Has Dubai’s real estate market reached its top? In 2024, it virtually seems so. The year witnessed incredible milestones, marking the quality type of transactions and income values ever recorded. Dubai’s real estate market set a new all-time excessive in 2024, with an entire 180,900 transactions certainly worth Dh522.1 billion. This represents a huge 36% increase in the variety of transactions and a 27% upward thrust inside the charge as compared to the previous year, when 133,100 transactions were recorded, totaling Dh411.1 billion.
This robust growth highlights the strong demand for properties in Dubai, despite challenges in the global economy. The market has shown resilience and strength, attracting both local and international investors.
The Dubai Real Estate Industry Sets All-Time Records in 2024
Surge In Primary Market Activity
The primary market saw a significant boost, driven by demand for new developments and off-plan properties. Sales from developers in the primary market climbed by 30%, reaching Dh334.1 billion in 2024. This increase reflects the strong interest in new properties, especially in areas with fresh developments. In addition, the transaction volume in the primary market surged by 51% to 119,800 transactions.
This growth indicates higher buyer confidence and activity from developers, making 2024 one of the most successful years for new property launches in Dubai. The average price per square foot also saw an increase of 10%, rising to Dh1,600. This price increase is a clear indicator of the growing demand for properties in Dubai, as buyers continue to invest in both new and off-plan developments.
Growth In Secondary Market Transactions
The secondary market, which consists of re-sales, also saw impressive growth in 2024. Re-sale transactions increased by 21%, reaching Dh188.1 billion in value. The volume of transactions in the secondary market rose by 14%, totaling 61,100 sales. The rise in re-sale transactions reflects a shift in buyer preferences, as many opted for ready-to-move-in properties. Buyers were drawn to the availability of high-yield rental properties, further boosting the demand for re-sales.
The average price per square foot in the secondary market also increased by 12%, reaching Dh1,300, showing the growing appeal of ready properties. Infrastructure improvements in various areas have made these properties even more desirable, contributing to the strong demand in the secondary market.
Increased Demand For Luxury And Rental Properties
The strong demand in both the primary and secondary markets indicates a broader trend in Dubai’s real estate sector. High-end properties, particularly in luxury segments, remain in demand, driven by both local buyers and foreign investors. Furthermore, the rental market has continued to thrive, with high rental yields attracting more investors. These trends suggest that Dubai’s real estate market is becoming increasingly attractive to global investors.
The city’s favorable visa reforms and residency incentives have played a significant role in boosting demand, especially among foreign buyers who seek long-term residency options.
Also Read: Dubai Housing Market To See Price Rise Moderation In 2025; 5-10% Price Increase Projected
Performance Across Property Sectors
The growth in Dubai’s real estate market was not limited to a single sector. The year 2024 saw substantial gains in several property sectors. Apartment sales led the way, with 141,168 apartment transactions worth Dh260.6 billion, marking a 42% year-on-year increase. This significant growth in apartment sales highlights the ongoing demand for residential properties in the city. Villa sales also grew, with 30,938 villas sold for Dh164.1 billion, up by 21.1% compared to 2023.
Commercial property transactions increased by 10.1%, with 4,304 units sold for Dh9.7 billion. Additionally, the sale of land plots reached 4,352 transactions, ttotalingDh86.5 billion, a 2.6% increase from the previous year.
Key Areas Leading The Market
Several areas in Dubai stood out in 2024 for their strong performance. In the primary market, Al Barsha South 4 was the top-performing area in terms of transaction volume, with 12,878 first sales from developers. Business Bay led the overall sales value with 6,888 transactions worth Dh21.1 billion. Emerging areas such as Madinat Al Mataar and Wadi Al Safa 5 gained traction, indicating a growing interest in suburban living and integrated communities.
These areas are becoming more appealing to both investors and end-users looking for more affordable options without compromising on quality and amenities. In the secondary market, Business Bay continued to dominate, with 5,142 resale transactions. Dubai Marina remained the leader in overall sales value, with 4,924 transactions worth Dh15.2 billion, highlighting its status as one of Dubai’s most sought-after waterfront destinations.
Arshad Darbar’s Thoughts
Arshad Darbar, a seasoned real estate expert with years of experience in the industry, views the record-breaking performance of Dubai’s real estate market in 2024 as a testament to the city’s enduring appeal and resilience. He highlights the significant growth in both transaction volumes and sales values as evidence of the strong demand for properties across all sectors. According to him, the rise in primary market transactions, particularly in off-plan properties, reflects a growing confidence among investors and homebuyers.
Darbar believes that the consistent performance of key areas, such as Business Bay and Dubai Marina, further underscores Dubai’s position as a global real estate hub. He also points out that the strong performance of suburban areas, including Wadi Al Safa and Al Barsha South, signals a shift in buyer preferences, with more people seeking integrated communities outside the city center.
He attributes this growth to several factors, including favorable reform, residency incentives, and ongoing infrastructure developments. Darbar emphasizes that Dubai’s real estate market remains an attractive investment opportunity, with continued strong demand for new and ready-to-move-in properties, making it an ideal choice for local and international investors.
Conclusion
2024 has been a record-breaking year for Dubai’s real estate market, with transaction volume and sales value reaching all-time highs. The increase in demand, particularly for new developments and off-plan properties, as well as the continued growth in the secondary market, has shown that Dubai’s real estate sector remains resilient. Despite global economic challenges, Dubai’s real estate market has continued to thrive, attracting both local and international investors.
With a growing number of successful property transactions and the continued demand for luxury and rental properties, Dubai remains a prime destination for real estate investment. The city’s strong performance in 2024 solidifies its position as one of the world’s leading real estate markets.
