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Investors in Dubai's real estate sector secured record-breaking profits in the secondary market, generating AED 59.7 billion in capital gains in 2024, a 34% increase from the previous year. This remarkable growth marked a 1300% rise in five years, underscoring the city's global real estate appeal. Top-performing areas included Palm Jumeirah, Dubai Marina, and Dubai Hills Estate, among others. The surge in re-sale values reflected investors' growing preference for ready properties, attracted by high rental yields and enhanced infrastructure. Apartment sales led the way, with significant growth across all property segments.
Investors in Dubai's real estate market witnessed record profits from the secondary market last year, totalling nearly AED 60 billion. A report released by fam Properties revealed that capital gains from this market reached AED 59.7 billion in 2024, representing 32% of the total re-sale value of AED 188.1 billion. Advertisement
The report highlighted a 34% increase in re-sale profits compared to 2023, culminating in an impressive 1300% growth over the past five years. Palm Jumeirah led in capital gains, generating AED 6.48 billion, with other prominent areas such as Dubai Marina, Dubai Hills Estate, Downtown Dubai, and Business Bay also featuring among the top performers. Jumeirah Village Circle emerged as the leading area for ready property developer sales and ranked second in total re-sale transactions after Dubai Marina.
Firas Al Msaddi, CEO of fam Properties, noted that the significant capital gains emphasised the market's vibrancy and the efficiency of Dubai's regulatory framework under the guidance of a proactive government. He expressed optimism that these profits would encourage reinvestment and attract new capital, contributing to the market's long-term potential. Al Msaddi also praised the Dubai Land Department for its impactful measures in 2024 and anticipated further advancements in 2025 to enhance Dubai's global real estate status.
The secondary market's record performance reflected a 21% rise in value and a 14% increase in transaction volume year-on-year, with 61,100 transactions. Buyers were drawn to ready homes due to high rental yields and improved infrastructure.
Dubai real estate achieved all-around growth in 2024, with apartment sales witnessing a 42% year-on-year increase, culminating in 141,168 transactions valued at AED 260.6 billion. Villa sales grew by 21.1%, with 30,938 units sold for AED 164.1 billion. Commercial property sales rose by 10.1% to 4,304 units worth AED 9.7 billion, while 4,352 plots sold for AED 86.5 billion, marking a 2.6% increase.
The surge in transactions and capital gains underscores Dubai's potential as a long-term investment destination, with expectations of sustained growth in the coming years.
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