Dubai Real Estate Market Breaks Records with $31.7 Billion Sales in Q4 2024
Dubai’s property sector has experienced a significant increase in sales transactions in Q4 2024. During this brief period, the city achieved $31.7 billion in sales, showcasing a whopping 31.1 percent year-on-year increase. 46,844 transactions have been recorded in Q4 2024, reflecting a 51.8% increase as compared to the same period of the previous year.
This spike in transaction values and numbers of real estate in Dubai firms the position of Dubai as a leading real estate hub, highlighting the confidence and interest of investors in the city’s property sector. Furthermore, the off-plan market played a significant role in achieving this milestone, accounting for over 50% of the transaction value in Dubai’s real estate market during Q4 2024.
Notable communities such as Palm Jumeirah, Dubai Marina, and Downtown Dubai maintained their dominance. These areas are mainly popular because of their modern living facilities and top-notch offerings, which fascinate both local and foreign investors.
Farooq Syed states, “Dubai’s real estate market continues to demonstrate remarkable strength and global appeal, underpinned by strategic planning, visionary developments, and investor confidence. This growth is the result of a deliberate focus on meeting evolving buyer preferences while setting new benchmarks in quality, innovation, and sustainability”.
Every field of the property sector is performing, leading to the growth and expansion of Dubai’s real estate sector. This progress has also highlighted the strong interest of investors in off-plan properties, resulting in 30,338 transactions in this category. People normally invest in incomplete real estate because of its attractive and flexible payment plans, making it seamless to buy property in Dubai.
Min-income buyers mainly focused on buying real estate in areas such as Dubai South and Jumeirah Village Circle (JVC). At the same time, foreign investors also seemed interested in off-plan projects being developed in Palm Jumeirah and Dubai Hills Estate.
Areas such as Dubai South and Jumeirah Village Circle emerged as growth hubs for mid-income buyers, while luxury off-plan developments in Palm Jumeirah and Dubai Hills Estate attracted a global audience seeking exclusivity and modernity. With AED 4600 per square foot price, Palm Jumeirah remained dominant in terms of average sales price.
