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Dubai's real estate market set new benchmarks in 2024, with total sales transactions reaching 168,405 and a record AED 423.36 billion in transaction value. This marked a 30% increase in value and a 40% rise in transaction volume, demonstrating strong investor confidence. The off-plan market dominated with 63% of total transactions, while the secondary market also showed steady growth. Luxury real estate thrived, with a 63% rise in high-value transactions and record-breaking property resales. As Dubai looks ahead to 2025, the market is expected to stabilise, supported by population growth, new residential units, and the launch of the Smart Rental Index.
Dubai's real estate market witnessed a landmark year in 2024, setting new records in both transaction volume and value. With a total of 168,405 sales transactions amounting to AED 423.36 billion, the market reached its highest recorded figures. This represented a 30% year-on-year (YoY) increase in transaction value and a 40% rise in transaction volume, reaffirming investor confidence and solidifying Dubai's status as a global real estate powerhouse. Advertisement
The off-plan segment played a dominant role, contributing 63% of total transactions and achieving an impressive 66% YoY growth. Meanwhile, the secondary market maintained steady momentum, registering a 14% YoY increase. This balance between off-plan and resale properties catered to both investors and end-users looking for immediate ownership.
The prime property sector also experienced remarkable growth. Properties priced above AED 15 million saw a record 1,938 transactions in the secondary market, reflecting a 63% YoY increase. Among the standout sales, a villa on Jumeirah Bay Island was resold for AED 240.5 million, making it the most expensive villa resale of the year. Additionally, a luxury apartment at The One at Palm Jumeirah set a new record with a resale price of AED 275 million.
Dubai's appeal to ultra-high-net-worth individuals remained strong, with 40 super-prime transactions exceeding AED 100 million. This continued influx of elite buyers highlights the city's reputation for offering bespoke luxury and an unparalleled lifestyle.
Reflecting on the year, Louis Harding, Chief Executive Officer of Betterhomes, expressed that Dubai's real estate success was not merely about skyscrapers and record-breaking figures but was a testament to the city's vision, resilience, and innovation. He stated that 2024 was a transformative year and emphasised the company's commitment to guiding clients and generating lasting value as they move into 2025.
Looking ahead, Dubai's real estate market is expected to stabilise, with a continued increase in population and the introduction of over 72,000 new residential units. While price growth may moderate, demand remains strong, ensuring a dynamic market. Furthermore, the launch of the Smart Rental Index in 2025 aims to enhance transparency and fairness in rental pricing, benefiting both landlords and tenants.
From luxury penthouses to more accessible housing options, Dubai's real estate market remains a crucial pillar of the UAE's economic resilience and global investment appeal.
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