According to the research, the total number of residential sales transactions increased by 40.3% to 170,992 units in 2024, more than five times the amount that was recorded in 2020.
According to a recent survey, off-plan transactions currently make up 63% of all property sales in 2024, up from 54% in 2023, demonstrating the continued success of Dubai’s real estate industry.
This increase in off-plan activity is a result of the secondary market’s limited availability, competitive pricing, and alluring payment plans, which are driving up demand for new developments.
The report highlights a significant rise in total residential sales, which climbed by 40.3 per cent year-on-year to 170,992 units in 2024 — more than five times the number of transactions recorded in 2020.
Apartment sales are driving this increase, which highlights the high level of investor trust in Dubai’s real estate market.
In comparison to the prior year, apartment transactions increased by 47.6%, accounting for approximately 90% of the market’s entire growth.
Apartments’ affordability, high rental yields, and attraction to both end users and investors are the main reasons for their popularity.
Palm Jumeirah, Downtown Dubai, and Dubai Marina lead luxury demand
High-net-worth individuals continue to favor desirable areas like Palm Jumeirah, Downtown Dubai, and Dubai Marina, making luxury real estate a major attraction. However, more recent construction projects, such as Palm Jebel Ali and The Oasis, are attracting wealthy purchasers looking for exclusivity and long-term capital growth, which is reviving interest in off-plan residences.
Sales of ultra-luxury residences costing more than Dhs10 million increased by a significant 20.5%, enhancing Dubai’s standing as a top global location for premium real estate.
“Off-plan sales continue to dominate, which is indicative of a clear shift in buyer preferences. Investors are increasingly seeking properties that provide flexible financing options and long-term value,”report, stated. “While government-led initiatives like free zone expansions and long-term visas further strengthen Dubai’s appeal as a real estate investment hub, developers are responding with creative projects.”
Commercial property market is thriving
substantial economic foundations and an infusion of new companies are driving the commercial real estate sector in Dubai to substantial growth.
The first half of 2024 saw over 24,000 new business registrations, which helped to boost occupancy rates in important commercial districts like Business Bay, Downtown Dubai, and DIFC, where occupancy levels have risen to 95% to 97%.
The commercial sector has seen double-digit rental growth as a result of this demand. Due to the city’s increasing demand for premium commercial property, office rates jumped by 11% year over year, retail rentals by 9.7%, and warehouse prices by 21.1%.
Promising outlook for 2025
By 2025, the city’s real estate market will continue to be a significant contributor to economic growth.
Increased property values, the luxury market’s steady expansion, and off-plan sales’ ongoing dominance are all elements that support investor confidence.
Developers are responding to the expanded demand with new projects, even while legislative frameworks, such as long-term visas and other incentives, continue to encourage long-term investment in the market.
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