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Dubai's Real Estate Market

All Time Highest Record of Dubai’s Real Estate Market & Top Performing Areas in 2024

A scenic view of Business Bay in Dubai highlighted the area’s leadership in real estate sales, with 6,888 transactions amounting to Dh21.1 billion. The year 2024  marked a historic peak for Dubai’s real estate market, setting new benchmarks with a total of 180,900 transactions valued at Dh522.1 billion. According to a market report by fäm Properties, this represented a substantial increase over the previous year’s record of 133,100 sales worth Dh411.1 billion, with growth rates of 36% in transaction numbers and 27% in sales value.

In the primary Dubai’s Real Estate Market, developers saw a 30% rise in first sales to Dh334.1 billion, underscoring the demand for new and off-plan properties. Transaction volumes in this sector soared by 51% to 119,800, indicating strong buyer confidence and developer activity. The average price per square foot also appreciated by 10%, reaching Dh1,600.

Dubai's Real Estate Market

The surge in demand was driven by new project launches and attractive payment plans, drawing international investors further supported by residency incentives and visa reforms. The secondary market was equally vibrant, with a 21% increase in re-sales to Dh188.1 billion and a 14% rise in transaction volume to 61,100, with the average price per square foot increasing by 12% to Dh1,300.

The re-sale Dubai’s Real Estate Market in 2024 showed a trend towards properties ready for immediate occupancy, bolstered by high rental yields and infrastructure enhancements, making properties more desirable. Firas Al Msaddi, CEO of fäm Properties, commented on the market’s resilience, noting significant growth in transaction volumes amidst global economic uncertainties, signaling a robust demand and an expanding investor base.

Across the board, annual growth was observed, with apartment sales increasing by 42% to 141,168 transactions totaling Dh260.6 billion. Villa sales rose by 21.1% to 30,938 units worth Dh164.1 billion, while commercial property transactions grew by 10.1% to 4,304 units valued at Dh9.7 billion. Plot sales saw a modest 2.6% increase, with 4,352 plots sold for Dh86.5 billion.

In the primary market, Al Barsha South 4 was the leading area in transaction volume, with 12,878 first sales, popular among both investors and end-users. Business Bay not only topped in sales value but also in re-sale transactions, with 5,142 deals. Dubai Marina stood out in the secondary market for its high-value transactions, reinforcing its status as a premium waterfront destination. Emerging areas like Madinat Al Mataar and Wadi Al Safa 5 also saw increased activity, signaling a growing interest in suburban and integrated community living.