Have you ever thought about how the Dubai real market has managed to obtain record-breaking sales year after year? The answer lies in an aggregate of factors that have contributed to its sustained increase, mainly following the stressful conditions introduced through the worldwide pandemic. The market has shown incredible resilience and has proven its position as a top global hub for real estate. This article provides you with a closer look at the performance of the Dubai property market in 2024 and what to expect as we move into 2025.
Dubai Property Market Likely To Keep Flourishing In 2025: Highest Quarterly Sales Ever Seen In Q4-2024
The Impressive Growth of Dubai’s Real Estate Market
The Dubai property market has seen remarkable growth since the Covid-19 pandemic, with sales figures soaring to unprecedented heights. Starting from AED 69.80 billion in 2020, sales increased significantly, reaching AED 149 billion in 2021. The upward trend continued in 2022, with sales hitting AED 265.50 billion, followed by an even stronger performance in 2023 with AED 401 billion. By the end of 2024, the market had exceeded AED 517 billion, a clear indication of the steady growth and resilience of Dubai’s real estate sector.
The growth in sales has been accompanied by a surge in the number of transactions. In 2024, the market saw an impressive 38% increase in the number of sales deals, reaching about 178,900 transactions, compared to 129,000 deals in 2023. This marked the highest number of transactions ever recorded in the history of the market. The value of real estate transactions, including sales, mortgages, and donations, also saw a significant increase, climbing by 35.80% to AED 753.60 billion in 2024, compared to AED 554.7 billion in 2023.
A Record-Breaking Year For Dubai’s Real Estate Sector
2024 has been a record year for Dubai’s property market, with sales numbers that have exceeded expectations. The total number of real estate transactions in 2024 reached 223,904, a 32% increase compared to 169,720 transactions in 2023. The volume of mortgages amounted to AED 185.77 billion in 2024, followed by grants worth AED 50.86 billion through 9,319 transactions. These figures reflect a vibrant and active real estate sector, attracting both local and international investors.
The fourth quarter of 2024 witnessed the highest quarterly sales ever recorded in Dubai’s real estate market. The sales in Q4 exceeded AED 142.7 billion, including the highest monthly sales ever in October, which amounted to AED 61.47 billion. November and December also saw impressive figures, with AED 43.65 billion and AED 37.48 billion in sales, respectively. This strong performance in the final quarter has further solidified the market’s status as one of the leading real estate sectors globally.
Also Read: Why Is Dubai’s Real Estate Market Poised For Success In 2025?
The Future Of Dubai’s Property Market In 2025
Looking ahead to 2025, the Dubai property market is expected to continue its growth. Experts predict that sales in 2025 will likely increase by 10% to 15%, bringing the total sales closer to the AED 600 billion mark. The total value of transactions is also expected to exceed AED 850 billion, with the market continuing to benefit from strong demand and investor confidence. The strong performance in 2024 has laid the foundation for a prosperous future. The real estate sector’s continued growth is supported by the government’s strategic initiatives and the increasing involvement of private sector players.
The Dubai Real Estate Sector Strategy 2033, launched in 2024, aims to enhance Dubai’s position as a global leader in real estate and attract further investments. The strategy focuses on strengthening partnerships with international companies, improving transparency, and optimizing data use to forecast supply and demand. This approach is expected to maintain momentum and ensure the sector remains competitive on the global stage.
Arshad Darbar’s Thoughts
Arshad Darbar, a professional real estate expert with years of experience in the market, views the continued growth of Dubai’s property sector as a clear indication of the city’s strong economic resilience and global appeal. He believes that the record-breaking sales figures and the rising number of transactions reflect the increasing confidence investors have in Dubai’s real estate market. According to Darbar, the market’s ability to maintain such positive momentum, especially in the face of global challenges, highlights its stability and attractiveness.
Darbar also emphasizes the importance of strategic government initiatives in fostering long-term growth and sustainability. These efforts, combined with the city’s strong infrastructure and business-friendly environment, make Dubai an ideal destination for both local and international investors. Furthermore, Darbar anticipates that the market will continue to evolve with the launch of new developments and projects, catering to various buyer needs.
As the market moves into 2025, Darbar expects a slight slowdown in growth but remains confident that the real estate sector will continue to perform strongly, offering lucrative opportunities for investors. He views Dubai’s real estate market as one of the most promising globally, with significant potential for future success.
Conclusion
The Dubai property market’s performance in 2024 has been nothing short of exceptional, with record-breaking sales and a significant increase in the number of transactions. The strong growth trajectory is expected to continue into 2025, with sales likely to reach new heights. As Dubai continues to attract investors from around the world, the real estate sector is poised to remain one of the most dynamic and prosperous in the global market. Dubai is set to maintain its status as a leading real estate hub.
The market’s continued success is a testament to the city’s resilience, strategic planning, and strong investor confidence. As we move into 2025, the Dubai property market is expected to keep flourishing, offering exciting opportunities for both buyers and investors.
