15.2bn ($4.1bn), reinforcing its status as a premium, waterfront destination.
In the secondary market, the top-performing areas included:
- Business Bay: 5,142 transactions worth AED9.8bn ($2.7bn)
- Dubai Marina: 4,924 transactions worth AED15.2bn ($4.1bn)
- Al Barsha South 4: 4,635 transactions worth AED7bn ($1.9bn)
- Al Thanyah 5: 3,305 transactions worth AED8.1bn ($2.2bn)
- Al Merkadh: 3,155 transactions worth AED8.3bn ($2.3bn)
- Downtown Dubai: 3,122 transactions worth AED12.7bn ($3.5bn)
- Jabal Ali 1: 2,364 transactions worth AED5bn ($1.4bn)
- Al Warsan 1: 2,126 transactions worth AED1.2bn ($327m)
- Wadi Al Safa 5: 2,125 transactions worth AED5.9bn ($1.6bn)
- Hadaeq Sheikh Mohammed Bin Rashid: 2,106 transactions worth AED9.8bn ($2.7bn)
