Dubai’s real estate market ended 2024 with remarkable results, cementing the city’s position as a leader in innovation, luxury and strategic investments in the global property sector. At the heart of Dubai’s real estate growth lies the off-plan market, which contributed over half of the total transaction value in the last quarter of the year.
According to the latest report by Springfield Properties, total sales transaction values in Dubai’s real estate sector reached AED116.5 billion in Q4 of 2024, reflecting a 31.1 percent year-on-year increase, with transaction volumes surging 51.8 percent to 46,844 closed deals.
“Dubai’s real estate market continues to demonstrate remarkable strength and global appeal, underpinned by strategic planning, visionary developments and investor confidence. This growth is the result of a deliberate focus on meeting evolving buyer preferences while setting new benchmarks in quality, innovation and sustainability,” stated Farooq Syed, CEO of Springfield Properties.
Off-plan segment contributes 53 percent of transactions
The off-plan segment played a major role in driving Dubai’s real estate success, with 30,388 transactions worth AED61.69 billion, making up 53 percent of the total transaction value in Q4 of 2024. Areas such as Dubai South and Jumeirah Village Circle emerged as growth hubs for mid-income buyers, while luxury off-plan developments in Palm Jumeirah and Dubai Hills Estate attracted a global audience seeking exclusivity and modernity.
In 2024, Dubai’s real estate market achieved total sales transaction values of AED423.3 billion and volumes of 168,407, marking a 42.4 percent year-on-year growth. Off-plan sales dominated last year, contributing 63.4 percent of total annual transactions, driven by innovative payment plans and strong investor demand.
Top 7 areas to buy property in Dubai
According to Springfield Properties, the top-performing areas in Q4 of 2024 included:
- Business Bay: Business Bay maintained its leading position due to strong demand for off-plan and ready properties. The area is known for its central location and mixed-use developments attracting investors and end-users alike.
- Dubai Marina: This area remained a prime choice for luxury waterfront apartments with high rental yields.
- Palm Jumeirah: Palm Jumeirah dominated the ultra-luxury segment with record-breaking villa and apartment sales.
- Downtown Dubai: The area experienced strong demand for high-end apartments, driven by its iconic developments and premium lifestyle offerings.
- Dubai South (Expo City): This area gained traction as a hub for affordable housing and strategic investments due to its proximity to key infrastructure and developments.
- Jumeirah Village Circle: JVC remained a popular choice among mid-income buyers, offering affordable pricing and family-friendly amenities.
- Dubai Land: The area strengthened its position as an emerging hotspot for value-driven investments, particularly in townhouse and villa communities.
Luxury developments drive growth
Dubai’s thriving luxury real estate segment also continued to attract high-net-worth individuals and institutional investors worldwide. Established communities like Palm Jumeirah, Downtown Dubai and Dubai Marina remain dominant, offering a blend of exclusivity, lifestyle appeal and long-term value.
The luxury segment reinforced its position as a key driver of market value, with premium properties in Palm Jumeirah achieving the highest average sales price at AED4,600 per square foot. These numbers underline Dubai’s ability to cater to global demand, ensuring its status as a leader in the ultra-luxury market.
“Dubai’s appeal to high-net-worth individuals is about delivering a seamless integration of lifestyle, security and strategic value. Buyers and investors see Dubai as a city that not only offers world-class amenities but also understands their aspirations for long-term growth and stability,” added Syed.
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Population growth to drive demand in 2025
With projections estimating Dubai’s population to reach 7.8 million by 2040, the real estate market is well-positioned to capitalize on sustained growth and infrastructure developments.
In 2025, Dubai’s population is expected to reach 4 million which will likely drive strong demand growth across all real estate segments. Key areas such as Dubai South, with its focus on inclusivity and strategic infrastructure, will complement the ongoing strength of luxury hubs like Palm Jumeirah and Downtown Dubai.
The city’s alignment with the Dubai 2040 Urban Master Plan further highlights its commitment to building a sustainable, forward-thinking real estate ecosystem that appeals to both global investors and end-users.
“Dubai has positioned itself as a global real estate leader by continuously adapting to market dynamics and driving innovation. As we move into 2025, the focus will remain on delivering value-driven projects that reflect Dubai’s unique ability to combine inclusivity with exclusivity, setting the standard for urban living in the years ahead,” Syed concluded.
