Are you wondering how the UAE real property market completed in 2024? With a booming market, both sales and investments reached new heights, making it a year to keep in mind for property buyers and investors. This article provides you with information about how the real estate sector within the UAE has been thriving, with record-breaking figures across various emirates.
UAE Real Estate Sees Steady Growth In Projects, Record Transactions In 2024
Real Estate Transactions Across The UAE
In 2024, the UAE real estate market saw significant growth, with the total value of transactions across the four major emirates — Abu Dhabi, Dubai, Sharjah, and Ajman — reaching an impressive Dh893 billion. This total was achieved through more than 331,300 transactions, reflecting the strength and resilience of the market. These figures highlight the steady demand for real estate, driven by various factors, including a growing population, investment opportunities, and strong demand for property across different sectors.
The robust performance of the market is a clear indication that the UAE remains an attractive investment destination for both local and international investors.
Abu Dhabi Real Estate Market Performance
Abu Dhabi’s real estate sector performed strongly throughout 2024. The total value of real estate transactions in the emirate amounted to Dh79.3 billion. This value was achieved through 25,046 sales and mortgage transactions, covering a wide range of property types. The sales were carried out through 14,816 transactions, including both ready units and off-plan properties. Ready units accounted for 5,646 transactions, while off-plan properties made up 9,169 transactions.
In addition to the sales figures, the mortgage market also showed positive growth. Abu Dhabi recorded 10,230 mortgage transactions valued at Dh32.8 billion. These figures further underline the expanding demand for both residential and commercial properties in the capital.
Dubai’s Record-Breaking Real Estate Transactions
Dubai, being the largest property market in the UAE, achieved extraordinary real estate transaction values in 2024. The total value of transactions in Dubai surpassed Dh760.7 billion, a record high for the emirate. This was accomplished through 226,000 transactions, which is a remarkable achievement considering the size of the market. The Dubai Land Department reported that property sales in the emirate reached Dh522 billion, with 180,000 sales transactions across various property types.
In addition to sales, mortgage transactions amounted to Dh187 billion, which were executed through 35,000 mortgage deals. These statistics point to the continued growth and attractiveness of Dubai’s real estate market, offering a range of investment opportunities for both local and international buyers.
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Sharjah’s Strong Real Estate Growth
Sharjah has also shown solid growth in its real estate sector. Between January and November 2024, the emirate recorded a total value of Dh36.4 billion in real estate transactions. This included Dh9.5 billion in mortgage transactions, which contributed to the overall market strength. The Sharjah Real Estate Registration Department reported over 78,600 total sales transactions during this period.
In addition, there were 4,011 mortgage transactions, which further highlights the ongoing demand for properties in the emirate. Sharjah’s diverse real estate offerings, including residential and commercial properties, have made it a popular choice for investors seeking affordable yet quality options.
Ajman’s Remarkable Growth In Real Estate
Ajman’s real estate market experienced impressive growth in 2024. By the end of October 2024, real estate transaction values in Ajman reached Dh16.35 billion. This figure was the result of approximately 12,718 transactions, reflecting strong market activity in the emirate. Ajman’s real estate market has been driven by growing demand for affordable properties, as well as a variety of investment opportunities. In 2023, the emirate saw a 43% increase in transaction values compared to 2022, a sign of its market’s resilience and appeal.
The total value of real estate transactions in 2023 reached Dh16.9 billion, with 11,500 transactions conducted. The increase in transaction volumes showcases the positive outlook for Ajman’s real estate market.
Luxury Real Estate In The UAE
The UAE’s real estate market continues to attract high-net-worth individuals (HNWIs), particularly in the luxury sector. Dubai, in particular, has long been a hub for luxury real estate, with its world-class amenities, stunning views, and strategic location. The demand for luxury properties has led to the development of high-end residential and commercial projects, which continue to drive the growth of the market.
This influx of international investors, coupled with the rising demand from local buyers, has led to a steady increase in the value of luxury properties, further strengthening the UAE’s position as a global property investment destination.
Arshad Darbar’s Thoughts
Arshad Darbar, a seasoned real estate expert with extensive experience in the market, views the steady growth and record-breaking transactions in the UAE’s real estate sector as a positive indicator of the country’s economic health. He believes that the significant increase in transactions, totaling Dh893 billion across the four major emirates, demonstrates the strong demand for properties in both residential and commercial sectors. According to Darbar, the growth is a reflection of the UAE’s ability to offer diverse investment opportunities, attracting both local and international investors.
Darbar emphasizes that the strong performance of markets in Abu Dhabi, Dubai, Sharjah, and Ajman is not just a sign of recovery but also an indication of long-term stability. He highlights the ongoing demand for luxury properties, especially in Dubai, as a key factor contributing to the market’s resilience. Furthermore, he believes that the rise in mortgage transactions, which exceeded Dh229.3 billion, shows the increasing confidence of buyers in the market.
In Darbar’s opinion, the UAE real estate market is on a solid growth trajectory, supported by positive economic factors and a growing investor base. He anticipates this trend to continue in 2025 and beyond, further cementing the UAE’s position as a global property investment hub.
Conclusion
The UAE’s real estate market has seen steady growth in 2024, with record-breaking transactions across the four major emirates. Abu Dhabi, Dubai, Sharjah, and Ajman have all experienced significant growth in both sales and mortgage transactions, reflecting strong demand and a diverse range of investment opportunities. The continued growth of the market is expected to continue in 2025, driven by a favorable investment climate, ongoing infrastructure projects, and an increase in luxury real estate demand.
As a result, the UAE remains an attractive and reliable destination for property investors, both local and international.
