Dubai’s 2024 Property Sales Break Records, Setting Up Continued Growth for 2025
2024 has been a remarkable year for Dubai’s real estate sector as there have been 180,000 all-time high transactions worth AED 522 billion ($142 billion), achieving new milestones of success. A UAE-based real estate company has issued a report, showcasing the significance of the past year in the context of the number of transactions throughout the year.
The city has observed a significant increase in property sales in 2024 compared to 2023. A 36% increase in sales volume and a 27% increase in value were recorded in 2024 compared to the previous year.
Considering the primary market, first sales from developers went up by 30% year on year to AED 334.1 billion, demonstrating the interests of investors and a significant increase in the demand for the latest developments and off-plan real estate.
When it comes to the transaction volume, it climbed up by 51% to 119,800 in 2024. This data indicates the captivation and allure of Dubai’s real estate and showcases the confidence and interests of investors and buyers. One more thing to add is the steady increase in appreciation. A roughly 10% appreciation has been noted in the average price per square foot.
It is believed that the demand for real estate in Dubai has surged mainly because of the development of modern projects and attractive payment plans for properties. Furthermore, investors also enjoy residency incentives by investing in the property sector.
Considering the secondary market, 1 21% increase in re-sales of properties has been identified which was about AED 188.1 billion. 14% increase in the transaction volume to 61,100 and 12% surge in the average price per sq ft year-on-year based to AED 1,300, accentuating healthy demand and sustained activity in the secondary market.
Furthermore, the report also informed about the shift of buyers’ interest to ready-to-move-in properties for immediate occupancy and high rental returns, fascinating both local and foreign investors.
Firas Al Msaddi, CEO of fäm Properties, said, “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.”
He further added, “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.”
This report also indicates the increase in the demand for luxury real estate as the sales of villas went up by 21.1% in 2024 from the previous year with 30,938 units valued at AED 164.1 billion sold. Transactions related to commercial real estate also climbed up by 10.1% to 4,304 units worth 9.7 billion. The sales of plots increased by around 2.6% to 4,353 plots valued at AED 86.5 billion.
Al Barsha South 4 was considered the top-performing area in the primary market because of the 12,878 first sales from the developers. Furthermore, Business Bay also witnessed transactions worth AED 21.1 billion and areas such as Madinat Al Mataar and Wadi Al Safa 5 have also gained popularity.
