Dubai’s real estate market recorded an impressive AED116.5bn ($31.7bn) in sales transactions during Q4 2024, a 31.1% year-on-year growth. With 46,844 deals closed—up 51.8%—this marks a standout year for the emirate, driven by strong demand in the off-plan and luxury segments.
Luxury and Off-Plan Markets Drive Growth:
Palm Jumeirah, Downtown Dubai, and Dubai Marina maintained their dominance, attracting high-net-worth individuals with exclusivity and lifestyle appeal. Palm Jumeirah led the luxury market, achieving the highest average sales price of AED4,600 ($1,253) per square foot.
Farooq Syed
CEO of Springfield Properties
Farooq Syed highlighted the importance of innovation and investor confidence in the market’s growth:
“This growth is the result of a deliberate focus on meeting evolving buyer preferences while setting new benchmarks in quality, innovation, and sustainability.”
The off-plan market was pivotal, accounting for over half of the total transaction value with 30,388 deals in Q4. Areas like Dubai South and Jumeirah Village Circle emerged as hotspots for mid-income buyers, while Palm Jumeirah and Dubai Hills Estate captured global attention with luxury developments.
Sustainability and Future Prospects:
Dubai’s real estate aligns with the city’s 2040 Urban Master Plan, emphasizing sustainability and strategic infrastructure. As the population approaches 4 million in 2025, demand across all property segments is expected to rise.
Syed added, “Dubai has positioned itself as a global real estate leader by continuously adapting to market dynamics and driving innovation. The focus will remain on delivering value-driven projects that combine inclusivity and exclusivity.”
With its adaptability and forward-thinking policies, Dubai’s real estate sector is poised for continued growth in 2025.
