With new records being set throughout 2024, Dubai’s real estate market had a record-breaking year that ended with an all-time high of 180,900 transactions valued at Dh522.1 billion.
According to a market analysis released today by fäm Properties, 2024 became a historic year due to significant increases of 36% and 27%, respectively, over the previous peak of 133,100 sales valued at Dh411.1 billion in 2023.
Developers’ first sales in the primary market increased by 30% year over year to Dh334.1 billion, indicating a significant demand for off-plan residences and new developments.
In 2024, the amount of transactions increased by 51% to 119,800, indicating a significant rise in developer activity and buyer confidence. Additionally, the average price per square foot increased steadily, rising by 10% to Dh1,600.
New project launches and advantageous payment plans fueled demand as the market drew in overseas investors with the help of visa liberalization and residency incentives.
A 21% increase in re-sales to Dh188.1 billion demonstrated the secondary market’s robust demand. Additionally, the volume of transactions increased by 14% to 61,100, indicating consistent activity. At Dh1,300, the average price per square foot rose by 12% annually.
The 2024 resale numbers showed that buyers were moving to properties that were ready for immediate occupancy, that strong rental returns were drawing in investors, and that infrastructure upgrades increased the appeal of real estate.
“This was a remarkable year for Dubai real estate, with transaction volumes growing despite global economic uncertainties, indicating resilient demand and an expanding buyer base,” said Firas Al Msaddi, CEO of fäm Properties. “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.”
Each of the property sectors saw annual growth in a year that had already broken many monthly and quarterly records. The largest rise was in the volume of apartment sales, which increased by 42% year over year to 141,168 transactions totaling Dh260.6 billion.
Commercial property purchases climbed by 10.1% in volume to 4,304 units at Dh9.7 billion, while villa sales increased by 21.1% from 2023 to 30,938 units valued at Dh164.1 billion. Additionally, 4,352 plots sold for Dh86.5 billion, a 2.6% increase.
With 12,878 first developer sales, Al Barsha South 4 was the best-performing area in the primary market in terms of overall volume, indicating its appeal to both investors and end users.
Business Bay had 6,888 transactions totaling Dh21.1 billion, which put it first in terms of overall sales value. Wadi Al Safa 5 and Madinat Al Mataar, two new neighborhoods, gained popularity in the meantime, suggesting a rising desire for integrated communities and suburban life.
Dubai Marina led in total value, with 4,924 transactions totaling Dh15.2 billion, highlighting its position as a high-end, waterfront destination, while Business Bay continued to dominate in resale transactions, registering 5,142 deals over the course of the year.
Top 10 performing areas – primary market
Al Barsha South 412,878transactions worth Dh13.5 billion
Business Bay6,888Dh21.1 billion
Wadi Al Safa 56,602Dh13.6 billon
Madinat Al Mataar6,254Dh17.0 billion
Hadaeq Sheikh Mohammed Bin Rashid5,246Dh13.4 billion
Madinat Hind 45,152Dh8.4 billion
Madinat Dubai Almelaheyah4,818Dh12.7 billion
Al Merkadh4,474Dh6.2 billion
Jabal Ali 14,335Dh6.7 billion
Bukadra4,215Dh9.9 billion
Top 10 performing areas – secondary market
Business Bay5,142 transactions worth Dh9.8 billion
Dubai Marina4,924Dh15.2 billion
Al Barsha South Fourth4,635Dh7.0 billion
Al Thanyah Fifth3,305Dh8.1 billion
Al Merkadh3,155Dh8.3 billion
Downtown Dubai3,122Dh12.7 billion
Jebel Ali First2,364Dh5.0 billion
Al Warsan First2,126Dh1.2 billion
Wadi Al Safa 52,125Dh5.9 billion
Hadaeq Sheikh Mohammed Bin Rashid2,106Dh9.8 billion