Dubai, UAE- Dubai’s real estate market has had a record-breaking year, with new milestones being set throughout 2024, culminated in an all-time peak of 180,900 transactions worth AED 522.1 billion (US$145 billion), a WAM report indicated.
A market report issued today by fäm Properties underlines how 2024 became an historic year, with big leaps of 36 percent and 27 percent respectively on the previous high of 133,100 sales worth AED411.1 billion (US$112 billion) in 2023.
In the primary market, first sales from developers climbed by 30 percent year-on-year to AED334.1 billion (US$91 billion), highlighting strong demand for new developments and off-plan properties.
The transaction volume surged by 51 percent to 119,800 in 2024, reflecting a substantial increase in buyer confidence and developer activity. There was also a steady appreciation in the average price per sq ft, which was up 10 percent to AED 1,600 (US$435).
Demand was fuelled by new project launches and favourable payment plans, as the segment attracted foreign investors, supported by residency incentives and visa reforms.
Healthy demand in the secondary market was highlighted by a 21 percent increase in re-sales to AED 188.1 billion (US$51). Transaction volume was also up 14 percent to 61,100, demonstrating sustained activity. The average price per sq ft increased by 12 percent year-on-year to AED 1,300 (US$354).
The 2024 re-sale figures reflected buyers shifting to ready properties for immediate occupancy, and high rental yields attracting investors, while infrastructure improvements enhanced property desirability.
Firas Al Msaddi, CEO of fäm Properties, said, “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. 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.”
A year which had earlier set numerous monthly and quarterly records brought annual growth across each of property sectors, headed by a 42 percent year-on-year increase in the volume of apartment sales, with 141,168 transactions totalling AED 260.6 billion (US$71 billion).
Villa sales were up by 21.1 percent from 2023 to 30,938 units worth AED 164.1 billion (US$44.65 billion), commercial property transactions increased by 10.1 percent in volume to 4,304 units at AED 9.7 billion (US$2.64 billion), while 4,352 plots sold for AED 86.5 billion (US$23.55 billion), a rise of 2.6 percent.
In the primary market, Al Barsha South 4 was the top performing area in terms of overall volume, with 12,878 first sales from developer, reflecting its popularity among investors and end-users.
Business Bay led the way in overall sales value, with 6,888 transactions worth AED 21.1 billion (US$5.74 billion). Meanwhile, emerging areas like Madinat Al Mataar and Wadi Al Safa 5 gained traction, indicating a growing demand for suburban living and integrated communities.