DUBAI – Dubai’s real estate market had a record-breaking year in 2024, with new milestones set throughout the year, culminating in an all-time peak of 180,900 transactions worth AED 522.1 billion.
A market report issued today by fäm Properties highlights how 2024 became a historic year, with significant increases of 36 percent in transaction volume and 27 percent in sales value, compared to the previous record of 133,100 sales worth AED 411.1 billion in 2023.
In the primary market, first sales from developers climbed by 30 percent year-on-year to AED 334.1 billion, reflecting strong demand for new developments and off-plan properties.
Transaction volume surged by 51 percent to 119,800 in 2024, indicating a substantial increase in buyer confidence and developer activity. There was also a steady appreciation in the average price per square foot, which rose by 10 percent to AED 1,600.
Demand was fueled by new project launches and favorable payment plans, attracting foreign investors, supported by residency incentives and visa reforms.
Healthy demand in the secondary market was highlighted by a 21 percent increase in re-sales to AED 188.1 billion. Transaction volume also rose by 14 percent to 61,100, demonstrating sustained activity. The average price per square foot increased by 12 percent year-on-year to AED 1,300.
The 2024 re-sale figures reflected buyers’ shift toward ready properties for immediate occupancy, with high rental yields attracting investors, while infrastructure improvements enhanced property desirability.
Firas Al Msaddi, CEO of fäm Properties, said, “This was a remarkable year for Dubai’s real estate, with transaction volumes growing despite global economic uncertainties, indicating resilient demand and an expanding buyer base. Sales values broke historical records, and with strong rental demand and luxury resilience, the market continues to attract global investors, reinforcing its status as a top real estate destination.”
A year that had already set numerous monthly and quarterly records saw annual growth across each property sector, led by a 42 percent year-on-year increase in apartment sales, with 141,168 transactions totaling AED 260.6 billion.
Villa sales were up by 21.1 percent from 2023, reaching 30,938 units worth AED 164.1 billion. Commercial property transactions increased by 10.1 percent in volume to 4,304 units, totaling AED 9.7 billion, while 4,352 plots were sold for AED 86.5 billion, a rise of 2.6 percent.
In the primary market, Al Barsha South 4 was the top-performing area in terms of overall volume, with 12,878 first sales from developers, reflecting its popularity among investors and end-users.
Business Bay led in overall sales value, with 6,888 transactions worth AED 21.1 billion. Meanwhile, emerging areas like Madinat Al Mataar and Wadi Al Safa 5 gained traction, indicating growing demand for suburban living and integrated communities.
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