DUBAI: The year 2024 has been nothing short of historic for Dubai’s real estate market, culminating in unprecedented achievements that underscore the sector’s resilience and appeal.
According to a market report by fäm Properties, the city recorded an astonishing 180,900 transactions valued at AED 522.1 billion, marking a remarkable increase of 36 per cent in transaction volume and a 27 per cent rise in sales value compared to the previous record set in 2023.
The extraordinary growth not only highlights the robust demand for real estate in Dubai but also reflects the market’s ability to thrive amidst global economic uncertainties.
The primary market has shown particularly dynamic growth, with first sales from developers soaring by 30 per cent year-on-year to reach AED 334.1 billion. The surge is indicative of a strong appetite for new developments and off-plan properties, driven by favorable payment plans and innovative project launches.
The transaction volume in this segment surged by an impressive 51 per cent, reaching 119,800 transactions in 2024. The significant uptick is a testament to heightened buyer confidence and increased developer activity, further evidenced by a 10 per cent rise in the average price per square foot, which now stands at AED 1,600.
In addition to the primary market’s triumphs, the secondary market exhibited healthy demand, with a 21 percent increase in re-sales amounting to AED 188.1 billion. The transaction volume in this segment also rose by 14 per cent, totaling 61,100 transactions.
The average price per square foot in the secondary market increased by 12 per cent year-on-year to AED 1,300. These figures reflect a notable shift among buyers towards ready properties for immediate occupancy, driven by high rental yields that continue to attract both local and foreign investors.
Furthermore, improvements in infrastructure have enhanced the desirability of various neighborhoods, contributing to the overall vibrancy of the market.
Appeal of luxury properties
Firas Al Msaddi, CEO of fäm Properties, aptly articulated the sentiment surrounding this remarkable year, stating that the growth in transaction volumes amidst global economic challenges indicates a resilient demand and an expanding buyer base.
“The historical sales values achieved in 2024, coupled with strong rental demand and the enduring appeal of luxury properties, have solidified Dubai’s status as a premier global real estate destination.”
The year 2024 has been characterized by exceptional growth across all property sectors. Notably, apartment sales experienced a staggering 42 percent year-on-year increase, with 141,168 transactions totaling AED 260.6 billion.
Villa sales also saw a significant rise, with 30,938 units sold, reflecting a 21.1 per cent increase from 2023, amounting to AED 164.1 billion. Commercial property transactions rose by 10.1 per cent, while land sales increased by 2.6 , demonstrating a diverse and thriving market landscape.
Specific areas within Dubai have emerged as frontrunners in this real estate boom. Al Barsha South 4 topped the charts in the primary market with 12,878 first sales, showcasing its appeal to both investors and end-users. Business Bay led in overall sales value with 6,888 transactions worth AED 21.1 billion, while emerging neighborhoods such as Madinat Al Mataar and Wadi Al Safa 5 have gained traction, reflecting a growing preference for suburban living and integrated communities
