Are you curious about where the Dubai real property marketplace is heading and which areas have visible a brilliant increase? The year 2024 has been a groundbreaking one for Dubai’s real estate market, putting new transaction facts and highlighting the city’s enchantment as an international real estate destination. With an all-time high of 180,900 transactions worth AED522.1 billion ($142.2 billion), the market has shown remarkable strength, overcoming global economic challenges and attracting local and international investors alike.

Dubai Real Estate Sets Unprecedented $142 Billion Transaction Record In 2024

Unprecedented Growth In Transactions

The Dubai real estate market witnessed a 36% increase in sales volume and a 27% rise in transaction value compared to 2023, which recorded 133,100 sales worth AED411.1 billion ($112 billion). The surge in activity reflects growing buyer confidence and the appeal of Dubai’s real estate offerings. The primary market saw first sales from developers grow by 30%, reaching AED334.1 billion ($91 billion), driven by the popularity of off-plan properties and new project launches.

The secondary market also performed robustly, with re-sales climbing by 21% to AED188.1 billion ($51.2 billion) and a 14% increase in transaction volume to 61,100 sales. Average prices per square foot rose by 10% in the primary market to AED1,600 ($436) and by 12% in the secondary market to AED1,300 ($354), signaling sustained demand and property value growth.

Factors Driving Market Growth

Several key factors contributed to this historic performance. Favorable payment plans and innovative visa reforms spurred interest from foreign investors. The introduction of long-term residency options and retirement visas created a stable environment for expatriates, encouraging homeownership. Infrastructure improvements and new community developments further enhanced the attractiveness of Dubai’s real estate market.

Additionally, the city’s status as a global hub for business and tourism continued to play a vital role in its real estate sector’s growth. High rental yields drew investors seeking steady income streams, while demand for ready properties surged as buyers sought immediate occupancy.

Record-Breaking Performance Across Property Types

Every segment of the Dubai property market experienced significant growth in 2024. Apartment sales rose by 42% year-on-year, with 141,168 transactions worth AED260.6 billion ($71 billion). Villa sales also saw a substantial increase, with 30,938 transactions valued at AED164.1 billion ($44.7 billion), up 21.1% from the previous year. Commercial properties recorded a 10.1% increase in volume, with 4,304 transactions totaling AED9.7 billion ($2.6 billion). 

Land plots remained in demand as well, with 4,352 sales worth AED86.5 billion ($23.6 billion), reflecting a 2.6% growth compared to 2023.

Also Read: The Dubai Real Estate Industry Sets All-Time Records in 2024

Top Performing Areas In Dubai

Among the standout areas, Al Barsha South Fourth emerged as the leader in the primary market, with 12,878 transactions worth AED13.5 billion ($3.7 billion). Business Bay topped the chart in terms of overall sales value, recording 6,888 transactions worth AED21.1 billion ($5.7 billion). Other high-performing areas included Wadi Al Safa 5, Madinat Al Mataar, and Hadaeq Sheikh Muhammad Bin Rashid. In the secondary market, Business Bay recorded the highest transaction volume, with 5,142 sales worth AED9.8 billion ($2.7 billion). 

Dubai Marina led in value, with 4,924 transactions tototalingED15.2 billion ($4.1 billion), highlighting its appeal as a premium waterfront destination.

Demand For Suburban Living

Emerging areas like Madinat Al Mataar and Wadi Al Safa 5 gained traction in 2024, reflecting a growing preference for suburban living. These communities offer integrated amenities, spacious homes, and a family-friendly environment, making them attractive to both investors and end-users. With Dubai’s infrastructure constantly improving, areas on the outskirts of the city have become more accessible and desirable. 

This trend is expected to continue into 2025, as developers focus on creating self-sustained communities that cater to modern lifestyles.

Outlook For 2025

As the Dubai real estate market enters 2025, infrastructure-led development is expected to remain a key driver of growth. New project launches and expanded payment plans will likely maintain strong buyer interest. Additionally, ongoing improvements to transportation networks and community facilities will further enhance the appeal of the city’s real estate offerings. The market’s ability to adapt to changing global conditions and attract a diverse range of investors positions it for continued success.

With its proven resilience and forward-looking strategies, Dubai remains one of the world’s top destinations for real estate investment. 

Arshad Darbar’s Thoughts 

Arshad Darbar, a seasoned real estate expert with extensive experience in Dubai’s dynamic property market, shared his insights on the record-breaking performance of the sector in 2024. According to Darbar, the AED522.1 billion ($142.2 billion) transaction milestone is a testament to Dubai’s continued appeal as a global real estate hub. He emphasized that the growth reflects not only the city’s strategic planning and infrastructure investments but also its ability to adapt to market demands.

Darbar highlighted the rising demand for off-plan properties, driven by attractive payment plans and the appeal of new developments, as a key factor behind the surge in primary market transactions. He noted that the secondary market’s robust performance, with increased re-sales and higher average prices, indicates strong investor confidence and sustained interest in ready-to-occupy homes. He also pointed out that the shift toward suburban areas, such as Wadi Al Safa 5 and Madinat Al Mataar, shows how buyers are prioritizing integrated communities and modern amenities.

Darbar believes Dubai’s innovative approach, combined with supportive policies like long-term visas, will continue to fuel the market’s momentum. He sees 2024 as a pivotal year that has set the stage for further growth and diversification in the real estate sector.

Conclusion 

The record-breaking performance of Dubai’s real estate market in 2024 highlights its resilience and global appeal. With 180,900 transactions worth $142 billion, the city showcased remarkable growth across all property segments. Areas like Business Bay and Dubai Marina stood out, while suburban communities gained popularity due to integrated amenities and improved infrastructure. Factors such as visa reforms, rental yields, and innovative payment plans further attracted investors.

As Dubai continues to prioritize infrastructure and community development, the market is well-positioned for sustained growth in 2025. This success reaffirms Dubai’s status as a leading global destination for real estate investment.