Dubai Real Estate Market Annual Sales Reports 2024

The unprecedented transactions witnessed in the Dubai real estate market in 2024 set extraordinary records in transaction volume and value. The Emirates has paved the way for it to stand as the global real estate investment hub. With the continued influx of both international and local investors, the market recorded 180,900 transactions worth AED 522.1 billion. This streaks a 36 percent increase in sales volume and a 27% surge in values compared to 2023.

The impressive records of Dubai real estate sales in 2024 underscored the city’s sheer emphasis on technological advancement, investors-friendly regulations, well-appointed facilities, and competitive property rates. For more comprehensive knowledge, let’s get to the bottom of factors and drivers that shape the city’s property landscape in 2024.

Deep Analysis of Dubai’s Real Estate Market 2024

Transaction Volume and Value

The annual sales report for 2024 in Dubai demonstrates the achievement of a historic milestone, marking 180,900 transactions. The value of these transactions equals to AED 522.1 billion, highlighting a twenty-seven percent surge in transaction volume. Moreover, a thirty-six percent rise in the sales volume has also been recorded when compared to the year 2023.

Primary Market Record

Considering the primary market performance, covering first sales from developers has witnessed a remarkable increase in 2024. Sales in the segment soared by fifty-one percent, accounting for 119,800 deals. The transactions recorded in the primary market are worth AED 334.1 billion, reflecting a thirty percent YoY increase. Moreover, a steady rise in property values, specifically on the average per square foot, has also been witnessed, marking a ten percent increase and reaching AED 1,600.

Ready Sales vs. Off-Plan

The total number of units sold in 2024 equals around 168,407, where off-plan properties call the shots with over 106,695 units sold. This marks a voluminous portion of the total sales as ready properties recorded sales of 61,712 units in 2024.

Dominating Districts

• Jumeirah Village Circle led the market with over 11.2 percent sales in the off-plan segment and 7.8% in ready properties.
• Business Bay stands at the second on sales volume 2024, accounting for a 6.4% off-plan sales and 5.5% ready properties sale.

Dubai Residential Sales

An increase of 22.2 percent has been witnessed in Dubai residential sales in 2024. The record marked for the transactions worth AED 200 billion with apartment units taking the lead and villas following the trend. In contrast, 2023 showcased transactions worth AED 164 billion, reflecting a significant gap and upward trajectory.

Residential Leasing in Dubai 2024

Dubai residential leasing also witnessed momentous growth, with a 17.3 percent rise in sales value compared to 2023. The surge is predominantly stimulated by the continuous influx of expatriates who appreciate Dubai’s stable economy, tax incentives, and safe environment. Given the rising ratio of relocation to Dubai, leasing has become a considerable choice for most expats as they find innumerable opportunities in the Emirates.

Dubai Real Estate Transaction Records 2024 by Property Type

a. Villas

The villa segment climbed by 2.5 percent from November 2024, recording approximately 3,200 deals with values worth AED 14 billion. The market also witnesses a surge in villa property prices up to AED 3.1 million, implying a 3.3 percent increase from November 2024. The average prices of villas rose by 10 percent compared to December 2023.

b. Apartments

The apartment segment ascended 6.5 percent, recording 16,200 transactions from November 2024. The transaction value is equivalent to AED 28 billion, with prices hiking to AED 1.4 million. Given the most sales in Dubai’s apartment segment, the property prices recorded a 3.7 percent rise from October 2024, whereas, year-on-year comparison resulted in a 9 percent increase from 2023.

c. Commercial Real Estate

The commercial market saw 450 transactions, indicating a rise of 12 percent from November 2024. The total transactions brought AED 950 million worth sales, whereas prices soared by 6.5 percent, reaching AED 1.65 million, whereas, an year-on-year 38 percent increase has been witnessed.

d. Land Plots

This segment climbed by 34.5 percent, bringing 850 transactions worth AED 7.8 billion. Considering the price index, the average cost increased by 1.8 percent, marking an AED 5.6 million increase from November 2024.

Top Residential Areas 2024 – Highest Real Estate Sales in Dubai

Jumeirah Village Circle

Dubai’s most sought-after neighborhood, Jumeirah Village Circle has stolen the stage with most sales in ready-made properties and off-plan developments. Unveiling lucrative opportunities, the community is appreciated for its strong rental income, accessibility and amenities, and family-centric living experience. The properties are competitively priced, drawing expatriates and investors largely.

Business Bay

The lead for highest property sales in Dubai is followed by Business Bay, acclaimed as the hub of high-net-worth individuals. The district caters to the rising demand for premium properties, hence showcasing valuable contributions to the city’s property market.

Wadi Al Safa 5

Wadi Al Safa 5, a sub-community of Al Safa is home to luxurious properties, catering the needs of elite investors and families. The sales in the area are driven by its potential for capital appreciation and proximity to the city center.

Dubai Marina

Home to skyscrapers, this waterfront destination is idyllic among savvy investors due to superior quality, exquisite furnishing, and sea views. The community houses a range of off-plan projects with smart home integrations and eco-friendly features, attracting those with a smart sense of investment.

Dubai South

A zestfully growing hub and home to Al Maktoum International Airport, Dubai South is a self-reliant district with countless opportunities for residential and commercial investment. The properties in the community are highly valuable due to their proximity to Expo City 2020 and alignment with futuristic demands.

Top Developers with Highest Sales Volume 2024

• Emaar: A reputable real estate developer recorded a sales volume of 28,521, marking the highest number of transactions in the off-plan market of Dubai in 2024.
• DAMAC Properties: Annual real estate market transaction 2024 featured DAMAC at the second lead for the highest off-plan sales volume, around 16,463.
• Sobha Realty: Another leading performer in Dubai’s real estate sector, Sobha contributed to the off-plan market with over 10,384 sales volume.
• Azizi: Making the way to the top five developers in 2024, Azizi Developers recorded off-plan sales volume with around 8,441 transactions.
• Binghatti Developers: The total sales volume of Binghatti Developers in the Off-plan market 2024 is 7,259, reflecting its significant contribution and deliverance of top-end properties.

Primary Drivers of Market Resilience

1. Policy Regulations & Economic Diversification

Investor-friendly policies and economic diversification are the key strategic initiatives, marking a potential appeal among investors. Real estate transactions have been bolstered by long-term visas and minimal dependency on oil and gas reserves. Residency benefits and visa regulations strengthen the investors’ confidence in Dubai’s real estate sector, which ultimately fosters demand for both off-plan and ready properties.

2. Urbanization & Population Growth

Population growth in Dubai is driven by its status as a global tourism and business hub. This drives skilled individuals as well as multinational companies to establish and invest in commercial properties. Furthermore, the urbanization trend boasts remarkable contributions to strengthening the real estate market.

3. Infrastructure Advancement

Continuous efforts in the advancement of infrastructure by the Government of Dubai is quite apparent. Expansion of the metro network and introduction of new commercial hubs lead to increased accessibility and elevated connectivity. The enhanced infrastructure development extends the real estate appeal among investors and residents with diverse budgets.

4. Stability in Property Prices

Stability in property prices stands among the predominant factors for driving market resilience. Over the years, the city’s property sector has maintained its reputation with a steady appreciation in property values. A few occasional dips may slow the market growth, but the overall trends flow in upward trajectory, making Dubai a desirable address for end-users and real estate investors.

Emerging Trends In Dubai Real Estate Sector 2024

Sustainable Growth

The property market’s ultimate shift towards eco-friendly solutions and sustainable building practices marks a noticeable trend in Dubai real estate in 2024. To cater to the rising demand for environmentally conscious living, developers are emphasizing energy-efficient designs and green certifications.

Smart Integration

The incorporation of smart technologies and digital platforms in property management and building designs become more prevalent. New developments prioritize AI-driven integrations, ultimately enticing young tenants and tech-savvy investors.

Co-Working Spaces and Co-Living Units

Segments like co-working and co-living saw an upward trajectory, aligning with the demands of young professionals and catering to millennials. The flexibility of the working environment and the sense of community living ultimately drive a significant rise in demand for such spaces.

Dubai Real Estate Annual Performance – A Report across Different Segments

Luxury Properties

Dubai’s luxury real estate segment experienced remarkablegrowth, with wealthy investors considering exclusive locations like Business Bay and Palm Jumeirah. The demand for top-tier apartments and luxurious villas remained strong throughout the year.

Affordable Housing

Dubai’s luxury real estate segment experienced remarkable growth, with wealthy investors considering exclusive locations like Business Bay and Palm Jumeirah. The demand for top-tier apartments and luxurious villas remained strong throughout the year.

Commercial Segment

The commercial segment also saw upward trends in 2024,with a significant boom for office spaces and co-working stations. The robusttraction towards shared retail and office spaces is driven by the voluminousinflux of small businesses, entrepreneurs, and freelancers. Business hubs likeDubai International Financial Center (DIFC) and Business Bay are continuously evolving to meet the contemporary shifts and demands for commercial properties.

Dubai Real Estate Market – Challenges of 2024

1. Regulatory Changes

The adoption of new policies by the real estate authorities in Dubai aims to curb speculative practices and requires stakeholders to adapt to the altering legal landscape. Bringing up-to-date regulations ensures long-term stability and compliance with the market.

2. Supply and Demand Imbalance

Despite record-breaking transactions, some segments witnessed challenges in terms of oversupply, drawing price stabilization in certain regions. Developers are now bringing new projects that caters to the actual market demand and maintains equilibrium.
Dubai Real Estate Market 2025 – A Future Outlook

3. Projected Growth

According to the forecast reports, the Dubai real estate market is projected to increase property values by 5 to 7 percent in 2025, whereas rental yields are predicted to average 7 percent. The Compound Annual Growth Rate (CAGR) is anticipated to reach over 8 percent from 2024 to 2029.

4. New Initiatives for Emirati Brokers

In a recent collaboration of nine leading developers and the Dubai Land Department, it has been decided to reserve 10-15 percent of new projects’ allocations for the Emirati Real Estate Brokers. This strategy draws Emiratis to partake in the city’s most thriving sector.

5. Smart Rental Index

The introduction of Smart Rental Index in January 2025 by Dubai real estate authorities aimed to strengthen rental valuation processes, in order to boost investor confidence, trust, and transparency.

6. Rise in Luxury Villas

In view of the high demand for premium and large properties, the Golden City of Dubai is anticipated to complete 19,700 villas by the year 2025. This initiative supports the luxury market and manages the growth of elite expatriates.

7. Investment Opportunities

With a high number of expats relocating to Dubai, upcoming developments and emerging areas are gaining traction. Among the lucrative opportunities for investors include waterfront properties and mixed-use communities, including Dubai South, Dubai Harbour, and Dubai Islands.

8. Dubai Mall Expansion

Emaar Properties has recently announced the expansion of Dubai Mall with a $608 million investment. The extension will allow space for more than 240 retail and dining outlets, retaining Dubai Mall’s position as a shopping giant globally.

Closing In

Annual sales report 2024 of Dubai’s real estate sector showcased a significant resilience, achieving all-time high sales and transactions volumes. With sustained growth and aiming to maintain its momentum, the Dubai property market is driven by foreign investment, favorable policies, and shifting buyer demands. Beyond significant investments recorded in the luxury segment, commercial units, and affordable housing also acquired attention.

With positive predictions for 2025, Dubai’s real estate landscape will continue to evolve through sustainable projects, infrastructure advancement, futuristic approaches, and investor-friendly initiatives by the government. As Dubai expands its real estate boundaries, the market will retain its steadfast reputation among homeowners and investors, ensuring long-term returns and lucrative opportunities.

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