Historic Record for Dubai Real Estate Market in 2024: $142 Billion in Transactions and Top Performing Areas
In 2024, the Dubai real estate market posted a record year, beating all transaction volumes and values ever recorded. Transactions were robust in growth, and sale prices reached higher values compared to the previous year.
A report by fam Properties showed that Dubai’s real estate market reached unprecedented heights in 2024, with 180,900 transactions valued at AED 522.1 billion ($142 billion USD). This is a 36% increase in transaction volume and a 27% rise in transaction value compared to the previous record in 2023, which stood at 133,100 sales worth AED 411.1 billion.
Significant Growth Across Different Market Segments
Primary Market (Direct Sales from Developers):
- Sales grew by 30% annually, reaching AED 334.1 billion ($91 billion USD), indicating strong demand for new projects and off-plan properties.
- Transaction volume increased by 51% to 119,800 deals.
- The average price per square foot rose by 10% to AED 1,600 ($436 USD).
- Factors driving this growth included new project launches, attractive payment plans, residency incentives, and visa reforms, which significantly boosted
- foreign investment.
Secondary Market (Resale Properties):
- Resale sales grew by 21%, reaching AED 188.1 billion ($51.2 billion USD).
- The transaction volume rose by 14% to 61,100 deals.
- The average price per square foot increased by 12% to AED 1,300 ($354 USD).
- Buyers showed a strong preference for ready-to-move-in properties and high rental yields, contributing to the sector’s robust growth.
- Improved infrastructure further enhanced property appeal.
Firas Al Msaddi, CEO of fam Properties, stated:
“2024 has been an exceptional year for Dubai’s real estate market. Despite global economic uncertainties, transaction volumes grew significantly, reflecting sustained demand and an increasing number of buyers. Record-breaking sales values and strong rental demand continue to attract global investors, solidifying Dubai’s position as one of the top real estate investment destinations.”
Performance of Various Property Types
Apartments:
The volume of apartment sales, including Dubai apartment prices, increased by 42% year-on-year to 168/141 transactions worth 260.6 billion dirhams ($71 billion).
Villas:
The purchase of villas in Dubai increased by 21.1% to 30,938 units and reached AED 164.1 billion ($44.7 billion USD).
Commercial Properties:
Dubai commercial real estate transactions increased by 10.1% in volume to 304.4 units worth 9.7 billion dirhams ($2.6 billion).
Land:
There were 4,352 land plots sold valued at AED 86.5 billion ($23.6 billion USD), up 2.6% in price.
Best Performing Areas in the Real Estate Market
Primary Market
- Al Barsha South 4: 12,878 deals, worth AED 13.5 billion ($3.7 billion USD).
- Business Bay: 6,888 deals, worth AED 21.1 billion ($5.7 billion USD).
Growth has also been good in other new areas like Madinat Al Mataar and Wadi Al Safa 5.
Secondary Market
- Business Bay: 5,142 dealings, worth AED 9.8 billion ($2.7 billion USD).
- Dubai Marina: 4,924 transactions, valued at AED 15.2 billion ($4.1 billion USD).
In the following, we have mentioned the complete list of the top 10 areas of the Dubai real estate market in two primary and secondary sectors.
Top 10 Areas in the Primary Market
Conclusion
The Dubai real estate market saw record growth in both transaction volume and value, which was 36% and 27% year-on-year growth compared to 2023, respectively. In 2024, the primary market was driven by new projects and visa reforms, while high rental yields and ready-to-move-in properties underpinned the secondary market. Apartments, villas, commercial properties, and land all reported high growth in the year gone by. Areas such as Al Barsha South 4, Business Bay, and Dubai Marina emerged as top performers, firmly positioning Dubai as one of the most popular global destinations for real estate investment.
Source: https://www.arabianbusiness.com
Related
