Dubai’s real estate market has shattered historical records in 2024, reaching a remarkable milestone of AED522.1bn ($142.2bn) in transaction volume, according to a new report from fäm Properties. The number of property deals surged to an all-time high of 180,900 transactions, marking a 36% increase from the previous year’s 133,100 deals, which amounted to AED411.1bn ($112bn). This record-setting performance reflects growing investor confidence and strong demand across both primary and secondary markets.
Strong Growth in the Primary Market
The primary market, where new developments and off-plan properties are sold, saw a significant rise in sales. First-time sales from developers surged by 30% year-on-year, totaling AED334.1bn ($91bn). This trend highlights a robust appetite for new properties, with notable growth in areas driven by fresh project launches and attractive payment plans. Dubai’s real estate landscape continues to be buoyed by government residency incentives and visa reforms, which have helped stimulate foreign investment.
The secondary market also performed well, with re-sales increasing by 21% to AED188.1bn ($51.2bn). The volume of re-sale transactions rose by 14%, reaching 61,100 deals, reflecting ongoing demand for ready-to-move-in properties. This shift is further reinforced by high rental yields and improvements in infrastructure, making Dubai a more desirable location for investors and buyers alike.
Key Areas and Market Segments
Dubai’s real estate market continued to witness impressive growth across various sectors, with apartments leading the charge. Sales of apartments saw a 42% year-on-year increase, with 141,168 transactions worth AED260.6bn ($71bn). Meanwhile, villa sales rose by 21.1%, totaling AED164.1bn ($44.7bn) from 30,938 transactions. Commercial properties and land also experienced growth, with commercial property transactions increasing by 10.1%, and land sales rising by 2.6%.
Notably, areas like Al Barsha South 4 and Business Bay stood out in both volume and value. Al Barsha South 4 led the primary market with 12,878 first-time sales, while Business Bay excelled in total sales value, recording AED21.1bn ($5.6bn) from 6,888 transactions. New suburban locations such as Wadi Al Safa 5 and Madinat Al Mataar are gaining popularity, signaling a shift towards integrated communities and suburban living.
The Outlook for Dubai’s Real Estate Market
Firas Al Msaddi, CEO of fäm Properties, commented on the market’s remarkable performance despite global economic challenges: “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. 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.”
In the secondary market, Business Bay remained a leader in re-sale transactions, while Dubai Marina emerged as the top area in overall value, with 4,924 deals totaling AED15.2bn ($4.1bn). The high demand for luxury waterfront properties is evident in the figures, cementing Dubai Marina’s place as one of the city’s most prestigious locations.
As Dubai’s real estate market enters 2025, infrastructure-led development is expected to remain a central theme. Experts predict that these developments will continue to fuel the market’s growth, with strong demand anticipated across various sectors of the real estate industry.
