Dubai’s real estate market achieved record-breaking success in 2024, setting new milestones with an unprecedented total of 180,900 transactions valued at AED522.1 billion ($142.1 billion). A market report released by fäm Properties emphasizes that 2024 marked a historic year, showcasing significant increases of 36 percent and 27 percent compared to the previous peak of 133,100 sales worth AED411.1 billion ($111.9 billion) in 2023.
Surge in primary market activity
In the primary market, initial sales from developers surged by 30 percent year on year, reaching AED334.1 billion ($91 billion), underscoring the strong appetite for new developments and off-plan properties. The transaction volume skyrocketed by 51 percent to 119,800 in 2024, demonstrating a notable rise in buyer confidence and developer engagement. Additionally, the average price per square foot saw a steady increase of 10 percent, now standing at AED1,600.
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Factors driving demand
This demand was driven by the launch of new projects and attractive payment plans, drawing in foreign investors who were further encouraged by residency incentives and visa reforms. The secondary market also experienced robust activity, with a 21 percent increase in re-sales totaling AED188.1 billion. The transaction volume rose by 14 percent to 61,100, reflecting sustained market momentum. Moreover, the average price per square foot in this segment grew by 12 percent year-on-year to AED1,300.
Shift in buyer preferences
The re-sale statistics for 2024 highlighted a shift among buyers toward ready properties for immediate occupation, as well as high rental yields that attracted investors. Infrastructure improvements also played a significant role in enhancing 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,” remarked 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.”
Annual growth across property sectors
This exceptional year, which set numerous monthly and quarterly records, showcased annual growth across all property sectors. Notably, apartment sales led the charge with a 42 percent year-on-year increase, totaling 141,168 transactions and AED260.6 billion. Villa sales rose by 21.1 percent from 2023, reaching 30,938 units valued at AED164.1 billion. Meanwhile, commercial property transactions increased by 10.1 percent in volume to 4,304 units, amounting to AED9.7 billion, and 4,352 plots sold for AED86.5 billion, marking a rise of 2.6 percent.
Top-performing areas in the primary market
In the primary market, Al Barsha South 4 emerged as the top-performing area in terms of overall volume, with 12,878 initial sales from developers, reflecting its strong appeal among investors and end-users. Business Bay dominated in overall sales value, recording 6,888 transactions worth AED21.1 billion. Additionally, emerging areas like Madinat Al Mataar and Wadi Al Safa 5 gained traction, signaling a growing demand for suburban living and integrated communities.
The top performing areas in Dubai’s primary real estate market include Al Barsha South 4 with 12,878 transactions worth AED13.5 billion, Business Bay with 6,888 transactions totaling AED21.1 billion, and Wadi Al Safa 5 with 6,602 transactions valued at AED13.6 billion. Other notable areas are Madinat Al Mataar with 6,254 transactions worth AED17.0 billion, Hadaeq Sheikh Mohammed Bin Rashid with 5,246 transactions at AED13.4 billion, and Madinat Hind 4 with 5,152 transactions totaling AED8.4 billion. Additionally, Madinat Dubai Almelaheyah recorded 4,818 transactions worth AED12.7 billion, Al Merkadh had 4,474 transactions valued at AED6.2 billion, Jabal Ali 1 achieved 4,335 transactions totaling AED6.7 billion, and Bukadra saw 4,215 transactions worth AED9.9 billion. Business Bay maintained its dominance in resale transactions with 5,142 deals during the year, while Dubai Marina led in overall value with 4,924 transactions worth AED15.2 billion, highlighting its status as a premium waterfront destination.
Highlights from the secondary market
In secondary market, Business Bay topped the list with 5,142 transactions valued at AED9.8 billion, followed by Dubai Marina with 4,924 transactions worth AED15.2 billion. Al Barsha South Fourth recorded 4,635 transactions totaling AED7.0 billion, and Al Thanyah Fifth had 3,305 transactions at AED8.1 billion. Al Merkadh saw 3,155 transactions worth AED8.3 billion, while Downtown Dubai recorded 3,122 transactions valued at AED12.7 billion. Jabal Ali First had 2,364 transactions totaling AED5.0 billion, Al Warsan First recorded 2,126 transactions worth AED1.2 billion, Wadi Al Safa 5 saw 2,125 transactions valued at AED5.9 billion, and Hadaeq Sheikh Mohammed Bin Rashid had 2,106 transactions worth AED9.8 billion.
