Palm Jumeirah Tops Annual Capital Gains
Dubai’s re-sale property market delivered record profits of $16.33 billion (AED 60 billion) for investors in 2024, representing 32% of the city’s all-time high re-sale value of AED 188.1 billion, according to a report by fäm Properties.
Key Highlights
- Top Performers:
Palm Jumeirah led the market, recording AED 6.48 billion in capital gains, followed by Dubai Marina, Dubai Hills Estate, Downtown Dubai, and Business Bay among the top ten areas. - Market Growth:
Re-sale property values rose 21% year-on-year, while transaction volumes increased by 14%, reflecting a strong preference for ready homes and high rental yields. - Residential Sector:
- Apartment sales surged by 42%, contributing AED 260.6 billion.
- Villa sales rose 21.1%, reaching 30,938 units worth AED 164.1 billion.
- Commercial and Plot Sales:
- Commercial property transactions grew 10.1% to 4,304 units at AED 9.7 billion.
- Plot sales increased 2.6%, with 4,352 plots sold for AED 86.5 billion.
Expert Insights
Firas Al Msaddi, CEO of fäm Properties, highlighted the market’s dynamism and regulatory effectiveness as key drivers of investor confidence.
“These record capital gains will encourage reinvestment and attract new capital, underscoring the market’s resilience and long-term potential,” Al Msaddi noted.
Factors Driving Growth
The report attributed the growth to:
- Buyers shifting focus to ready homes.
- High rental yields drawing investors.
- Infrastructure upgrades enhancing property appeal.
Dubai’s property market continues to stand out as a global hotspot for investment, showcasing its robust framework and dynamic growth trajectory.